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Tax Alerts 2017

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Tax Compliance

The Internal Revenue Code imposes a 20% penalty on any portion of a tax underpayment that is attributable to negligence or disregard of rules and regulations.


Tax Compliance

April 18 was the deadline this year for most people to file their annual federal income tax returns and pay any taxes they owed.

 


Tax Flash - State & Local Taxation

Amazon FBA (fulfilled by Amazon) is commonly used by companies that sell via the ecommerce giant. As part of the arrangement, companies send their inventory to Amazon, but maintain access to the inventory via their Amazon portals.

 


Tax Compliance

Self-employed U.S. taxpayers file a Form Schedule C Profit or Loss from Business along with their Form 1040 in order to report activity from sole proprietorship businesses.

 


Tax Compliance

An individual who experiences the full process of prosecution and conviction by the Department of Justice for a tax crime has the obligation to pay the owed taxes.

 


Tax Flash

The U.S. Treasury Department issued Notice 2017-38 on July 7, 2017, identifying eight Treasury Regulations considered to be burdensome and which may be modified or eliminated pursuant to an Executive Order issued April 21, 2017.

 


Healthcare Alert

A Health Savings Account (HSA) is a medical savings account with a multitude of tax advantages. Established in 2003 for the 2004 tax year, the popularity of HSAs has exploded in recent years, as health insurance premiums continue to rise over time.

 


Currency

Cryptocurrency is a form of digital money that is created from code and encrypted.

 


Tax Flash - State & Local Taxation

Facing the unprecedented threat of a junk bond status credit rating, billions of dollars of unpaid bills, and mounting fiscal pressure on the State's institutions and programs, on July 4, 2017, the Illinois Legislature voted to override the veto of Governor Bruce Rauner in order to pass the state's first budget since 2015.

 


Research & Development

In 2016, the Internal Revenue Service issued final regulations (T.D. 9786) regarding guidance on software that is developed primarily for a taxpayer’s internal use in computing the credit for increased research activities.

 


Tax Return Compliance

Ah, the American Dream: Apple pie, a chicken in every pot and….. home mortgage debt. Or, has home mortgage debt become something to be a wee bit wary of?

 


Real Estate

Income or loss derived from the rental of real estate is generally considered a passive activity. One of the main consequences of a rental activity being treated as a passive activity for tax purposes is that losses can only be deducted against passive income.

 


Tax Return Compliance

The IRS generally issues refunds within a timeframe of 21 days or less. However, exceptions do apply. Incomplete or inaccurate returns can delay a refund.

 


Tax Flash

New York Governor Andrew Cuomo signed the 2017-2018 budget bill on April 10, 2017.

 


Construction

All taxpayers strive to determine and use the tax accounting method that results in paying the least amount of tax allowed by law. Because of the many different methods available, contractors should continually review the rules to ensure they are using the most beneficial methods. An understanding of the qualifying tests for each method is essential.

 


Tax Return Compliance

Infertility today is estimated to affect approximately 10 percent of Americans who are of reproductive age.

 


Tax Return Compliance

Homeowner and condominium associations are essential for managing residential properties, upholding the communities’ by-laws, and of course, collecting resident dues in order to fund operations.

 


Tax Return Compliance

During the course of business, exchanges and sales of partnership interest are not uncommon. These transactions have little or no effect on business operations.

 


Tax Return Compliance

On April 13, 2017, the Internal Revenue Service ("IRS") issued an official Action on Decision ("AoD") regarding its defeat in the case of Stine, LLC v. USA ("Stine"). The case addressed whether a building can be considered "placed in service" before it is "open for business." Generally, a building is placed in service when it is substantially complete and in a state of readiness and availability to carry out its specified function.

 


Tax Return Compliance

Discerning communication with a legitimate IRS representative is proving to be a much more difficult task for taxpayers today as a result of an increase in tax fraud.

 


International Tax

Transfer pricing is a simple concept, yet can result in many complex tax implications. One of the most significant areas of dispute concerns the tax associated with the valuation of intangibles transferred by U.S. corporations to foreign entities and the value of the transferred intangibles.

 


Tax Flash

Multiple states have recently passed laws or announced directives that imply that sales tax nexus can be created in a state without a physical presence.

 


Tax Flash

The Pennsylvania Department of Revenue issued revised guidance on the extent to which support services associated with prewritten computer software may be taxed.

 


Tax Flash

On March 6, 2017, the South Dakota Sixth Judicial Circuit, as a result of South Dakota v. Wayfair LLC., enjoined the state from enforcing the sales tax economic nexus provision previously adopted in March 2016.

 


Tax Return Compliance

Proposed regulations have been issued by the IRS updating the dependency exemption rules. These proposed regulations build on the dependency requirements previously amended by the Working Families Tax Relief Act of 2004, as well as the Fostering Connections to Success and Increasing Adoptions Act.

 


Tax Flash

House Republicans released their version of health care reform this week - the American Health Care Act (AHCA).

 


Tax Flash

For tax years beginning after December 30, 2015, New York State and New York City require certain corporations, including C Corporations, to use the second preceding year's tax to determine if a mandatory first installment is needed and to determine the amount of such MFI.

 


Tax Flash

On February 21, 2017, the U.S. Supreme Court declined to hear a case challenging a Florida Supreme Court ruling on an interstate sales tax matter involving a Florida florist, and in so doing, potentially paved the way for interstate sales transactions to become taxable in multiple states.

 


Tax Return Compliance

Here we are in the midst of another tax return filing season. You are a business owner and are planning to gather information for the entity's tax return.

 


Trusts & Estates

Fiduciary entities, other than specific charitable entities such as charitable remainder trusts, charitable lead trusts, or private foundations, are allowed many of the same deductions as an individual.

 


Tax Flash

On January 31, 2017, the Large Business and International division of the IRS rolled out the latest phase in a new effort aimed at improving compliance and updating the agency's approach to taxpayer examinations.

 


Tax Flash

The passing of the Protecting Americans from Tax Hike (PATH) Act of 2015 introduced many exciting changes related to the Research and Development (R&D) Tax Incentive program.

 


Tax Flash

On January 18, 2017, the Internal Revenue Service ("IRS") published administrative guidance in Notice 2017-15, providing specific policy and procedures for retroactively changing the tax treatment of federal estate, gift and generation-skipping transfers (GST) in the estates of same-sex married couples whose marriages were not legally recognized prior to the United States Supreme Court's decision in United States v. Windsor.

 


Tax Flash

It's tax filing season time again! As if trying to figure out what forms to file isn't hard enough for taxpayers, the IRS and many states have changed their official filing deadlines.

 


Assurance Alert

Suppose you are the CFO of a small public company, and you're having a conversation with a peer who is the CFO of an accelerated filer. "How are you handling SOX at your company?"

 


Tax Flash

For individual filers who are required to e-file their income tax returns, don't be surprised to hear your accountant tell you she needs a copy of your driver's license or state ID in order to process your filing.

 


Tax Return Compliance

On April 16, 2016, the IRS released an updated version of Form W-8BEN-E, Certificate of Status of Beneficial Owner for United States Tax Withholding and Reporting (Entities), along with Instructions.

 


Tax Flash

The IRS issued Notice 2016-66 on November 1, 2016, identifying certain transactions relating to small captive insurance companies as "transactions of interest."

 


Tax Return Compliance

IRS Notice 2017-9, explains the scope of a new de minimis error safe harbor for information returns and payee statements created by the Protecting Americans from Tax Hikes Act of 2015 (PATH Act).

 


Construction

When it comes to construction contracts and the IRS, the rules can be very complex. The IRS specifically addresses tax matters and construction industry issues within Internal Revenue Code Section 460.

 


International Taxation

The IRS has recently issued final regulations regarding the treatment of U.S. disregarded entities wholly owned by foreign persons. These final regulations became effective December 13, 2016.

 

 
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