IRS Releases Final and Proposed BEAT Regulations
The IRS has issued final and proposed regulations implementing the
base erosion and anti-abuse tax (BEAT) under Code Sec. 59A. The
BEAT is a minimum tax that certain large corporations must pay on
cer...
Final and Proposed Regulations Address Foreign Tax Credit
The IRS has issued highly anticipated final regulations on the
significant changes made to the foreign tax credit rules by the Tax
Cuts and Jobs Act (TCJA) ( P.L. 115-97). The final regulations
retain...
Final Regulations on Calculation of UBTI Issued
The IRS has released final regulations that present guidance on how
certain organizations that provide employee benefits must calculate
unrelated business taxable income (UBTI) under Code Sec. 512(a)....
Final Rules Adopted on Changes to Estate Tax Exclusion Amount
The IRS has issued Reg. §20.2010-1(c) to address the effect of the
temporary increase in the basic exclusion amount (BEA) used in
computing estate and gift taxes. In addition, Reg. §20.2010-...
IRS Releases Draft Instructions for 2018 Form 1040
The IRS has released Draft Instructions for the 2018 Form 1040.
Additionally, the IRS has cautioned taxpayers that the draft
instructions are subject to change. The IRS released a draft of the
2018 Fo...
How do I? Maximize start-up deductions for a new business
Starting a new business venture can prove exciting, but rather
costly. There are certain tax advantages that can help alleviate
some of the financial burden associated with entrepreneurship....
FAQ: What is the self-rental rule?
Under Code Sec. 469, passive losses can only be used to offset
passive income. Taxpayers who have losses from a passive
activity cannot use losses from a passive activity to offset
nonpassive inc...
How do I? Prove business expenses
Everyone in business must keep records. Among other things, good
records will help a business prepare the business tax returns, and
will support items reported on tax returns. Taxpayers also must
keep...
FAQ…do I need a receipt for every gift to charity
The IRS requires that taxpayers substantiate their donations to
charity. Whatever the donation is, whether money or a household
item or clothing, the substantiation rules must be followed. The
rules a...
IRS provides repair regulations relief for small businesses
In Rev. Proc. 2015-20, the IRS substantially simplified the
requirements for small businesses to adopt the tangible property
regulations (the "repair regulations") for 2014. The relief allows
small bu...
FAQs: How are qualified longevity annuity contracts reported?
The required minimum distribution (RMD) rules require participants
to start taking distributions when they turn age 70½. Treasury and
the IRS have developed a new concept to enable retirees to ...
IRS final rules encourage longevity annuity purchases
Life expectancies for many Americans have increased to such an
extent that most taxpayers who retire at age 65 expect to live for
another 20 years or more. Several years ago, a number of insurance
com...
How do I? As an employer, report health insurance coverage?
One of the most complex, if not the most complex, provisions of the
Patient Protection and Affordable Care Act is the employer shared
responsibility requirement (the so-called "employer mandate") and
...
FAQ: What is an information document request (IDR)?
When an IRS is conducting a detailed audit of a taxpayer, it may
want to see documents and records retained by the taxpayer. The
examiner will ask the taxpayer what type of documents are
maintained, a...
Treasury set to develop new retirement savings vehicle: myRAs
In his January 2014 State of the Union address, President Obama
instructed the Treasury Department to develop a new savings vehicle
called "myRA." The new savings arrangements share many similarities
...
FAQ: What are the tax rates on capital gains and dividends?
Despite the passage of the American Tax Relief Act of 2012 - which
its supporters argued would bring greater certainty to tax planning
- many taxpayers have questions about the tax rates on qualified
...
FAQ: To what extent are business meals deductible?
A business can deduct only ordinary and necessary expenses.
Further, the amount allowable as a deduction for business meal and
entertainment expenses, whether incurred in-town or out-of-town is
genera...
How do I? Deduct employee compensation given as year-end bonuses
Whether or not the IRS will allow a deduction for year-end bonuses
for services performed during that year depends not only on the
timing of the payment, but also the events surrounding the payment.
I...
Coming soon: greater tax-wise retirement options
Retired employees often start taking benefits by age 65 and, under
the minimum distribution rules, must begin taking distributions
from their retirement plans when they reach age 70 ½. Accordin...
How do I… Guard against taxpayer identity theft?
The number of tax return-related identity theft incidents has
almost doubled in the past three years to well over half a million
reported during 2011, according to a recent report by the Treasury
Insp...
Sweeping new IRS "repair regulations" impact most businesses
The IRS has released much-anticipated temporary and proposed
regulations on the capitalization of costs incurred for tangible
property. They impact how virtually any business writes off costs
that rep...
Common IRA contribution and distribution mistakes
Individual retirement accounts (IRAs) -- both traditional and Roth
IRAs -- are among the most popular retirement savings vehicles
today. Protecting the value of your IRA (and other retirement
accounts...
Newsletters
Welcome and thank you for visiting our Website. In addition to providing you with a profile of our firm and the services we provide, this Website has been designed to become a helpful resource tool to you, our valued clients and visitors. Our dedication to superior client service has brought us to the Internet as we endeavor to continue to provide the highest quality professional service and guidance.
As you browse through our Website, you will see that not only have we highlighted background information on our firm and the services we provide, but have also included useful resources such as informative articles (in our Newsletter section) and interactive financial calculators (in our Financial Tools section). In addition, we have taken the time to gather many links to external Websites that we felt would be of interest to our clients and visitors (in our Internet Links section).
While browsing through our Website, please feel free to contact us with any questions or comments you may have - we'd love to hear from you. We pride ourselves on being proactive and responsive to our clients' inquiries and suggestions.
