Archive for the Tax Planning Category

Is the Greatest Federal Income Tax Reform since Reagan Looming?

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…

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IRS Announces Position on Unilateral APA Applications Involving Maquiladoras

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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TIGTA Releases Report on Implementation of Identity Theft Measures for 2016 Filing Season

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…

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Temporary Regulations Clarify Employment Tax Treatment of Partners in Partnership That Owns a Disregarded Entity

The IRS has issued temporary regulations under Code Sec. 7701 to clarify that a disregarded entity that is treated as a corporation for employment tax purposes is not treated as a corporation for purposes of employing an individual who is a partner in a partnership that owns…

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President Signs Manufacturing Bill Designed To Cut Certain Import Taxes

President Obama signed into law the American Manufacturing and Competitiveness Act of 2016 on May 20. The bill was approved by the House on April 27th and passed the Senate on May 10th. The new law calls for a three-step process under the Miscellaneous Tariff Bill (MTB)…

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IRS Extends Filing Deadline for Taxpayers Affected by Severe Storms

On Wednesday, the IRS announced that affected taxpayers of the severe storms and flooding that took place beginning on April 17, 2016 who reside or have a business in Fayette, Grimes, Harris and Parker Counties may qualify for tax relief may qualify for tax relief from the…

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No Easy Fix to Overpayments of EITC

Senate Finance Committee Chairman Orrin G. Hatch, R-Utah, held a hearing on October 1 to examine solutions addressing overpayments of the Earned Income Tax Credit (EITC), as well as with Medicare and Medicaid, whose oversight is conducted by the committee. The Government Accounting Office (GAO) has reported…

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Tax Consequences on Right to Marry Extended to Same-Sex Couples in All States

The Fourteenth Amendment requires a state to license a marriage between two people of the same sex and to recognize a marriage between two people of the same sex when their marriage was lawfully licensed and performed out-of-state, according to the Supreme Court. The Court held that “the…

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Why Succession Planning is Important for Your Business

Do you own your own business or are in business with several partners? Are you a CEO of a fairly decent size company with multiple key employees? Do you have a plan in place to address the sudden loss of your partner, your top performing employees, or…

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Bill Introduced to Increase Foreign Investment in U.S. Real Estate

On Thursday, April 30th, two senior members of the House Ways and Means Committee, Kevin Brady, R-Tex., and Joe Crowley, D-N.Y., reintroduced legislation, the Real Estate Investment and Jobs Bill of 2015 (HR 2128), that would remove a 1980s era tax provision that discourages foreign investment in U.S.…

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