Chat with us, powered by LiveChat

Archive for the Tax Planning Category

Obama Renews Call for Funding Corporate Tax Reform by Closing Loopholes

On December 3rd, President Obama said that the U.S. needs to close unspecified tax loopholes to pay for any reduction in the corporate tax rate. “There is definitely a deal to be done. If we get some certainty on the federal budget we can work on tax…

Read more

2014 Tax Prevention Act – Business and Investments

Many popular but temporary tax incentives have been extended again by the Tax Increase Prevention Act of 2014. Among them is Code Sec. 179 small business expensing, bonus depreciation, the research tax credit, and the Work Opportunity Tax Credit. This blog provides some highlights of the 2014…

Read more

2014 Tax Prevention Act – Individuals

After much anticipation, Congress has passed the Tax Increase Prevention Act of 2014 (2014 Tax Prevention Act) to extend popular individual and business tax provisions retroactively for one year (through 2014). This one-year retroactive extension allows you to claim many popular tax incentives that expired on December…

Read more

Tax Reform Act of 2014 Formally Introduced in the House

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…

Read more

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

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…

Read more

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

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…

Read more

IRS Will Work with Taxpayers Liable for Individual Shared Responsibility Payment

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…

Read more

IRS Provides IRA Owners with Fresh Start for Rollovers in 2015

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…

Read more

2015 Tax-Filing Season Expected to Be Extremely Difficult

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…

Read more

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.…

Read more