Tax News Post for August 23 2017
Posted August 23, 2017 / No comments
A “qualified small business” with eligible research expenses can choose to apply up to $250,000 of its research credit against its payroll tax liability. New IRS guidance discusses: (1) how the payroll tax credit for increasing research activities should be reported on Form 941, Schedule B, and (2) when the credit should be reported on
Read MoreFed Tax News Post for August 15 2017
Posted August 15, 2017 / No comments
Although the House and Senate are on recess, White House and congressional tax staffers are meeting to work on tax reform. Two top goals are cutting and simplifying individual taxes. President Trump wants to cut the top individual rate from 39.6% to 35%. House GOP leaders have proposed cutting it to 33%. Trump also wants
Read MoreFed Tax News Post for August 14 2017
Posted August 14, 2017 / No comments
Although the House and Senate are on recess, White House and congressional tax staffers are meeting to work on tax reform. Two top goals are cutting and simplifying individual taxes. President Trump wants to cut the top individual rate from 39.6% to 35%. House GOP leaders have proposed cutting it to 33%. Trump also wants
Read MoreFederal Tax News Post for August 4th
Posted August 8, 2017 / No comments
Electronic payment will soon be required for certain IRS transactions. As announced by the IRS in June, after Aug. 15, 2017, the Pay.gov electronic payment website will become the only permissible payment method for fees that taxpayers must pay when they request letter rulings, closing agreements and certain other rulings from the IRS. Pay.gov, a
Read MoreFEDERAL TAX NEWS POSTS FOR JULY 28
Posted August 2, 2017 / No comments
“Skinny” repeal bill dies in the U.S. Senate. At about 1:30 a.m. Friday, a bill that would repeal parts of the Affordable Care Act but retain others failed to capture enough votes in the Senate. Three Republicans, Sens. Susan Collins (ME), John McCain (AZ) and Lisa Murkowski (AK), voted against the bill, which would have
Read MoreNew Federal Tax News for July 19th
Posted July 19, 2017 / No comments
Pro hockey team’s away game team meals were a de minimis fringe. The U.S. Tax Court has held that the Boston Bruins hockey team’s provision of pregame meals to Bruins’ players and personnel at away city hotels qualifies as a de minimis fringe under the tax code, so the cost of such meals isn’t subject
Read MoreIRS warns of new impersonation scam
Posted June 27, 2017 / No comments
The IRS has issued a warning concerning a scam linked to the Electronic Federal Tax Payment System (EFTPS). The scam involves fraudsters calling potential victims and demanding an immediate payment through a prepaid debit card. The scammers impersonate IRS employees and tell the victims about certified letters that purportedly were mailed to the taxpayer but
Read MoreNEW myRA
Posted January 27, 2015 / No comments
NEW myRA There are millions of workers in America who either don’t have access to an employer-sponsored retirement plan or lack options to save for retirement. In some cases, they don’t have enough money saved to meet a minimum for opening an investment account. The United States Treasury developed myRA to address some of these
Read MoreThe Affordable Care Act
Posted January 10, 2015 / No comments
The Affordable Care Act – How does it impact my 2014 tax return? Beginning in 2014 individuals and their dependents are required to have health insurance as a result of the Patient Protection and Affordable Care Act. If you (and your entire family, if applicable) had health insurance the entire year there will be little
Read MoreThe Tax Increase Prevention Act of 2014
Posted December 10, 2014 / No comments
The Tax Increase Prevention Act of 2014 will extend for one year tax provisions will expire on December 31, 2014 The House passed late Wednesday by 378-46 vote H.R. 5771, the Tax Increase Prevention Act of 2014, which could extend a massive package of expired tax breaks through the end of the year. The bill would
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