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Salvatore Russo

Lessons-learned TIGTA report points to changes in 2017 filing season

Lessons-learned TIGTA report points to changes in 2017 filing season The Treasury Inspector General for Tax Administration (TIGTA), in its recently released final report for the 2016 filing season, highlighted the IRS’s response to what was good and what was bad about its performance. It signals what the IRS is doing during the 2017 filing […]

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Wayne Naegele

How do I?…claim the federal fuel tax credit

How do I?…claim the federal fuel tax credit The first step is to determine if you qualify for the federal fuel tax credit. The IRS has uncovered significant fraud associated with the fuel tax credit and is watching for fraudulent claims. The credit is not available to most taxpayers but only to qualified taxpayers, such […]

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Wayne Naegele

FAQ…I received a letter from the IRS inquiring about a suspicious return

FAQ…I received a letter from the IRS inquiring about a suspicious return Tax-related identity theft spikes during the filing season. Many taxpayers discover for the first time that they are victims of identity theft when they receive a letter from the IRS. A taxpayer may receive a letter when the IRS stops suspicious tax returns […]

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Wayne Naegele

March 2017 tax compliance calendar

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

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February Newsletter

Wayne Naegele discusses, “National Taxpayer Advocate calls for taxpayer – centric IRS”. While Brian Whelan discusses, “Filing season begins; IRS warns of refund delays”.

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Steve Grgas

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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Brian Whelan

Filing season begins; IRS warns of refund delays

Filing season begins; IRS warns of refund delays The 2017 tax filing season launched on January 23. The IRS predicted a few speedbumps for taxpayers, especially for taxpayers who file early in anticipation of early refunds. The agency expects to receive more than 150 million individual income tax returns. The vast majority of individual income […]

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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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