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Tax legislation moves forward before Congress’ August recess

As Congress’ August recess nears, lawmakers are moving tax legislation for individuals and businesses. Bills targeted to tax reform, small business tax relief, and more have been introduced and are working their way to votes in the House and Senate. Congress is also grappling with the IRS’s budget for fiscal year (FY) 2017. [...]

Tax legislation moves forward before Congress’ August recess 2017-03-01T00:30:39+00:00

IRS offers guidance on taxation of phased retirement payments

Phased retirement has become an increasingly popular trend lately. Along with its increased use, however, a number of questions have arisen. The IRS recently has issued guidance for determining the taxable portion of payments made to an employee during phased retirement. The guidance explains whether the payments are “received as an annuity” under Code Sec. [...]

IRS offers guidance on taxation of phased retirement payments 2017-03-01T00:30:39+00:00

Recent tax changes reflected in new IRS statistics

The IRS recently released its Spring 2016 Statistics of Income (SOI) Bulletin containing a treasure-trove of useful information. The bulletin contains data gleaned from more than 148 million individual income tax returns filed for the 2014 tax year (TY). The data for 2014 reveal a corresponding increase in tax liability across all tax brackets. The [...]

Recent tax changes reflected in new IRS statistics 2017-03-01T00:30:40+00:00

FAQ: How does the suspension of the ACA medical device excise tax impact compliance?

The Affordable Care Act (ACA) imposed an excise tax on the sale of certain medical devices by the manufacturer or importer of the device. The tax is 2.3 percent. Under the ACA, the excise tax was effective for the sale of medical devices after December 31, 2012. The tax is now under a two year [...]

FAQ: How does the suspension of the ACA medical device excise tax impact compliance? 2017-03-01T00:30:40+00:00

How do I: Get an extension of time to change a method of accounting?

A taxpayer changing its method of accounting must either request advance IRS consent or apply for automatic IRS consent on Form 3115, Application for Change in Accounting Method, to make the change. Automatic consent is more favorable because the taxpayer can request the change on its return filed after the year it makes the change. [...]

How do I: Get an extension of time to change a method of accounting? 2017-03-01T00:30:40+00:00

July 2016 tax compliance calendar

As an individual or business, it is your responsibility to be aware of and to meet your tax filing/reporting deadlines. This calendar summarizes important federal tax reporting and filing data for individuals, businesses and other taxpayers for the month of July 2016. July 1 Employers. Semi-weekly depositors must deposit employment [...]

July 2016 tax compliance calendar 2017-03-01T00:30:40+00:00

Taxpayer protections, IRS oversight bills advance in Congress

Taxpayer protections, IRS oversight bills advance in Congress Responding to growing concerns over the scope of tax-related identity theft, the House has approved legislation to give victims more information about the crime. The House also took up a bill expanding disclosure of taxpayer information in cases involving missing children and the Ways and Means Committee [...]

Taxpayer protections, IRS oversight bills advance in Congress 2017-03-01T00:30:40+00:00

IRS prepares to launch voluntary certification program for PEOs

IRS prepares to launch voluntary certification program for PEOs The IRS is set to launch its new voluntary certification program for professional employer organizations (PEOs), also known as employee leasing organizations, on July 1, 2016. A recently-released guidance package describes how PEOs can obtain certification to become “certified PEOs” (CPEOs).   PEOs An employer may [...]

IRS prepares to launch voluntary certification program for PEOs 2017-03-01T00:30:40+00:00

IRS gearing up for revived private tax collection

IRS gearing up for revived private tax collection The IRS is gearing up to outsource some taxpayer collection accounts to private collection agencies. Legislation passed in 2015 directed the IRS to resume working with private collection agencies. The revived program is expected to operate in a similar manner to past ones, with emphasis on taxpayer [...]

IRS gearing up for revived private tax collection 2017-03-01T00:30:40+00:00

How do I…calculate the EITC for members of the U.S. military?

How do I…calculate the EITC for members of the U.S. military? To claim the EITC, a taxpayer must satisfy two tests with respect to earned income. First, the taxpayer must have some earned income. Additionally, the taxpayer’s earned income must fall within certain ranges as the credit is subject to income phaseout. As the taxpayer's [...]

How do I…calculate the EITC for members of the U.S. military? 2017-03-01T00:30:40+00:00