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Archive for June 9th, 2016

sgrgas

FAQ: Who is eligible for the small business stock exclusion?

FAQ: Who is eligible for the small business stock exclusion? Included among the many important individual and business incentives extended and enhanced by the massive tax bill passed in late December is a 100-percent exclusion of gain from the sale of qualified small business stock. Under the Tax Relief, Unemployment Reauthorization and Job Creation Act […]

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apresti

June 2016 tax compliance calendar

June 2016 tax compliance calendar June 2 Employers. Semi-weekly depositors must deposit employment taxes for May 25–27. June 3 Employers. Semi-weekly depositors must deposit employment taxes for May 28–31.  June 8 Employers. Semi-weekly depositors must deposit employment taxes for Jun 1–3.  June 10 Employers. Semi-weekly depositors must deposit employment taxes for Jun 4–7. Employees who […]

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apresti

FAQ: Is the cost of a weight loss program for obesity tax deductible?

FAQ: Is the cost of a weight loss program for obesity tax deductible? Yes …but only if it is a medical necessity. The IRS has ruled that uncompensated amounts paid to participate in a weight-loss program as treatment for a specific disease or diseases (including obesity) diagnosed by a physician are deductible expenses for medical […]

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apresti

How do I…calculate the EITC for members of the U.S. military?

How do I…calculate the EITC for members of the U.S. military? To claim the EITC, a taxpayer must satisfy two tests with respect to earned income. First, the taxpayer must have some earned income. Additionally, the taxpayer’s earned income must fall within certain ranges as the credit is subject to income phaseout. As the taxpayer’s […]

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apresti

IRS gearing up for revived private tax collection

IRS gearing up for revived private tax collection The IRS is gearing up to outsource some taxpayer collection accounts to private collection agencies. Legislation passed in 2015 directed the IRS to resume working with private collection agencies. The revived program is expected to operate in a similar manner to past ones, with emphasis on taxpayer […]

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apresti

IRS prepares to launch voluntary certification program for PEOs

IRS prepares to launch voluntary certification program for PEOs The IRS is set to launch its new voluntary certification program for professional employer organizations (PEOs), also known as employee leasing organizations, on July 1, 2016. A recently-released guidance package describes how PEOs can obtain certification to become “certified PEOs” (CPEOs). PEOs An employer may contract […]

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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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