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 →The case described below is a perfect example why it is extremely important to be vigilant about the people you hire and the intricacies of how your business is being ran, regardless if you are willfully involved in the illegal act or not. You don’t ever want
Read more →According to the IRS Oversight Board 2014 Taxpayer Attitude Survey released on December 8th, 2014, almost 90 percent of taxpayers say it is not acceptable to cheat on their income taxes. This number remains unchanged since last year’s survey. Also, according to the survey, ninety-four percent of
Read more →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 →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 →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 →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 →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 →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 →The Financial Crimes Enforcement Network (FinCEN) has announced, in two separate rulings, that companies working with virtual currency in their business operations are money service businesses (MSBs). As an MSB, each company must register with FinCEN, and comply with anti-money laundering risk management and risk mitigation requirements.
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