Establishing fair market value for purposes of Section 409A and stock option grants

As a general rule, all stock option grants need to have an exercise price at or above the fair market value of the company’s common stock on the date such grant is made. This requirement, and its many related complexities, generally comes from Section 409A of the Internal Revenue Code and the related Internal Revenue Service (“IRS”) regulations [...]

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Rules change for ITINs and tax credits

Individual taxpayer identification numbers (ITINs) are commonly used by undocumented taxpayers who have a tax filing requirement. As a general rule, a taxpayer filing with an [...]

IRS Warns of Back-to-School Scams; Encourages Students, Parents, Schools to Stay Alert

The Internal Revenue Service today warned taxpayers against telephone scammers targeting students and parents during the back-to-school season and demanding payments for [...]

Moving Expenses Can Be Deductible

Did you move due to a change in your job or business location? If so, you may be able to deduct your moving expenses, except for meals. Here are the top tax tips for moving [...]

Due date for filing ITR for AY 2016- 2017 Extended

As per provisions of Section 139(1) of Income-tax Act 1961, Central Board of Direct Taxes extends the due date for filing returns of Income for Assessment Year 2016- 2017 from [...]

4 Payroll Considerations for Nonprofits

When people receive their paychecks, be it weekly, bi-weekly or some other, they may notice the litany of deductions indicated on the pay stubs. They often dismiss them and [...]

Tax Court Sides With Hair Stylist In Hobby Loss Case

To qualify for loss deductions for an activity presumed by the IRS to be a hobby, a taxpayer must operate in a business-like fashion. A new case involving the owner of a hair [...]

About Your IRS Notice or Letter

The IRS normally sends correspondence in the mail. We mail millions of letters to taxpayers every year. Keep these important points in mind if you get a letter or [...]

IRS implements new Sec. 501(c)(4) registration requirement

The IRS issued final and temporary regulations (T.D. 9775) and a revenue procedure (Rev. Proc. 2016-41) Friday providing guidance and methods by which tax-exempt “social [...]