August 09, 2017
Steve Grgas
Blog Posts
0 CommentsTax reform discussions continue in Congress on variety of approaches House and Senate lawmakers have started their August recess, leaving pending tax legislation for after Labor Day. In past years, September has been a busy month for tax legislation and this year is likely to be the same. Before leaving Capitol Hill, lawmakers took actions […]
Read moreAugust 09, 2017Steve GrgasBlog Posts0 CommentsFAQ: What is Country-by-Country reporting? Country-by-Country (CbC) reporting is part of a larger initiative by the Organisation for Economic Cooperation and Development (OECD) known as the Base Erosion and Profit Shifting (BEPS) project. CbC reporting generally impacts large multi-national businesses. Because CbC is part of BEPS it is important to be familiar with the core […]
Read moreAugust 09, 2017Steve GrgasBlog Posts0 CommentsHow Do I? Deduct student loan interest An eligible taxpayer can deduct qualified interest on a qualified student loan for an eligible student’s qualified educational expenses at an eligible institution. The amount of the deduction is limited, and it is phased out for taxpayers whose modified adjusted gross income (AGI) exceeds certain thresholds. The maximum […]
Read moreAugust 09, 2017Steve GrgasBlog Posts0 CommentsAugust 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 tax reporting and filing data for individuals, businesses and other taxpayers for the month of August 2017. August 2 Employers. Semi-weekly depositors must deposit employment taxes for […]
Read moreJuly 12, 2017Steve GrgasBlog Posts0 CommentsCentralized 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 […]
Read moreMay 11, 2017Steve GrgasBlog Posts0 CommentsTreasury 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 […]
Read moreMay 11, 2017Steve GrgasBlog Posts0 CommentsFiling 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 […]
Read moreMay 11, 2017Steve GrgasBlog Posts0 CommentsHow 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 […]
Read moreMay 11, 2017Steve GrgasBlog Posts0 CommentsMay 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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