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Archive for October 12th, 2017

wnaegele

Congressional tax writers set to take up reform proposals

Congressional tax writers set to take up reform proposals Tax writers in Congress are set to begin debating and writing tax reform legislation. On September 27, the White House and GOP leaders in Congress released a framework for tax reform. The framework sets out broad principles for tax reform, leaving the details to the two […]

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bwhelan

Disaster tax relief unveiled in Congress

Disaster tax relief unveiled in Congress As millions of Americans recover from Hurricanes Harvey, Irma and Maria, Congress is debating disaster tax relief. The relief would enhance the casualty loss rules, relax some retirement savings rules, and make other temporary changes to the tax laws, all intended to help victims of these recent disasters. At […]

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srusso

IRS exam staffing falls; audit coverage declines

IRS exam staffing falls; audit coverage declines IRS Exam staffing in fiscal year (FY) 2016, the latest tax year with statistics available, reached a 20-year low. As a result, the Treasury Inspector General for Tax Administration (TIGTA) has reported that the IRS undertook fewer audits. Staffing “Examination is a vitally important aspect of maintaining a […]

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srusso

How Do I? Get a payroll credit for increasing research expenses

How Do I? Get a payroll credit for increasing research expenses IRS Chief Counsel, in generic legal advice (AM-2017-003), recently described when a qualified employer may take into account the payroll tax credit for increasing research activities. The Protecting Americans from Tax Hikes Act of 2015(PATH Act) created the payroll credit aimed at start-ups with little […]

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srusso

FAQ: Can I claim the adoption credit for a foreign adoption?

FAQ: Can I claim the adoption credit for a foreign adoption? Yes, however, there are special timing rules for foreign adoptions. These rules differ from the timing rules for domestic adoptions and impact when you may claim qualified adoption expenses. The Tax Code provides a nonrefundable credit for qualified adoption expenses. The credit is subject […]

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srusso

October 2017 tax compliance calendar

October 2017 tax compliance calendar As an individual or business, it is your responsibility to be aware of and to meet your tax filing/reporting deadlines. This calendar summarizes important federal tax reporting and filing data for individuals, businesses and other taxpayers for the month of October 2017. October 4 Employers. Semi-weekly depositors must deposit employment taxes […]

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