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Author Archive for Salvatore Russo

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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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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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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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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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White House calls for significant tax cuts and other tax reforms

White House calls for significant tax cuts and other tax reforms President Trump on April 26th, just before his “100 days” in office, unveiled his highly-anticipated tax reform outline –the “2017 Tax Reform for Economic Growth and American Jobs.” The outline calls for dramatic tax cuts and simplification: lower individual tax rates under a three-bracket […]

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Lessons-learned TIGTA report points to changes in 2017 filing season

Lessons-learned TIGTA report points to changes in 2017 filing season The Treasury Inspector General for Tax Administration (TIGTA), in its recently released final report for the 2016 filing season, highlighted the IRS’s response to what was good and what was bad about its performance. It signals what the IRS is doing during the 2017 filing […]

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FAQ: Are some tax return deadlines changing in 2017?

FAQ: Are some tax return deadlines changing in 2017? The Surface Transportation Act of 2015: Tax Provisions (enacted on Jul. 31, 2015) provided for major changes in certain tax return deadlines. To allow for a transition period for taxpayers adjust to the new due dates, the new filing deadlines carried a delayed effective date: for […]

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Major tax changes expected under Trump Administration

Major tax changes expected under Trump Administration One month after the presidential election, taxpayers are learning more about President-elect Donald Trump’s tax proposals for his administration. Although exact details, including legislative language, are likely months away, taxpayers have a snapshot of the president-elect’s tax proposals for individuals and businesses. Note. At the time this article […]

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