Extension Filers: Don’t Miss the Oct. 15 Deadline

Tweet If you are one of the 13 million taxpayers who asked for more time to file your federal tax return and still haven’t filed, your extra time is about to expire. Oct. 15 is the last day to file for most people who requested an automatic six-month extension. If you have not yet filed, [...]

IRS Announces Key Milestone in FATCA Implementation; U.S. Begins Reciprocal Automatic Exchange of Tax Information under Intergovernmental Agreements

Tweet WASHINGTON — The Internal Revenue Service today announced the exchange of financial account information with certain foreign tax administrations, meeting a key Sept. 30 milestone related to FATCA, the Foreign Account Tax Compliance Act. To achieve this, the IRS successfully and timely developed the information system infrastructure, procedures, and data use and confidentiality safeguards [...]

IRS, Treasury Intend to Extend the Time Certain FATCA Transitional Rules Apply

Tweet 1.  IRS, Treasury Intend to Extend the Time Certain FATCA Transitional Rules Apply Notice 2015-66 announces that the Department of the Treasury (Treasury) and the Internal Revenue Service (IRS) intend to amend regulations under sections 1471-1474 to extend the time that certain FATCA transitional rules will apply.  Specifically, the amendments will extend: (1) the date [...]

How Your Income Affects Your Premium Tax Credit

Tweet You are allowed a premium tax credit only for health insurance coverage you purchase through the Marketplace for yourself or other members of your tax family. However, to be eligible for the premium tax credit, your household income must be at least 100, but no more than 400 percent of the federal poverty line [...]

Tax-filing Extension Expires Oct. 15 for Millions of Taxpayers; Check Eligibility for Overlooked Tax Benefits

Tweet WASHINGTON — The Internal Revenue Service today urged taxpayers whose tax-filing extension runs out on Oct. 15 to double check their returns for often-overlooked tax benefits and then file their returns electronically using IRS e-file or the Free File system. About a quarter of the 13 million taxpayers who requested an automatic six-month extension [...]

Job Search Expenses May be Deductible

Tweet People often change their job in the summer. If you look for a job in the same line of work, you may be able to deduct some of your job search costs. Here are some key tax facts you should know about if you search for a new job: Same Occupation.  Your expenses must [...]

Projected 2016 Tax Rates and Brackets – Tax Penalties To Rise

Tweet Taxpayers are getting a little bit of a warning that changes in tax brackets and higher IRS penalties are coming soon. Bloomberg BNA released Projected 2016 Tax Rates, a detailed and comprehensive projection of inflation-adjusted tax items. People whose income is the same compared to last year may enjoy a lower effective tax rate [...]

Key Tax Tips on the Tax Effects of Divorce or Separation

Tweet Income tax may be the last thing on your mind after a divorce or separation. However, these events can have a big impact on your taxes. Alimony and a name change are just a few items you may need to consider. Here are some key tax tips to keep in mind if you get [...]

UBTI Reporting Requirements for Partnerships and S Corporations

Tweet Before one determines how to report unrelated business taxable income (UBTI) on a Schedule K-1, a quick review of the basics of UBTI is in order. It is worth noting that most tax-exempt organizations are subject to the UBTI rules. Sec. 511 details the organizations subject to tax on unrelated business income, which include: [...]

Ninth Circuit holds mortgage-interest deduction applies on a per-taxpayer basis

Tweet Unmarried taxpayers who co-own a residence can each deduct interest payments on home-acquisition and home-equity debt up to the $1.1 million limit in Sec. 163(h)(3), the Ninth Circuit Court of Appeals held on Friday, reversing a Tax Court decision (Voss, No. 12-73257 (9th Cir. 8/7/2015), rev’g Sophy, 138 T.C. 204 (2012)). Bruce Voss and [...]

Small Businesses Can Get IRS Penalty Relief for Unfiled Retirement Plan Returns

Tweet The Internal Revenue Service today encouraged eligible small businesses that did not file certain retirement plan returns to take advantage of a low-cost penalty relief program enabling them to quickly come back into compliance. The program is designed to help small businesses that may have been unaware of the reporting requirements that apply to [...]

EB-5 VISA and its tax implications

Tweet The EB-5 VISA is program created by the Congress in 1990, which grants an EB-5 VISA holder to conditionally becoming a permanent resident aliens of the United States of America. To obtain a EB-5 VISA, the foreign person must invest in the following categories: Create a new commercial enterprise Invest in a troubled business. [...]

Special per-diem rates issued for 2015–2016 travel

Tweet On Wednesday, the IRS issued its annual update of special per-diem rates for use in substantiating certain business expenses taxpayers incur when traveling away from home in 2015 and 2016 (Notice 2015-63).The notice provides the transportation industry meal and incidental expenses rates, the rate for the incidental-expenses-only deduction, and the rates and list of [...]

Are you a scorekeeper or a business partner?

Tweet Finance no longer is just about recording and reporting performance. It’s about partnering with the whole organization to mitigate risks, drive strategy, and add value. The problem: The future talent pool isn’t evolving fast enough for the new demands of the role. About 68% of U.S. CFOs said it was a challenge to find [...]

Subscribe to RSS Feed Follow me on Twitter!