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Salvatore Russo

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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Salvatore Russo

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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Salvatore Russo

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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Salvatore Russo

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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September Newsletter

Andy Presti discusses, “Disaster Relief, tax reform on Congress’ September Agenda”. Steve Grgas discusses, “Don’t overlook child- related deductions”.

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Andrew Presti

Disaster relief, tax reform on Congress’ September agenda

Disaster relief, tax reform on Congress’ September agenda As lawmakers return to work after their August recess, Hurricane Harvey has increased expectations on Congress to quickly pass disaster-relief tax breaks. September is also expected to bring Congressional hearings on tax reform and possibly the unveiling of tax reform legislation. At the same time, lawmakers must […]

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Steve Grgas

Don’t overlook child-related deductions and credits

Don’t overlook child-related deductions and credits Parents incur a variety of expenses associated with children. As a general rule, personal expenditures are not deductible. However, there are several deductions and credits that help defray some of the costs associated with raising children, including some costs related to education. Some of the most common deductions and […]

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Brian Whelan

Courts Loosen Up On Conservation Easement Rules

Courts Loosen Up On Conservation Easement Rules Two recent court cases indicate that, although use of a conservation easement to gain a charitable deduction must continue to be arranged with care, some flexibility in determining ultimate deductibility may be beginning to be easier to come by. The IRS had been winning a string of cases […]

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Brian Whelan

How do I? Distinguish partnerships from other arrangements

How do I? Distinguish partnerships from other arrangements A partnership is created when persons join together with the intent to conduct unincorporated venture and share profits. Intent is determined from facts and circumstances, including the division of profits and losses, the ownership of capital, the conduct of parties, and whether a written agreement exists. Despite […]

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Brian Whelan

FAQ: What is “assignment of income” under the tax law?

FAQ: What is “assignment of income” under the tax law? Gross income is taxed to the individual who earns it or to owner of property that generates the income. Under the so-called “assignment of income doctrine,” a taxpayer may not avoid tax by assigning the right to income to another. Specifically, the assignment of income […]

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