Posts Tagged IRS

Business Taxes for the Self-Employed: The Basics

The IRS has issued a fact sheet (FS-2015-22) covering the basic information about business taxes needed by anyone who is self-employed. Generally, an individual is self-employed if they: (1) carry on a trade or business as a sole proprietor or independent contractor, or are otherwise in business…

Read more

Projected Flat IRS Budget for FY 2015 Raises New Concerns

The IRS’s anticipated fiscal year (“FY”) 2015 budget took center stage at the IRS Oversight Board’s last meeting of 2014. Senior IRS officials remain concerned about potential funding reductions in FY 2015 but are committed to implementing unfunded mandates, such as the Patient Protection and Affordable Care…

Read more

IRS Announces Interest Rates Unchanged for Calendar Quarter Beginning January 1, 2015

In Revenue Rulings 2014-111 and 2014-29, the IRS has announced that the interest rates for the calendar quarter beginning January 1, 2015, will remain at 3 percent for overpayments (2 percent in the case of a corporation), 3 percent for underpayments and 5 percent for large corporate…

Read more

PPACA Information Returns Project Needs Stronger Security and Testing Control Improvements, TIGTA Reports

According to a report by the Treasury Inspector General for Tax Administration (TIGTA), the IRS needs to make improvements to strengthen security and to test controls for the Affordable Care Act Information Returns Project. The IRS is required to calculate and collect annual fees based on reports…

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

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
Page 4 of 6« First...23456

The Woodlands

Humble

19747 US Hwy 59 N
Suite 205
Humble, Texas 77338

Our office is located inside the Chase building in Suite 205.

(click location for map)