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
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 →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
Read more →The number of electronic filing and payment options increases every year, which helps reduce your burden and also improves the timeliness and accuracy of tax returns. When it comes to filing your tax return, however, the law provides that the IRS can assess a penalty if you
Read more →The IRS has issued a fact sheet (FS-2015-22) covering the basic information about business taxes needed by anyone who is self-employed. Generally, an individual is self-employed if they: (1) carry on a trade or business as a sole proprietor or independent contractor, or are otherwise in business
Read more →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 →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 →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
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