The House Ways and Means Committee, in an April 11 markup, approved a bipartisan package of nine bills to restructure the IRS for the first time in 20 years. The IRS reform package was approved in committee by a voice vote and is reportedly expected to reach
Read more →The IRS has urged specific groups of taxpayers to check if the right amount of tax is being withheld from their paychecks following the recently enacted Tax Cuts and Jobs Act. The new law increased the standard deduction, eliminated personal exemptions, increased the Child Tax Credit (CTC),
Read more →The IRS has issued a fact sheet explaining the identity theft victim assistance process and procedures involved in resolving tax-related identity theft cases. The Form 14039, Identity Theft Affidavit, should be filed if the taxpayer attempts to file an electronic tax return and the IRS rejects it
Read more →April 2, 2018 The Treasury Department and the Internal Revenue Service today provided additional guidance (Notice 2018-26) for computing the “transition tax” on the untaxed foreign earnings of foreign subsidiaries of U.S. companies under the Tax Cuts and Jobs Act enacted on Dec. 22, 2017. The Treasury
Read more →Acting IRS Commissioner David Kautter on April 12 provided lawmakers with an update on the 2018 tax filing season and IRS operations. Kautter, testifying before the Senate Finance Committee (SFC), told lawmakers that the 2018 filing season has gone well with regard to tax return processing and
Read more →1. Save Money on Business Costs: The Rascon CPA Firm a professional accountant can help you save on business operation and understand where your company stands financially. An Accounting company will keep you organized when filing your taxes. 2. Avoid losses: Your business needs to oblige to
Read more →House Ways and Means Democrats, in a March 5 letter to Acting IRS Commissioner David J. Kautter, criticized the Service’s interpretation of certain provisions within the Tax Cuts and Jobs Act of 2017 (TCJA). In the letter to Kautter, lawmakers accused the IRS of alleged “bureaucratic overreach.”
Read more →President Trump has announced his intent to nominate Michael J. Desmond as IRS chief counsel and assistant general counsel at Treasury. Desmond, currently a tax attorney, has run his own law firm in California for the last six years. He has represented businesses and individuals in tax
Read more →Treasury Secretary Steven Mnuchin told House lawmakers in a March 6 hearing that the IRS needs additional funding to properly implement the Tax Cuts and Jobs Act (TCJA). Mnuchin’s testimony before the House Appropriations Financial Services Subcommittee centered on the Trump Administration’s fiscal year (FY) 2019 budget
Read more →Carried Interests For carried interests that are applicable partnership interests, the Tax Cuts and Jobs Act of 2017 effectively extended the capital-gains holding period from one year to three years. The three-year period applies regardless of Code Sec. 83 and any Code Sec 83(b) election in effect. Thus,
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