After Wayfair, Is Michigan’s Legislative Nexus Standard the New Bright Line?
This is the second in a series of articles written for MICPA members examining the far-reaching impact of the Supreme Court’s decision in South Dakota v. Wayfair, Inc. Click here to visit the first article. Read More ›
Categories: Tax, Tax Disputes, U.S. Supreme Court, Use Tax
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IRS to Announce Proposed Regulations on Full Expensing
Bloomberg BNA reports that the IRS is expected to announce proposed regulations for the full expensing provision under Code Section 168(k) sometime late-June or early-July. Read More ›
Categories: Personal Property Tax, Property Tax, Tax
VCP Fee Change Represents Opportunity for Larger Plans
VCP is a program offered by the IRS to allow sponsors of qualified retirement plans (401(k)/ 403(b) plans) to correct retirement plan errors. An applicant must disclose the mistake in writing and then correct the failure and pay a fee. Read More ›
Categories: Compliance, Employee Benefits, Tax
Should You Convert Your Business to a C Corporation?
One of the biggest questions after the passage of tax reform is whether business owners should convert their pass-through entities to C Corporations to take advantage of the lower 21% tax rate. The answer to this question depends on your business goals. If your goal is to pass as much profit to yourself as possible, you should generally stick with the pass-through entity. Read More ›
Categories: Did you Know?, Tax
How Long Can the IRS Audit?
The general rule is that the IRS has three years from the return's filing or due date, whichever is later, to audit a taxpayer. However, this rule is subject to several exceptions. Read More ›
Tax Reform is Coming
The Senate is anticipated to vote on its own tax reform bill in the near future. Read More ›
Categories: Tax
Projected Increase of Annual Gift Tax Exclusion
Each year a variety of items in the Internal Revenue Code are updated based on inflation, specifically the consumer price index. Read More ›
Categories: Income Tax, Tax
IRS Announces 2018 HSA Contribution Limits, Out-of-Pocket Maximums and HDHP Minimum Deductibles
The Internal Revenue Service recently released the 2018 cost-of-living adjusted amounts related to health savings account (“HSA”) contribution limits, out-of-pocket maximums and high deductible health plan (“HDHP”) deductibles. Each of the cost-of-living adjusted amounts is set forth below. Read More ›
Categories: Employee Benefits, Tax
Federal Tax Incentive for Film Production Expires
You may remember that in July 2015, Governor Snyder signed legislation bringing to an end Michigan’s controversial film incentive program. Another incentive program for film investors - this one embedded in the federal tax code - recently expired by its own terms on December 31st. Read More ›
Categories: Tax
IRS Reboots Previously Unsuccessful Private Debt Collection Efforts
This week, the IRS announced that it has selected four private debt collection contractors to begin collecting certain overdue federal tax debts, as required by Congress. The contractors include:
- CBE Group
1309 Technology Pkwy
Cedar Falls, IA 50613 - Conserve
200 CrossKeys Office park
Fairport, NY 14450 - Performant
333 N Canyons Pkwy
Livermore, CA 94551 - Pioneer
325 Daniel Zenker Dr
Horseheads, NY 14845
The contractors' efforts will begin in the spring of 2017, and will be focused only on debts that the IRS had stopped trying to collect. We note three important takeaways in the wake of this news. Read More ›
Categories: News & Events, Tax
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