Newsletters
Tax Alerts
Tax Briefing(s)
Most business owners make some kind of gift to employees at Christmas. While many companies still hand out the holiday turkey, others go all out with formal dinners, cash bonuses, or gift certificates. What many employers may not realize, however, is that many of theft gifts to employees are considered compensation by the Internal Revenue Service and are subject to federal and state income taxes as well as Social Security taxes.

Record retention is a must, whether for personal, business, or tax reasons. However, record retention is necessary only to the extent it serves a useful purpose or satisfies legal requirements.

A Savings Incentive Match Plan for Employees (SIMPLE) is a simplified retirement plan intended to allow small employers to provide retirement savings for their employees.

Individuals with no wills, particularly those with substantial assets, may be following a path that will lead to extra complications and financial burdens for their families. The financial implications extend to owing more tax than necessary, increasing costs of estate administration, and diverting assets to unintended heirs.

Then, when you're ready, here are five tips to help take the worry out of hiring your first employee.

The taxation of municipal and corporate bonds is complex. Hered is a brief explanation of the tax effects.

A well known, but sometimes overlooked, way to alter investment holdings without paying tax at the time of the transaction is through the use of "like-kind" exchanges.

You can generally pay part or all of your estimated tax by using a credit card (American Express Card, MasterCard, or Discover Card)

This is to disclose to you, our client, our disclosure policy regarding personal data that we obtain from you

New rules have been released regarding IRA distributions, which will hopefully simplify and provide benefits to taxpayers.

Before you start a new business, there are a number of preliminary decisions to be made. One of the first choices you will face, is the legal form in which you will operate the business.

Here is a checklist highlighting advantages and disadvantages of the S corporation form.

Before you start a new business, there are a number of preliminary decisions to be made. One of the first choices you will face, is the legal form in which you will operate the business.

INFORMATION NEEDED TO COMPLETE YOUR BUSINESS TAX RETURN

In this article, we examine the various issues involved in plan selection.

You first offset long-term (LT) gains with long-term losses (resulting in either a net LT capital gain or a net LT capital loss), and then you offset short-term (ST) capital gains with short-term capital losses (resulting in either a net ST capital gain or a net ST capital loss).

The IRS began its "Dirty Dozen" list for 2022, which includes potentially abusive arrangements that taxpayers should avoid. The tax scams in this series focus on four transactions that are wrongfully promoted and will likely attract additional agency compliance efforts in the future. Those four abusive transactions involve charitable remainder annuity trusts, Maltese individual retirement arrangements, foreign captive insurance and monetized installment sales. These are the first four entries in this year’s Dirty Dozen series.


The IRS announced that is completing the processing on a key group of individual tax returns filed during 2021. Business paper returns filed in 2021 will follow shortly after. The Service began 2022 with a larger than usual inventory of paper tax returns and correspondence filed during 2021 due to the pandemic. The IRS will continue to work on the few remaining 2021 individual tax returns that have processing issues or require additional information from the taxpayer. As of June 10, the IRS had processed over 4.5 million individual paper tax returns received in 2021.


Internal Revenue Service Commissioner Charles Rettig is pushing back on assertions that the agency is spending less time targeting wealthy taxpayers for audit in favor of lower income taxpayers.


Republican members of the Senate Finance Committee are the latest group to call on the Internal Revenue Service to implement 2-D barcoding technology on individual tax forms.


The IRS Whistleblower Office has released the fiscal year (FY) 2021 annual report to Congress. In FY 2021, the Whistleblower Office made 179 award payments to whistleblowers totaling $36,144,926, including 20 awards paid under Code Sec. 7623(b). Whistleblower claim numbers assigned in FY 2021 grew by 55 percent year over year and claim closures increased by 13 percent. Additionally, this year’s report introduces the Code Sec. 7623 Payment and Claim Processing Analysis. The analysis shows Code Sec. 7623(b) awards were paid on average in 17 days.


Department of the Treasury Secretary Janet Yellen is continuing to promote the agreement on international taxes reached by most members of the Organisation for Economic Co-operation and Development on a global corporate minimum tax, but acknowledged that its overall impact will be determined by the final details.


The American Institute of CPAs is calling on Congress to fund the Internal Revenue Service at the level requested by the White House in its fiscal year 2023 budget request. Separately, the group offered its suggestions on the IRS Guidance Priority List. "In advance of the Fiscal Year 2023 appropriations cycle, we request that you fund the Internal Revenue Service (IRS) at necessary levels to allow it to handle all the duties required of it by Congress, including properly administering and enforcing our nation’s tax laws as well as providing needed assistance to taxpayers and their advisers in a timely and professional manner," AICPA said in a May 25, 2022, letter to Democratic and Republican leadership in both the House and Senate Appropriations Committees.


The Department of the Treasury is continuing its push to get funding for much needed information technology infrastructure upgrades from Congress.


The U.S. Supreme Court has granted a petition for certiorari in the case of A. Bittner, CA-5, 2021-2 USTC ¶50,242 . In Bittner, the U.S. Court of Appeals for the Fifth Circuit held that each failure to report a qualifying foreign account on the annual Report of Foreign Bank and Financial Accounts (FBAR) constituted a separate reporting violation subject to penalty. This means that the penalty applies on a per-account basis, not a per-form basis. The Fifth Circuit disagreed with a Ninth Circuit panel that adopted a per-form interpretation ( J. Boyd, CA-9, 2021-1 USTC ¶50,112).


HomeInfo CenterNewslettersFinancial ToolsLinks