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August Newsletter

Brian Whelan discusses, “IRS continues campaign against worker misclassification”. Wayne Naegele discusses, “Rules for managing tax basis on stock sales worth a look”.

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Steve Grgas

Tax reform discussions continue in Congress on variety of approaches

Tax 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 […]

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Brian Whelan

IRS continues campaign against worker misclassification

IRS continues campaign against worker misclassification The IRS remains focused on an issue that doesn’t seem to be going away: the misclassification of workers as independent contractors rather than employees. Recently, the IRS issued still another fact sheet “reminding” employers about the importance of correctly classifying workers for purposes of federal employment taxes (FS-2017-9). Generally, […]

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Wayne Naegele

Rules for managing tax basis on stock sales worth a look

Rules for managing tax basis on stock sales worth a look A recent Tax Court decision and pending tax reform proposals have intersected in highlighting how stock sales can be timed for maximum tax advantage. The taxpayer in the recent case (Turan, TC Memo. 2017-141) failed to convince the Tax Court that he timely made […]

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Steve Grgas

FAQ: What is Country-by-Country reporting?

FAQ: 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 […]

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Steve Grgas

How Do I? Deduct student loan interest

How 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 […]

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Steve Grgas

August 2017 tax compliance calendar

August 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 […]

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July Newsletter

Steve Grgas discusses, “Centralized partnership audit rules finally released; impacts all partnerships”. Andy Presti discusses, “Lawmakers continue tax reform debate and discussions”.

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Andrew Presti

Lawmakers continue tax reform debate and discussions

Lawmakers continue tax reform debate and discussions Lawmakers from both parties spent much of June debating and discussing tax reform, but without giving many details of what a comprehensive tax reform package could look like before year-end. At the same time, several bipartisan tax bills have been introduced in Congress, which could see their way […]

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Steve Grgas

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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