Fed 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 MoreIllinois Budget Update – July 6th, 2017
Posted July 10, 2017 / No comments
On July 6, 2017, the Illinois General Assembly passed Public Act 100-0022, overriding the Governor’s veto. This bill is more commonly known as the Illinois Budget. In this Act, there are numerous tax changes that will affect all Illinois residents, many retroactive to July 1, 2017. If you are concerned about how these tax changes
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 MoreFederal Tax News Post for June 27th
Posted June 27, 2017 / No comments
Rentals not treated as passive investment income for S corporation purposes. In some cases, having too much passive income, which may include rent, can cause an S corp to lose its S status. But rents included in the definition of passive investment income for S corp purposes exclude those derived in the active trade or
Read MoreTimothy A. King, CPA, MAS Promoted to Principal
Posted June 21, 2017 / No comments
Tighe, Kress & Orr, P.C. Promotes Timothy A. King, CPA, MAS to Principal ELGIN, IL (Wednesday, June 21, 2017) – Tighe, Kress & Orr, P.C., a certified public accounting firm, is proud to announce the promotion of Timothy A. King from Senior Tax Manager to Principal within the firm. Tim helps manage the tax department
Read MoreNew Offices Announcement
Posted August 5, 2016 / No comments
Tighe, Kress & Orr, P.C. Announces New Offices in St. Charles, Illinois and Chicago, Illinois ELGIN, IL (Wednesday, August 3, 2016) – Tighe, Kress & Orr, P.C., a full-service certified public accounting firm, is pleased to announce the opening of two new office locations. The new offices are located at 202 W. Main Street, 1st
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