Former Treasury Deputy Assistant Secretary for International Tax Affairs Robert Stack discussed IRS resources and tax regulations at the March 3 Federal Bar Association’s 41st Annual Tax Law Conference in Washington, D.C. Stack expressed criticism of the Trump administration’s recent proposals to cut IRS funding and inhibit
Read more →House Speaker Paul Ryan, R-Wis., said on January 10 that repeal and replacement of the Patient Protection and Affordable Care Act (ACA) will be concurrent. At the same time, some Democratic lawmakers questioned what will be included in any ACA replacement. “We will use every tool at
Read more →Throughout the fourth quarter of 2016, the IRS announced a variety of inflation-adjusted tax amounts for use in 2017. Some amounts have increased from 2016 to 2017, others have remained the same due to rounding rules in calculating inflation. Here is a sampling of the over 100
Read more →The Internal Revenue Service today issued the 2017 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on Jan. 1, 2017, the standard mileage rates for the use of a car (also vans, pickups
Read more →Under the Surface Transportation and Veterans Health Care Choice Improvement Act of 2015 that was signed by President Obama on July 31, 2015, several very important deadlines were changed for specific corporate structures, that go into effect during the 2017 tax filing season for the 2016 year-end
Read more →The IRS has issued Notice 2016-70 extending the due date for furnishing to individuals the 2016 Form 1095-B, Health Coverage, and the 2016 Form 1095-C, Employer-Provided Health Insurance Offer and Coverage, from January 31, 2017, to March 2, 2017. Health insurers and applicable large employers are required,
Read more →The IRS will soon begin sending letters to certain IRS e-services users asking them to verify their identities. The letters will go to users who access the Transcript Delivery Service and who have been active within the past year. Letter recipients will have 30 days to either
Read more →The House passed the much anticipated 21st Century Cures Bill (HR 34) on November 30 by a 392 to 26 vote. The bipartisan measure now heads to the Senate for consideration. Among its provisions, HR 34 would essentially exempt certain small employers who operate qualified Health Reimbursement
Read more →As with prior years, 2016 year-end planning should start with data collection and a review of prior year returns. This includes losses or other carryovers, estimated tax installments, and items that were unusual. Conversations about next year should include review of any plans for significant purchases or
Read more →President-elect Donald Trump’s pick for Treasury secretary, Steven Mnuchin, has signaled in his first interview on polices under a Trump Administration, that taxpayers “should expect the largest tax change since Reagan.” Mnuchin, in his November 30 interview with CNBC, predicted that “we’re going to get to 15
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