In October, the Internal Revenue Service announced that U.S. taxpayers with maquiladora operations in Mexico will not be exposed to double taxation if they enter into a unilateral advance pricing agreement (APA) with Mexico’s national tax authority, the Large Taxpayer Division of Mexico’s Servicio de Administración Tributaria
Read more →The Social Security Administration (SSA) has announced that the maximum amount of earnings subject to OASDI Social Security tax will rise to $127,200, in 2017 after holding at $118,500 for 2016 and 2015. The SSA cost-of-living adjustments (COLAs) are based on the rise in the average Consumer
Read more →As international compliance efforts pass several new milestones, the Internal Revenue Service reminds U.S. taxpayers with undisclosed offshore accounts that they should use existing paths to come into full compliance with their federal tax obligations. Updated data shows 55,800 taxpayers have come into the Offshore Voluntary Disclosure
Read more →Protecting Americans from Tax Hikes (PATH) Act. Enacted last December, the new law means employers need to file their copies of Forms W-2 by Jan. 31. These forms also go to the Social Security Administration. The new deadline also applies to certain Forms 1099. Those reporting
Read more →House Ways and Means Committee Republicans sent a letter dated October 5 to Treasury Secretary Jack Lew again voicing concerns about the Obama administration’s proposed Code Sec. 385 regulations. The letter comes on the heels of the Treasury delivering final regulations under Code Sec. 385 to the
Read more →The IRS has provided the 2016-2017 special per diem rates for taxpayers to use in substantiating the amount of ordinary and necessary business expenses incurred while traveling away from home, specifically: (1) the special transportation industry meal and incidental expenses (M&IE) rates; (2) the rate for the
Read more →The Treasury Inspector General for Tax Administration (TIGTA) has released a report regarding the implementation of new tax return-related data elements based on the 2015 Security Summit, Protecting Taxpayers from Identity Theft Tax Refund Fraud. TIGTA has concluded that tax-related identity thefts adversely affect the ability of
Read more →Every taxpayer that uses tangible real or personal property in a business needs to understand the tax rules relating to the distinction between a repair and capital expenditure, as well as the depreciation of those capitalized expenditures and other depreciable assets that are purchased or produced. This
Read more →Affirming a federal district court, the First Circuit Court of Appeals has struck down parts of Puerto Rico’s corporate alternative minimum tax (AMT). The court was not persuaded that the AMT did not discriminate against interstate commerce. The First Circuit Court of Appeals, affirming a U.S. district
Read more →Disaster relief: Presidentially declared disaster area: Texas: Severe storms and flooding Victims of the severe storms and flooding that took place beginning on May 26, 2016 in parts of Texas may qualify for tax relief from the Internal Revenue Service. The President has declared that a major
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