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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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Salvatore Russo

What’s next for IRS/Treasury regulations in response to Executive Orders?

What’s next for IRS/Treasury regulations in response to Executive Orders? With the release of regulations on centralized partnership audits, many taxpayers hope that it will signal the re-start of a regular flow of much-needed guidance from the Treasury Department and the IRS that has been virtually stopped dead in its tracks since January 20. Others […]

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Salvatore Russo

FAQ: Has the IRS’s treatment of virtual currency changed?

FAQ: Has the IRS’s treatment of virtual currency changed? No. The IRS continues to treat virtual currency as property for U.S. federal tax purposes. However, last year, a government watchdog, and this year, a group of lawmakers, urged the IRS to clarify its virtual currency guidance. The IRS has described virtual currency as a “digital […]

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Salvatore Russo

How do I…work-around the IRS Data Retrieval Tool (DRT) being offline?

How do I…work-around the IRS Data Retrieval Tool (DRT) being offline? Every year, millions of post-secondary students access the IRS Data Retrieval Tool (DRT) to complete the Free Application for Federal Student Aid (FAFSA). This year, the DRT is unavailable for FAFSA filers because of cybersecurity concerns. The information needed to complete the FAFSA can […]

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