The Oversight Subcommittee of the House Ways and Means Committee reviewed the IRS’s record retention practices at a hearing on July 25. Officials from the IRS and the Treasury Inspector General for Tax Administration (TIGTA) testified. “The IRS has long been challenged in the area of record
Read more →The IRS Office of Appeals has launched a web-based pilot program to provide a virtual conference option to taxpayers, effective August 1, 2017. The pilot program will use a secure, web-based screen-sharing platform to connect with taxpayers face-to-face from anywhere they have internet access. The IRS expects
Read more →At press time, it appears that legislation to repeal and replace the Affordable Care Act (ACA) – including its taxes – will not be revisited until after Congress’ August recess. Although there have not been any legislative changes to the ACA, there could be administrative changes. “The
Read more →Administration officials and senior GOP leaders in Congress have predicted that tax reform legislation will be drafted this Fall and come to the floors of both the House and Senate for a vote before year-end. The officials and lawmakers outlined broad principles for individual and business tax
Read more →The IRS did not issue the required notification letters by June 30, 2015, to taxpayers without Minimum Essential Coverage under the Patient Protection and Affordable Care Act (ACA) for tax year 2014, the Treasury Inspector General for Tax Administration (TIGTA) reported. In March 2016, the IRS’s ACA
Read more →All persons providing minimum essential coverage (such as issuers) are required to file annual information returns with the IRS reporting certain information, including information that identifies each covered individual and the months of coverage. Under current law, health insurance issuers are not required to report coverage for
Read more →One of the most crucial decisions you will have to make as a business owner when setting up a new business, or reorganizing an existing one, is what structure to use. The choices range from a simple sole proprietorship, to an S Corp flow-through, to a C
Read more →Many entrepreneurs start a business because they have a great idea about a product or want to provide a service they are skilled in. Although skill and an impressive product are important to having a successful business, it is central for long-term success not to get lost
Read more →When Entrepreneurs finally decide to live their dream and start their own business, it is understandable their financial goals are at the top of the list. Two of the top five reasons small businesses fail include poor accounting and cash flow management. However, according to the New
Read more →A federal district court has rejected a taxpayer’s argument that statutes and regs requiring U.K. citizens with U.S. permanent resident status to file income tax returns and Reports of Foreign Bank and Financial Accounts (FBARs), when read with the U.S.-U.K tax treaty, are so ambiguous that they
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