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Author Archive for Steve Grgas

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Congress passes targeted tax bills, stop-gap spending measure

Congress passes targeted tax bills, stop-gap spending measure As lawmakers prepared to recess for November elections, they also passed several tax-related bills in September. The bills addressed IRS operations, deductions, and more. At the same time, House and Senate negotiators reached an agreement to avoid a federal government shutdown, including the IRS, after the end […]

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sgrgas

FAQ: What is the 80/50 rule for van pooling?

FAQ: What is the 80/50 rule for van pooling? Federal tax law allows taxpayers to exclude from income “qualified transportation fringe benefits.” Included in this category of benefits are van pools There are three types of van pools for federal tax purposes: Employer-operated van pool. In an employer-operated van pool, the employer either purchases or […]

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sgrgas

How do I….subordinate a federal tax lien?

How do I….subordinate a federal tax lien? A federal tax lien on real or personal property may be terminated or altered in the following ways: The IRS must release a tax lien if the IRS determines that the tax liability has been paid or is legally unenforceable. The IRS has discretion to discharge specific property […]

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October 2016 tax compliance calendar

October 2016 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 2016.  October 5 Employers. Semi-weekly depositors must deposit employment […]

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sgrgas

FAQ: What are the new IRS procedures for Individual Tax Identification Numbers?

FAQ: What are the new IRS procedures for Individual Tax Identification Numbers? The IRS announced in August new procedures for renewing an unused or expired Individual Tax Identification Number (ITIN). The new procedures are scheduled to take effect later this year and will impact 2016 federal individual income tax returns filed in 2017. PATH Act […]

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sgrgas

September 2016 tax compliance calendar

September 2016 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 September 2016. September 2 Employers. Semi-weekly depositors must deposit employment […]

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sgrgas

Congress takes up tax bills before breaking for extended recess

Congress returns from extended summer recess to busy tax agenda Every four years, Congress returns to work after a summer recess and is overshadowed by the looming presidential election. This year is no exception with taxpayers and lawmakers focused on Election Day, November 8. In the meantime, however, lawmakers have almost two months to take […]

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sgrgas

FAQ: What is a CPEO?

FAQ: What is a CPEO? A professional employer organization (PEO) is an organization that enters into an agreement with a client to perform, among other tasks, the federal employment tax withholding, reporting, and payment functions related to workers performing services for the client. Effective for wages for services performed on or after January 1, 2016, […]

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sgrgas

How do I? Substantiate meal expenses using the per-diem rate method?

How do I? Substantiate meal expenses using the per-diem rate method? An employee or self-employed individual is allowed a deduction for the costs of meals and incidental expenses while traveling away from home for business purposes. The deduction of these costs usually requires the substantiation of the costs. However, there is an optional method provided […]

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