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Archive for July 19th, 2016

srusso

FAQ: How does the suspension of the ACA medical device excise tax impact compliance?

FAQ: How does the suspension of the ACA medical device excise tax impact compliance? The Affordable Care Act (ACA) imposed an excise tax on the sale of certain medical devices by the manufacturer or importer of the device. The tax is 2.3 percent. Under the ACA, the excise tax was effective for the sale of […]

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srusso

Recent tax changes reflected in new IRS statistics

Recent tax changes reflected in new IRS statistics The IRS recently released its Spring 2016 Statistics of Income (SOI) Bulletin containing a treasure-trove of useful information. The bulletin contains data gleaned from more than 148 million individual income tax returns filed for the 2014 tax year (TY). The data for 2014 reveal a corresponding increase […]

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srusso

IRS offers guidance on taxation of phased retirement payments

IRS offers guidance on taxation of phased retirement payments Phased retirement has become an increasingly popular trend lately. Along with its increased use, however, a number of questions have arisen. The IRS recently has issued guidance for determining the taxable portion of payments made to an employee during phased retirement. The guidance explains whether the […]

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sgrgas

FAQ: Are contributions to foreign charities tax-deductible?

FAQ: Are contributions to foreign charities tax-deductible? Social media has helped to make our world smaller and when natural disasters and tragedies occur we want to help with contributions of money and/or other types of aid. At home, countless charitable organizations are providing all types of help and generally, your contributions to U.S. charities are […]

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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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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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wnaegele

Tax legislation moves forward before Congress’ August recess

Tax legislation moves forward before Congress’ August recess As Congress’ August recess nears, lawmakers are moving tax legislation for individuals and businesses. Bills targeted to tax reform, small business tax relief, and more have been introduced and are working their way to votes in the House and Senate. Congress is also grappling with the IRS’s […]

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