August 12, 2015
Steve Grgas
Blog Posts
0 CommentsHow do I? Compute withholding using the part-year employment method Employers generally withhold from wages by way of the wage-bracket or percentage method (Code Sec. 3402(b) and Code Sec. 3402(c)). However, an employee may request that the amount of tax withheld by the employer from the employee’s wages be computed on the basis of the […]
Read moreAugust 12, 2015Steve GrgasBlog Posts0 CommentsLawmakers hear from small businesses about tax complexity, compliance Small business tax reform was the topic of two Congressional hearings in July. House and Senate lawmakers heard from small business owners and leaders in the tax and accounting area about concerns over tax complexity, compliance, and penalties. After the hearings, the chair of the Senate […]
Read moreAugust 12, 2015Steve GrgasBlog Posts0 CommentsPreliminary filing season stats show successes and challenges for IRS Preliminary information from the 2015 filing season shows a mixed bag of success and failures for the IRS. The IRS successfully processed returns and issued refunds, taking into account new requirements under the Affordable Care Act. At the same time, taxpayers experienced significant difficulties in […]
Read moreJune 15, 2015Steve GrgasUncategorized0 CommentsHow the IRS resolves an identity theft case The IRS has responded to criticism from the Treasury Inspector General for Tax Administration and the National Taxpayer Advocate, among others, that resolution of identity theft accounts takes too long by increasing its measures to flag suspicious tax returns, prevent issuance of fraudulent tax refunds, and to […]
Read moreMarch 13, 2015Steve GrgasUncategorized0 CommentsForm 1095-A, Health Insurance Marketplace Statement, is a new information return. The IRS requires the Health Insurance Marketplace to report certain information about every individual who receives health insurance coverage through the Marketplace to the agency and also to the enrollee. Form 1095-A reports information about the individual(s) covered by Marketplace coverage, the starting and […]
Read moreFebruary 12, 2015Steve GrgasUncategorized0 CommentsThe 2015 filing season is now underway and the IRS, taxpayers and tax professionals are expecting some challenges. In addition to the huge number of returns the IRS must process, the agency also must ensure that individuals are in compliance with new requirements under the Affordable Care Act and prevent the growing problem of refund […]
Read moreJanuary 13, 2015Steve GrgasUncategorized0 CommentsEleventh-hour votes in Congress in December renewed a package of tax extenders for 2014, created new savings accounts for individuals with disabilities, cut the IRS’ budget, and more. At the same time, the votes helped to set the stage for the 114th Congress that convenes this month. Republicans have majorities in the House and Senate […]
Read moreDecember 22, 2014Steve GrgasBlog Posts, Uncategorized0 CommentsWhen accelerating or deferring income or expenses at year end as part of an overall tax strategy, certain timing rules become critical. So does the ability to prove to the IRS when certain actions take place. The following timing rules, among others, should be considered especially important as year-end approaches: Actual payment rule. Cash-basis taxpayers […]
Read moreOctober 27, 2014Steve GrgasBlog Posts, Uncategorized0 CommentsBefore the fast-approaching new year, it’s important to take some time and reflect on year-end tax planning. The weeks pass quickly and the arrival of January 1, 2015 will close the doors to some tax planning strategies and opportunities. Fortunately, there is still time for a careful review of your year-end tax planning strategy. Traditional […]
Read moreSeptember 26, 2014Steve GrgasBlog Posts, Uncategorized0 CommentsThe net investment income (NII) tax under Code Sec. 1411 is imposed on income from investments, certain sales of property, and income from passive activities. NII includes net gains from the sale of property, unless the property is held in a non-passive trade or business. If the property sold is a non-passive interest in a […]
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