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Archive for October 25th, 2016

wnaegele

How Do I? Make an in-plan Roth IRA rollover?

How Do I? Make an in-plan Roth IRA rollover? In-plan Roth IRA rollovers are a relatively new creation, and as a result many individuals are not aware of the rules. The Small Business Jobs Act of 2010 made it possible for participants in 401(k) plans and 403(b) plans to roll over eligible distributions made after […]

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sgrgas

Business identity theft, tax consequences and best practices

Business identity theft, tax consequences and best practices Facilitated by the speed, ubiquity, and anonymity of the Internet, criminals are able to easily steal valuable information such as Social Security numbers and use it for a variety of nefarious purposes, including filing false tax returns to generate refunds from the IRS. The victims are often […]

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sgrgas

Congress passes targeted tax bills, stop-gap spending measure

Congress passes targeted tax bills, stop-gap spending measure As lawmakers prepared to recess for November elections, they also passed several tax-related bills in September. The bills addressed IRS operations, deductions, and more. At the same time, House and Senate negotiators reached an agreement to avoid a federal government shutdown, including the IRS, after the end […]

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srusso

A first look at 2017 inflation-adjusted tax amounts now available

A first look at 2017 inflation-adjusted tax amounts now available An early glimpse at the income tax picture for 2017 is now available. The new information includes estimated ranges for each 2017 tax bracket as well as projections for a growing number of inflation-sensitive tax figures, such as the tax rate brackets, personal exemption and […]

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apresti

Year-end tax planning is right around the corner

Year-end tax planning is right around the corner It’s not too early to get ready for year-end tax planning. In fact, many strategies take time to set up in order to gain maximum benefit. Here are some preliminary considerations that may help you to prepare. Gather your data. One major reason for planning towards year’s […]

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sgrgas

FAQ: What is the 80/50 rule for van pooling?

FAQ: What is the 80/50 rule for van pooling? Federal tax law allows taxpayers to exclude from income “qualified transportation fringe benefits.” Included in this category of benefits are van pools There are three types of van pools for federal tax purposes: Employer-operated van pool. In an employer-operated van pool, the employer either purchases or […]

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sgrgas

How do I….subordinate a federal tax lien?

How do I….subordinate a federal tax lien? A federal tax lien on real or personal property may be terminated or altered in the following ways: The IRS must release a tax lien if the IRS determines that the tax liability has been paid or is legally unenforceable. The IRS has discretion to discharge specific property […]

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sgrgas

October 2016 tax compliance calendar

October 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 October 2016.  October 5 Employers. Semi-weekly depositors must deposit employment […]

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