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Articles for category Federal

With the government shutdown over and the IRS reopened, what can be expected? Currently, the IRS has an estimated five million unanswered inquires that took place during the shutdown. Additionally, it is estimated that they have already received several million tax returns since the filing season started on January 28.

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The centralized partnership audit regime rules are now in effect and change the way partnerships are audited by the IRS. These new rules require the actual partnership to pay any deficiencies resulting from any audit adjustments. This means that the IRS will apply the top tax rates to any audit adjustments to calculate deficiencies, without regard to any partner level attribute that may have otherwise reduced the tax due from an audit adjustment.

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With much of the rhetoric in Washington D.C. during the past couple of weeks over funding of the border wall and the current government shut down, employers still may have reporting requirements for 2018 under the Affordable Care Act (ACA). The Act requires insurers, self-insuring employers, and those employers with 50 or more full-time equivalents (FTEs) to report certain information to the IRS and Social Security Administration using forms 1095-B, 1095-C and 1094.

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The IRS issued Notice 2019-2, updating optional standard mileage rates for business use of a vehicle.

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The IRS released its proposed regulations on November 23 to include the increased basic exclusion amount (BEA) per the Tax Cuts and Job Acts (TCJA).

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As part of the Tax Cuts and Jobs Act signed into law in December 2017, the new law grants a tax credit for 2018 and 2019 for employers that voluntarily offer paid family and medical leave.

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Division of assets, possible child support, alimony, child custody, emotions - divorce can be a complicated, stressful and painful process. For 2018, now add taxes and timing into the mix.

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The Tax Cuts and Jobs Act greatly simplified the "kiddie tax". The original kiddie tax required children under the age of 18, or under age 24 if they are a full time student, to pay taxes on their unearned income (interest, dividends, capital gains, rents, etc.) over $2,100 at their parents' highest tax rate. It also required a separate form and some complicated computations, as well as requiring parents to share their tax information with their children.

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The Tax Cuts and Jobs Act brought many changes to the deductibility of meals and entertainment. These changes included the complete disallowance of entertainment related expenses and the reduction of the amount deductible related to employer operated eating facilities to 50 percent of the related expenses. Left unanswered was whether or not businesses could continue deducting 50 percent of the costs of business meals.

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If you have any foreign assets that have not been reported to the Internal Revenue Service (IRS), it is imperative that you take action now!

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