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Author Archive for Salvatore Russo

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How do I: Get an extension of time to change a method of accounting?

How do I: Get an extension of time to change a method of accounting? A taxpayer changing its method of accounting must either request advance IRS consent or apply for automatic IRS consent on Form 3115, Application for Change in Accounting Method, to make the change. Automatic consent is more favorable because the taxpayer can […]

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srusso

July 2016 tax compliance calendar

July 2016 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 2016. July 1 Employers. Semi-weekly depositors must deposit employment […]

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srusso

Taxpayer protections, IRS oversight bills advance in Congress

Taxpayer protections, IRS oversight bills advance in Congress Responding to growing concerns over the scope of tax-related identity theft, the House has approved legislation to give victims more information about the crime. The House also took up a bill expanding disclosure of taxpayer information in cases involving missing children and the Ways and Means Committee […]

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Don’t overlook new-for-2016 enhancements to certain tax incentives

Don’t overlook new-for-2016 enhancements to certain tax incentives Passage of the “Tax Extenders” undeniably provided one of the major headlines – and tax benefits – to come out of the Protecting Americans from Tax Hikes Act of 2015 (PATH Act), signed into law on December 18, 2015. Although these tax extenders (over 50 of them […]

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March 2016 tax compliance calendar

March 2016 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 tax reporting and filing data for individuals, businesses and other taxpayers for the month of March 2016. March 2 Employers. Semi-weekly depositors must deposit employment taxes […]

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srusso

FAQ: What is the self-rental rule?

FAQ: What is the self-rental rule? Under Code Sec. 469, passive losses can only be used to offset passive income. Taxpayers who have losses from a passive activity cannot use losses from a passive activity to offset nonpassive income, such as wages. A passive activity generally is an activity in which a taxpayer does not […]

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Small business incentives, reforms to ACA taxes, and other proposals in Obama’s FY 2017 budget could gain traction in 2016

Small business incentives, reforms to ACA taxes, and other proposals in Obama’s FY 2017 budget could gain traction in 2016 Tweaks to enhanced Code Sec. 179 expensing and the high-dollar health care excise tax are two proposals in President Obama’s fiscal year (FY) 2017 budget that could become law before the end of his term. […]

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srusso

Tax law changes effective January 1, 2016 require some revised planning

Tax law changes effective January 1, 2016 require some revised planning The Protecting Americans from Tax Hikes Act of 2015 (PATH Act) made permanent many popular but previously temporary tax breaks for individuals and businesses. The PATH Act also enhanced many incentives. These enhancements should not be overlooked in tax planning both for 2016 and […]

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srusso

Transit benefits parity made retroactive and permanent

Transit benefits parity made retroactive and permanent The Protecting Americans from Tax Hikes Act of 2015 (PATH Act) extended and enhanced many popular tax breaks for individuals and businesses. Included in the large number of extended incentives is transit benefits parity. Moreover, Congress made transit benefits parity permanent. Many individuals may benefit from this tax […]

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