Every taxpayer that uses tangible real or personal property in a business needs to understand the tax rules relating to the distinction between a repair and capital expenditure, as well as the depreciation of those capitalized expenditures and other depreciable assets that are purchased or produced. This
Read more →Affirming a federal district court, the First Circuit Court of Appeals has struck down parts of Puerto Rico’s corporate alternative minimum tax (AMT). The court was not persuaded that the AMT did not discriminate against interstate commerce. The First Circuit Court of Appeals, affirming a U.S. district
Read more →The following Texas local sales and use tax rate changes take effect October 1, 2016. Adopted City Tax Dish (Denton County) adopted a 2% city sales tax rate, resulting in a combined (state, county, city, transit, and special purpose district) tax rate of 8.25%. City Tax Rate
Read more →Senate Finance Committee (SFC) Chair Orrin Hatch, R-Utah, introduced two bipartisan bills on July 12 intended to protect taxpayers: the Stolen Identity Refund Fraud Prevention Bill (Sen 3157) and the Taxpayer Protection Bill of 2016 (Sen 3156). Sen 3157 would implement guidelines for the IRS in handling
Read more →The Financial Crimes Enforcement Network (“FinCEN”) is issuing these FAQs to assist covered financial institutions in understanding the scope of the Customer Due Diligence Requirements for Financial Institutions,” published on May 11, 2016 (the “CDD Rule”), available at https://www.gpo.gov/fdsys/pkg/FR-2016-05-11/pdf/2016-10567.pdf . These FAQs provide interpretive guidance with respect
Read more →Requesting a Transcript You should always keep a copy of your tax return for your records. You may need copies of your filed tax returns for many reasons. For example, they can help you prepare future tax returns. You’ll need them if you have to amend a
Read more →The Rascon CPA Firm – Swag Bag Sponsor of the Couture for the Cause Gala On May 7th The American Cancer Society’s Couture for the Cause of Montgomery County had a fundraising Gala with an outstanding fashion show, signature cocktails, champagne, and delicious Italian fare. With the
Read more →Disaster relief: Presidentially declared disaster area: Texas: Severe storms and flooding Victims of the severe storms and flooding that took place beginning on May 26, 2016 in parts of Texas may qualify for tax relief from the Internal Revenue Service. The President has declared that a major
Read more →House Ways and Means Committee Chairman Kevin Brady, R-Tex., and Tax Policy Subcommittee Chairman Charles Boustany, R-La., sent Treasury Secretary Jack Lew a letter on June 28 expressing collective GOP concerns over proposed debt-equity regulations under Code Sec. 385. All Republican members of the Ways and Means
Read more →The IRS has issued final regulations that require annual country-by-country (CbC) reporting by certain United States persons that are the ultimate parent entity of a multinational enterprise (MNE) group. The final regulations affect U.S. persons that are the ultimate parent entity of a multinational enterprise group that
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