by Rupinder | Nov 30, 2016 | Uncategorized
Next week is National Tax Security Awareness Week As the 2017 tax season approaches, the IRS announced a special “National Tax Security Awareness Week” will take place next week to help taxpayers and the tax community protect sensitive tax and financial data. As...
by Rupinder | Nov 21, 2016 | Uncategorized
The January 20 swearing-in of Donald Trump as President – and the resulting change in control of the Administration to Republican hands – will result in significant changes in tax policy. What can tax professionals expect as we begin tax season and beyond? IRS...
by Rupinder | Nov 18, 2016 | Uncategorized
The Internal Revenue Service Advisory Council (IRSAC) Annual Report released on November 16 calls on the agency to “remove obsolete language and clarify inconsistent sections,” primarily as a result of the decision in Loving v. IRS, 742 F.3d 1013 (D.C....
by Rupinder | Nov 7, 2016 | Uncategorized
The standard deductions for single taxpayers, heads of households and married individuals will increase slightly in 2017, but the personal exemption is unchanged, the IRS said in an October 25 news release (IR-2016-139). Taxpayers will use the information when filing...
by Rupinder | Nov 4, 2016 | Uncategorized
The IRS today issued an urgent alert to tax professionals who use IRS e-services to beware of an email asking them to update their accounts and directing them to a fake website. The subject line for the fraudulent email is “Security Awareness for Tax Professionals.”...
by Rupinder | Oct 26, 2016 | Uncategorized
The Internal Revenue Service announced the tax year 2017 annual inflation adjustments for more than 50 tax provisions, including the tax rate schedules, and other tax changes. Revenue Procedure 2016-55 provides details about these annual adjustments. The tax year 2017...
by Rupinder | Oct 24, 2016 | Uncategorized
The IRS has announced that it has redetermined the user fee it will impose to cover the agency’s cost of overseeing the administration of the Enrolled Agent examination, the EA-SEE. The IRS now proposes to increase the user fee to $81 per part. The current fee per...
by Rupinder | Oct 21, 2016 | Uncategorized
IRS Regulations Modify Election To Claim Prior-Year Disaster Losses The IRS has issued final and temporary regulations extending the due date for the election to deduct in the prior tax year a loss attributable to a federally-declared disaster, and for revoking such...
by Rupinder | Oct 14, 2016 | Uncategorized
The IRS yesterday issued final regulations that aim to curtail earnings stripping transactions by corporations. The rules set documentation requirements “for certain related-party interests in a corporation to be treated as indebtedness for federal tax purposes,...
by Rupinder | Oct 13, 2016 | Uncategorized
Double Check ACA Information on Your Return If you received an extension of time to file your 2015 federal tax return, you have until Oct. 17 to double check your return and information on it that is related to the Affordable Care Act. The health care law includes...
