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Wayne Naegele

National Taxpayer Advocate calls for taxpayer-centric IRS

National Taxpayer Advocate calls for taxpayer-centric IRS National Taxpayer Advocate Nina Olson, in a recent report to Congress, urged the IRS to change its culture from one that is enforcement-oriented to one that is service-oriented. Such a change, Olson provided, would create an environment that encourages taxpayer trust and confidence. In the report, Olson also […]

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Steve Grgas

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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Steve Grgas

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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Steve Grgas

February 2017 tax compliance calendar

February 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 February 2017. February 1 Employers. Semi-weekly depositors must deposit employment […]

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January Newsletter

Brian Whelan discusses, “Filing season launches Jan 23”. Salvatore Russo answers, “FAQ: Are some tax return deadlines changing in 2017?”.

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Andrew Presti

All eyes on tax reform in 2017

All eyes on tax reform in 2017 Congress ended 2016 passing a few targeted tax bills and lawmakers focused on the incoming Trump administration and tax reform in 2017. President-elect Donald Trump campaigned on tax cuts for individuals and businesses. Already, lawmakers from both sides of the aisle are preparing for what is expected to […]

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Andrew Presti

IRS releases 2017 standard mileage rates; business and medical/moving rates drop

IRS releases 2017 standard mileage rates; business and medical/moving rates drop The IRS has released the 2017 optional standard mileage rates that employees, self-employed individuals, and other taxpayers can use to compute deductible costs of operating automobiles (including vans, pickups and panel trucks) for business, medical, moving and charitable purposes. The updated rates are effective […]

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Brian Whelan

Filing season launches January 23; some refunds may be delayed

Filing season launches January 23; some refunds may be delayed The individual income tax filing season opens on January 23, 2017, the IRS has announced. The IRS also reminded taxpayers that the Protecting Americans from Tax Hikes Act of 2015 (PATH Act) (P.L. 114-113) may impact certain refunds in 2017. Filing season launch The IRS will […]

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Salvatore Russo

FAQ: Are some tax return deadlines changing in 2017?

FAQ: Are some tax return deadlines changing in 2017? The Surface Transportation Act of 2015: Tax Provisions (enacted on Jul. 31, 2015) provided for major changes in certain tax return deadlines. To allow for a transition period for taxpayers adjust to the new due dates, the new filing deadlines carried a delayed effective date: for […]

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Andrew Presti

How do I? Know what records to discard

How do I? Know what records to discard A new year may find a number of individuals with the pressing urge to take stock, clean house and become a bit more organized. With such a desire to declutter, a taxpayer may want to undergo a housecleaning of documents, receipts and papers that he or she […]

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