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Author Archive for Steve Grgas

sgrgas

Centralized partnership audit rules finally released; impacts all partnerships

Centralized partnership audit rules finally released; impacts all partnerships The much-anticipated regulations (REG-136118-15) implementing the new centralized partnership audit regime under the Bipartisan Budget Act of 2015 (BBA) have finally been released. The BBA regime replaces the current TEFRA (Tax Equity and Fiscal Responsibility Act of 1982) procedures beginning for 2018 tax year audits, with an earlier […]

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sgrgas

Treasury to review/re-evaluate tax regulations

Treasury to review/re-evaluate tax regulations The Treasury Department is to undertake a review and re-evaluation of tax regulations issued by the IRS since January 1, 2016. President Trump signed an Executive Order 13789 (“Identifying and Reducing Tax Regulatory Burdens”) ordering this action on April 21. Following its review and re-evaluation, the Treasury Department will make […]

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sgrgas

Filing season ends with no red flags

Filing season ends with no red flags The IRS processed more than 128 million returns and issued some 97 million refunds without hitting any major roadblocks by the end of the filing season. As in past years, the vast majority of returns were filed electronically. Likewise, most refunds were deposited electronically. Although the filing season […]

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sgrgas

How Do I? Differentiate tips from service charges for tax purposes

How Do I? Differentiate tips from service charges for tax purposes Although the employee may end up with the same amount whether something is designated a tip or a service charge, the IRS reporting requirements for the employer do differ. Basically, any amount required to be paid by a customer rather than at the customer’s […]

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sgrgas

May 2017 tax compliance calendar

May 2017 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 May 2017. May 1 Employers. File Form 941 for the […]

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sgrgas

How do I? Maximize start-up deductions for a new business

How do I? Maximize start-up deductions for a new business Starting a new business venture can prove exciting, but rather costly. There are certain tax advantages that can help alleviate some of the financial burden associated with entrepreneurship. A taxpayer may start a business by forming an entirely new business or acquiring an existing business. […]

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sgrgas

White House, Capitol Hill talk tax reform in 2017

White House, Capitol Hill talk tax reform in 2017 The change in administrations in Washington has generated a new focus on tax reform. The White House and lawmakers from both parties have discussed tax cuts, infrastructure spending, and more to encourage economic growth. However, the details of their plans have yet to be revealed. Tax […]

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sgrgas

How Do I? Establish a profit motive for business activities

How Do I? Establish a profit motive for business activities The IRS has rules that limit the deductibility of expenses and losses from a hobby or activity not engaged in for profit. If the IRS determines that an activity is not profit-driven, deductions from the activity are limited to the amount of income the activity […]

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sgrgas

FAQ: What is transferee tax liability?

FAQ: What is transferee tax liability? The prudent businessperson is always cautious when he or she is offered a great bargain on real estate, equipment, a business interest, or some other property that just might be too good to be true. Even in connection with ordinary business transactions but especially when considering taking over a […]

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