February 12, 2016
Wayne Naegele
Blog Posts
0 CommentsFAQ: Can the IRS impose penalties if a return is not filed/tax not paid? Yes, the IRS can impose penalties if a tax return is not timely filed or if a tax liability is not timely paid. As with all IRS penalties, the rules are complex. However, a taxpayer may avoid a penalty if he […]
Read moreJanuary 13, 2016Wayne NaegeleBlog Posts0 CommentsFAQ – What are the 2016 optional standard mileage rates for automobile use? The IRS has issued the 2016 optional standard mileage rates for calculating the deductible costs of operating an automobile for business, charitable, medical, and moving purposes (Notice 2016-1; IR-2015-137). The decline in gas prices appeared to spur the drop in the optional […]
Read moreJanuary 13, 2016Wayne NaegeleBlog Posts0 CommentsPATH Act provides planning opportunities with permanent extensions of many tax incentives After years of routine temporary extensions, Congress has made permanent a number of previously temporary tax breaks for individuals and businesses as well as extending others. The Protecting Americans from Tax Hikes Act of 2015 (PATH Act), signed into law by President Obama […]
Read moreDecember 08, 2015Wayne NaegeleBlog Posts0 CommentsFAQ … Can an S corporation own an interest in another business entity? An S corporation can own an interest in another business entity. It can also be a partner in a partnership or a member of a limited liability company (LLC). An S corporation can own 80 percent or more of the stock of […]
Read moreNovember 15, 2015Wayne NaegeleBlog Posts0 CommentsIRS promises more identity theft protections in 2016 filing season After acknowledging earlier this year that hackers breached one of its popular online apps, the IRS has promised more identity theft protections in the 2016 filing season. The IRS, along with partners in the tax preparation community, has identified and tested more than 20 new […]
Read moreOctober 12, 2015Wayne NaegeleBlog Posts0 CommentsTax whistleblowers continue to find a friend in Tax Court In two recent cases, whistleblowers have had success before the Tax Court. In one case, Tax Court granted motions to compel production of documents filed by three whistleblowers—individuals who informed the government about a tax evasion scheme-whose reward claims the IRS had denied. In another […]
Read moreOctober 12, 2015Wayne NaegeleBlog Posts0 CommentsHow do I? Deduct foreign business travel with sightseeing included Foreign travel expenses may be subject to allocation if the taxpayer engages in personal activities while traveling on business. A portion of the foreign travel expenses may be nondeductible if the individual engages in substantial nonbusiness activity. The allocation rules apply where the individual engages […]
Read moreOctober 12, 2015Wayne NaegeleBlog Posts0 CommentsCongress returns and takes up some tax bills After a five week recess, lawmakers returned to work in September and took up several tax bills. While some tax bills moved out of committee, their ultimate passage by both the House and Senate before year-end is unclear. Congress has only a finite number of days in […]
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