INTERNATIONAL Global trade continued to increase throughout 2016 and with it, increasing attempts to find loopholes and other advantages within applicable Internal Revenue Code Sections. All but a few IRS regulations released throughout 2016 carried the consistent goal of plugging loopholes. And in response to a major
Read more →Although Congress did not pass any large tax bills in 2016, lawmakers did agree on a number of specific tax measures. In March, President Obama signed the Trade Facilitation and Trade Enforcement Act of 2015 (P.L. 114-125), which included an increase in the penalty for failure to
Read more →Under the Surface Transportation and Veterans Health Care Choice Improvement Act of 2015 that was signed by President Obama on July 31, 2015, several very important deadlines were changed for specific corporate structures, that go into effect during the 2017 tax filing season for the 2016 year-end
Read more →Donald Trump’s election as the 45th President of the United States on November 8th is expected to bring changes to the tax laws for individuals and businesses. President-elect Trump had made tax reduction a centerpiece of his economic plans during his campaign, saying he would, among other
Read more →The IRS has issued Notice 2016-70 extending the due date for furnishing to individuals the 2016 Form 1095-B, Health Coverage, and the 2016 Form 1095-C, Employer-Provided Health Insurance Offer and Coverage, from January 31, 2017, to March 2, 2017. Health insurers and applicable large employers are required,
Read more →The IRS will soon begin sending letters to certain IRS e-services users asking them to verify their identities. The letters will go to users who access the Transcript Delivery Service and who have been active within the past year. Letter recipients will have 30 days to either
Read more →The House passed the much anticipated 21st Century Cures Bill (HR 34) on November 30 by a 392 to 26 vote. The bipartisan measure now heads to the Senate for consideration. Among its provisions, HR 34 would essentially exempt certain small employers who operate qualified Health Reimbursement
Read more →As with prior years, 2016 year-end planning should start with data collection and a review of prior year returns. This includes losses or other carryovers, estimated tax installments, and items that were unusual. Conversations about next year should include review of any plans for significant purchases or
Read more →President-elect Donald Trump’s pick for Treasury secretary, Steven Mnuchin, has signaled in his first interview on polices under a Trump Administration, that taxpayers “should expect the largest tax change since Reagan.” Mnuchin, in his November 30 interview with CNBC, predicted that “we’re going to get to 15
Read more →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
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