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Author Archive for Salvatore Russo

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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srusso

What’s next for IRS/Treasury regulations in response to Executive Orders?

What’s next for IRS/Treasury regulations in response to Executive Orders? With the release of regulations on centralized partnership audits, many taxpayers hope that it will signal the re-start of a regular flow of much-needed guidance from the Treasury Department and the IRS that has been virtually stopped dead in its tracks since January 20. Others […]

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srusso

FAQ: Has the IRS’s treatment of virtual currency changed?

FAQ: Has the IRS’s treatment of virtual currency changed? No. The IRS continues to treat virtual currency as property for U.S. federal tax purposes. However, last year, a government watchdog, and this year, a group of lawmakers, urged the IRS to clarify its virtual currency guidance. The IRS has described virtual currency as a “digital […]

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srusso

How do I…work-around the IRS Data Retrieval Tool (DRT) being offline?

How do I…work-around the IRS Data Retrieval Tool (DRT) being offline? Every year, millions of post-secondary students access the IRS Data Retrieval Tool (DRT) to complete the Free Application for Federal Student Aid (FAFSA). This year, the DRT is unavailable for FAFSA filers because of cybersecurity concerns. The information needed to complete the FAFSA can […]

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srusso

July 2017 tax compliance calendar

July 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 July 2017. July 6 Employers. Semi-weekly depositors must deposit employment taxes […]

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