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Tag Archive for Tax Blog
The NTA is hosting a series of conversations that bring together experts to discuss relevant issues that impact and influence tax administration.
The first NTA Conversation panel discussion “An International Ethnographic Perspective on Tax Administration and Tax Compliance” was held on Dec. 1, 2017. The discussion included five international tax researchers who shared their approach to tax research and their work experiences with tax administration and tax compliance. Read More
All Forms 8809, Application for Extension of Time to File Information Returns, filed on paper are now processed by the Internal Revenue Service Center in Ogden, Utah. These paper forms must be mailed. Faxes will not be accepted.
The Department Of The Treasury Mailing Address Is:
Department Of The Treasury
Internal Revenue Service Center
Ogden, UT 84201-0209
If profits are up and the projections look good for the next month or two, should you kick back and relax? Maybe not. No matter how positive other signs may be, if you’re not keeping a close eye on your company’s cash flow, things could go haywire.
Even a temporary crunch resulting in late debt payments could cause your credit rating to fall and your cost of borrowing to rise. If you miss a loan payment or two, the lender might even call the loan. Here are some suggestions to help you maintain a healthy cash flow. Read More
A stamp duty refund scheme in respect of land purchased to develop residential property was signed into the 2017 Finance Act on 25th December 2017.
The Act provides that where stamp duty, at the new higher rate of 6%. is paid on the acquisition of land which is subsequently used to build residential property, the purchaser will be entitled to a rebate of 4% being 2/3rds of the duty paid.
It is important to keep in mind that the refund of stamp duty is only applicable in relation to the proportion of the land used for residential development. Read More
Introduction
On Friday, February 9th of 2018, President Donald J. Trump signed into law H.R. 1892 entitled the Bipartisan Budget Act of 2018 (hereinafter “BBA”) just hours after the Senate passed the bill by a vote of 71-28 and the House of Representatives passed the bill by a vote of 240-186. The BBA resolved numerous non-tax law related issues for the federal government on a bipartisan basis including but not limited to raising the debt ceiling; domestic and military spending; community healthcare; and disaster relief. In addition, the BBA includes tax relief for certain disasters, a retroactive one-year tax extenders package for statutory tax incentives that previously expired on December 31, 2016 including several highly prevalent energy tax incentive programs pursuant to I.R.C. § 179D and I.R.C. § 45L, amongst a highly diverse array of other statutory tax provisions.
Individual And Business-Entity Tax Relief For Certain Disasters
In last week’s blog, Telephone Service in an Omnichannel Environment – The IRS Must Make Communicating with the IRS Over the Phone Easier for Taxpayers, I discussed some of the struggles taxpayers will face during filing season while trying to get help from the IRS over the phone. Given the challenges of increased call volume and confusion over the tax law changes, along with the uncertainty of the IRS’s final funding level for Fiscal Years 2018 and 2019, the IRS has projected its “level of service” (LOS) on its Accounts Management lines will be anywhere from 40 percent to 80 percent for Filing Season (FS) 2018. In a later blog, I will discuss my concerns about how the IRS calculates LOS and whether that measure provides accurate information about callers’ experience with the phones. Read More
WASHINGTON – The Treasury Department and the Internal Revenue Service (IRS) announced modifications to the procedures for changing the accounting period of foreign corporations owned by U.S. shareholders that are subject to the transition tax under the Tax Cuts and Jobs Act.
On Dec. 29, 2017, the Treasury Department and the IRS provided initial guidance on computing the transition tax in Notice 2018-07. On Jan. 19, 2018, the Treasury Department and the IRS provided additional guidance in Notice 2018-13. Read More
If you’ve paid attention to the news lately, you’ve no doubt heard the term “negative gearing”. It has become somewhat of a political football – with the Liberal and National parties supporting current arrangements, while Labour intends to change it. But what exactly is negative gearing and how do the rules apply to Australian expatriates?
Negative Gearing 101 Read More
Adding a profit-sharing component to your 401(k) plan can increase your contributions while also motivating employees. All of the previously-discussed rules apply: you can’t have a top-heavy plan, you can’t discriminate in favor of certain employees, etc…
Here’s a general description of what’s involved from the code:
A profit-sharing plan is a plan established and maintained by an employer to provide for the participation in his profits by his employees or their beneficiaries. Read More
Jan. 29th marked the start of the 2018 tax filing season, as the IRS began accepting and processing an estimated 155 million individual tax returns for Tax Year 2017. Taxpayers have between now and April 17, 2018 to file their individual tax returns with the IRS, either online or through the mail, or obtain a filing extension until Oct. 15th. Filing season can be stressful for taxpayers in the best of times, as many have questions about how to properly report their earnings, claim deductions, and comply with their tax obligations. Read More
WASHINGTON — National Taxpayer Advocate Nina E. Olson today released her 2017 Annual Report to Congress, describing challenges the IRS will face as it implements the recently enacted tax reform legislation and unveiling a new publication, “The Purple Book,” that presents 50 legislative recommendations intended to strengthen taxpayer rights and improve tax administration.
The report also examines a wide range of other tax administration issues, including the IRS’s administration of the private debt collection program, the agency’s increasing emphasis on online taxpayer accounts, and its implementation of a recent law that would deny or revoke the passports of taxpayers with significant tax debts. Read More
Current Articles
Tax Policy Has A Powerful Impact On The EconomyWhile everyone is talking about the Heritage Foundations Project 2025, it is valuable to read the section on Tax Policy in Section 4, The Economy about the Department of Treasury which starts here: […]
Join Us Thursday July 18th For A CPE Webinar On § 174 UpdatesJoin us Thursday July 18th at 10 AM CST for a CPE Webinar on § 174 Updates. Participants will gain an understanding of the current landscape, legislative updates, and best practices for advising […]
Common Challenges When Claiming R&D Tax CreditsThe R&D tax credit is a governmental incentive designed to encourage research and development activities in the US. This credit offers a dollar-for-dollar reduction on federal taxes for […]
Foreign Housing Deduction: A Guide For Self-Employed US ExpatsLiving abroad as a self-employed U.S. expat comes with unique financial benefits, one of which is the Foreign Housing Deduction. This deduction can significantly lower your taxable income by allowing […]
Helping Some Taxpayers But With Much Complexity – SECURE Act 2.0 Sec. 115 Emergency WithdrawalsSECURE Act 2,0 with over 60 provisions mostly all related to retirement plans, was enacted December 29, 2022 as part of the Consolidated Appropriations Act, 2023 (P.L. 117-238). I maintain a table of […]
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