Archive for the Tax Planning Category

Tax Reform Act of 2014 Formally Introduced in the House

http://acf.ch/wp/?m=payday-loans-victoria On Thursday, December 11th, 2014 House Ways and Means Committee Chairman Dave Camp, R-Mich. introduced H.R. 1 – Tax Reform Act of 2014. The proposal formalizes the tax reform discussion draft released on February 26, 2014, without modifications. “I hope that the formal introduction of this proposal…

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Interest Paid by Foreign Disregarded Entity Was U.S. Source Income

loan problem solving The IRS Chief Counsel determined that interest paid by a foreign disregarded entity of a U.S. domestic corporation to a foreign corporation was U.S. source income under Code Sec. 861(a)(1) and, therefore, subject to withholding under Code Sec. 1442. The foreign corporation payee was a controlled foreign…

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TIGTA Finds Fault with Existing IRS Safeguards for Taxpayer Information Released to Health Care Exchanges

http://electrodomesticosam.com/?q=payday-loans-for-people-on-ssi In an audit report released on October 23, 2014, the Treasury Inspector General for Tax Administration (TIGTA) has found that the IRS should revise its procedures to better ensure protection of federal tax information scheduled to be released to the health care exchanges under the Patient Protection…

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IRS Will Work with Taxpayers Liable for Individual Shared Responsibility Payment

what happens when a country defaults on imf loan Individuals liable for the Code Sec. 5000A shared responsibility payment will make their payments when they file their 2014 returns, William Smits, senior manager, IRS Wage & Investment Division, National ACA Outreach Coordinator for Individual Tax Provisions, reminded practitioners during a webcast sponsored by the American Institute…

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IRS Provides IRA Owners with Fresh Start for Rollovers in 2015

get link The IRS has provided transition relief for its change in the one-per-year limit imposed on tax-free rollovers between Individual Retirement Account (IRA) announced in March 2014. and scheduled to go into effect January 1, 2015. Under the change, the one-per-year rule applies to each individual rather than…

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2015 Tax-Filing Season Expected to Be Extremely Difficult

search loan officer nmls The 2015 tax-filing season will likely be the worst in nearly 30 years, according to National Taxpayer Advocate Nina E. Olson, who spoke to tax practitioners on November 3 at the AICPA’s National Tax Conference in Washington, D.C. Olson told attendees that the filing season will be…

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IRS Guidance on Same Sex Marriages

U.S. Attorney General Eric Holder announced on October 17 that the federal government will recognize same-sex marriages performed in seven more states. The U.S. Supreme Court declined to review rulings from federal appeals courts that had struck down bans on same-sex marriage in some of these states.…

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Regulations to be Proposed Will Require Employer-Sponsored Group Health Plans to Include In-Patient Hospitalization Services

The IRS has announced that the Department of Health and Human Services (HHS) and the Treasury Department (including the IRS) will soon issue proposed regulations providing that a group health plan does not provide minimum value if it excludes substantial coverage to employees for in-patient hospitalization services…

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HR 4 – Jobs for America Act

HR 4 – Jobs for America Act DIVISION I—WAYS AND MEANS TITLE I—SAVE AMERICAN WORKERS Sec. 101. Short title. Sec. 102. Repeal of 30-hour threshold for classification as full-time employee for purposes of the employer mandate in the Patient Protection and Affordable Care Act and replacement with…

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Extenders Likely to Win Passage in November

Lawmakers are likely to pass tax extender legislation during the lame-duck session of Congress in November and comprehensive tax reform as early as 2015, according to tax experts speaking during webcast sponsored by PricewaterhouseCoopers LLP on October 28. According to Rohit Kumar and Scott McCandless, both principals…

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