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Showing 35 posts in Tax.

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 ›

Categories: Audits, Tax

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

Film ProductionYou 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

Reevaluating Valuation: IRS and Treasury Propose Rules Restricting Valuation Discounts

On August 2, 2016, the IRS and U.S. Department of Treasury issued highly anticipated proposed regulations concerning the valuation of interests in certain family-controlled businesses for estate, gift and generation skipping transfer tax purposes. The proposed rules would curb the use of most discounts that are applied when valuing intra-family transfers.  Read More ›

Categories: Compliance, News & Events, Tax