Posts Tagged IRS

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…

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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…

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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…

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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…

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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…

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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…

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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…

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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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Action Needed to Ensure Tax Compliace with FIRPTA

According to new audit report from the Treasury Inspector General for Tax Administration (TIGTA), current IRS procedures are insufficient to ensure that all foreign seller real estate transactions subject to the Foreign Investment in Real Property Tax Act of 1980 (FIRPTA) are in fact compliant with FIRPTA.…

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The Woodlands

Humble

19747 US Hwy 59 N
Suite 205
Humble, Texas 77338

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

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