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Check out the latest tax alert section of our website, full of links and articles for professional and personal tax news. Read More


IRS responds to expanding sharing economy with new resources

The IRS launched new online resources for ... Read More


IRS releases TY 2016 Draft Forms for Applicable Large Employer ACA reporting

The IRS has released draft forms for Affordable Care Act (ACA) ...
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How do I? Opt-in to the new partnership audit rules

The IRS has issued temporary regulations (T.D. 9780) that explain how a ...
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September 2016 tax compliance calendar

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Congress returns from extended summer recess to busy tax agenda

 

Wayne Naegele, Senior Partner Every four years, Congress returns to work after a summer recess and is overshadowed by the looming presidential election. This year is no exception with taxpayers and lawmakers focused on Election Day, November 8. In the meantime, however, lawmakers have almost two months to take up legislation left pending when they recessed in July. Included on their agenda are many tax-related bills, potentially impacting individuals, businesses and others.

Small businesses

Just before recessing, the House passed a much-watched bill, the Small Business Health Care Relief Bill (HR 5447). The bill is intended to provide relief to small businesses that have traditionally used Health Reimbursement Arrangements (HRAs) to reimburse employees for health care expenses. After Congress passed the Affordable Care Act (ACA), the IRS determined that these arrangements did not satisfy the new law's market reforms. As a result, small business could be liable for ...Read More




FAQ: What are the new IRS procedures for Individual Tax Identification Numbers?

 

Steve Grgas, Partner The IRS announced in August new procedures for renewing an unused or expired Individual Tax Identification Number (ITIN). The new procedures are scheduled to take effect later this year and will impact 2016 federal individual income tax returns filed in 2017.

PATH Act changes

ITINs are used by individuals who have federal tax filing or payment obligations but who do not have a Social Security number (SSN). Examples of individuals who may use an ITIN include nonresident aliens filing a return, a U.S. resident alien filing a return, a dependent or spouse of a U.S. citizen or resident alien, or a dependent or spouse of a nonresident alien visa holder.

In the Protecting Americans from Tax Hikes Act of 2015 (PATH Act) Congress made some significant changes to the rules for ITINs. Any ITIN issued after December 31, 2012 will expire if not ... Read More




    



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