Donald Trump’s election as the 45th President of the United States on November 8th is expected to bring changes to the tax laws for individuals and businesses. President-elect Trump had made tax reduction a centerpiece of his economic plans during his campaign, saying he would, among other
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 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
Read more →In October, the Internal Revenue Service announced that U.S. taxpayers with maquiladora operations in Mexico will not be exposed to double taxation if they enter into a unilateral advance pricing agreement (APA) with Mexico’s national tax authority, the Large Taxpayer Division of Mexico’s Servicio de Administración Tributaria
Read more →The Treasury Inspector General for Tax Administration (TIGTA) has released a report regarding the implementation of new tax return-related data elements based on the 2015 Security Summit, Protecting Taxpayers from Identity Theft Tax Refund Fraud. TIGTA has concluded that tax-related identity thefts adversely affect the ability of
Read more →The IRS has issued temporary regulations under Code Sec. 7701 to clarify that a disregarded entity that is treated as a corporation for employment tax purposes is not treated as a corporation for purposes of employing an individual who is a partner in a partnership that owns
Read more →President Obama signed into law the American Manufacturing and Competitiveness Act of 2016 on May 20. The bill was approved by the House on April 27th and passed the Senate on May 10th. The new law calls for a three-step process under the Miscellaneous Tariff Bill (MTB)
Read more →On Wednesday, the IRS announced that affected taxpayers of the severe storms and flooding that took place beginning on April 17, 2016 who reside or have a business in Fayette, Grimes, Harris and Parker Counties may qualify for tax relief may qualify for tax relief from the
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