Tweet Redemption: Section 736(a) Payments Here’s where things can get funky. When a partnership buys out a departing partner in a redemption, the parties have some flexibility as to how they structure the deal. I don’t want to get into a whole thing here, but once a partnership and a departing partner have agreed upon [...]

Comparing A Sale And Redemption Of A Partnership Interest

Tweet People are the worst. Sure, they may seem OK at first, but dig a little deeper, and they’ll inevitably reveal horribly offensive views on everything from dog ownership to same-sex marriage to the validity of ancient alien theory that will leave you longing for the quiet solitude of your ipad. This is precisely why [...]

IRS: Corporations cannot circumvent gain on appreciated property using partnerships

Tweet The IRS issued more regulations on Thursday that take aim at transactions that attempt to avoid the repeal of the General Utilities doctrine. T.D. 9722 contains new rules designed to prevent “a corporate partner from avoiding corporate-level gain through transactions with a partnership involving equity interests of the partner.” The General Utilities doctrine was [...]

IRS, Industry, States Take New Steps Together to Fight Identity Theft, Protect Taxpayers

Tweet The Internal Revenue Service joined today with representatives of tax preparation and software firms, payroll and tax financial product processors and state tax administrators to announce a sweeping new collaborative effort to combat identity theft refund fraud and protect the nation’s taxpayers. The agreement — reached after the project was originally announced March 19 [...]

Why Your Company May Be Paying Too Much Tax

Tweet Many business owners misunderstand the importance and value of tracking all their expenses. This year, when a Liberty Tax tax preparer in North Carolina started a business owner’s tax return, she discovered the client had not counted certain expenses because he thought they seemed “too frivolous.” After all was said and done, this client [...]

Interest Rates Remain the Same for the Third Quarter of 2015

Tweet WASHINGTON — The Internal Revenue Service today announced that interest rates will remain the same for the calendar quarter beginning July 1, 2015. The rates will be: •three (3) percent for overpayments [two (2) percent in the case of a corporation]; •one-half (0.5) percent for the portion of a corporate overpayment exceeding $10,000 •three [...]

Top 10 Tips for Deducting Losses from a Disaster

Tweet the IRS wants you to know it stands ready to help. If you suffer damage to your home or personal property, you may be able to deduct the losses you incur on your federal income tax return. Here are 10 tips you should know about deducting casualty losses: 1.Casualty loss. You may be able [...]

Preparing for a Disaster (Taxpayers and Businesses)

Tweet Planning what to do in case of a disaster is an important part of being prepared. The Internal Revenue Service encourages taxpayers to safeguard their records. Some simple steps can help taxpayers and businesses protect financial and tax records in case of disasters. Listed below are tips for individuals and businesses on preparing for [...]

How To Play Catch-Up For Retirement At 50 Or Older

Tweet Are you farther along in your career than you are in your retirement planning? If so, you’re not alone: 42% of people in their 50s surveyed for a recent Transamerica Center For Retirement Studies report said they expect their standard of living to decline after they retire. But no matter how far behind you [...]

Casinos Worried about IRS Proposal to Change Rules for Reporting Gambling Winnings

Tweet A trade association representing the casino industry is sounding the alarm over proposed regulations from the Internal Revenue Service that would lower the threshold for reporting winnings from slot machines, keno and bingo. The American Gaming Association filed comments this week as the IRS closed the public comment period on a proposal it announced [...]

IRS Issues New Guidance on FBAR Penalties

Tweet The Internal Revenue Service has released new guidance on penalties for failing to file a foreign bank account report, capping the maximum percentage of the penalty and providing new requirements for documentation and approval by IRS examiners. In a memorandum last month from three commissioners in charge of various divisions of the IRS, they [...]

Expanded IRS online services put taxpayer information at risk, Senate committee told

Tweet By expanding its online services, the IRS is putting taxpayers’ data at greater risk, the Treasury Inspector General for Tax Administration told Congress on Tuesday. “Providing taxpayers more avenues to obtain answers to their tax questions or to access their own tax records online . . . provides more opportunities for exploitation by hackers [...]

IRS Says If You’re Willful, Penalties Hit 100%, $10,000 If You’re Not

Tweet What’s an FBAR? Now called FinCEN Form 114, an FBAR is a non-U.S. bank account report. If you have non-U.S. bank accounts that aggregate over $10,000 at any time during the year, you need to file one. You must file if you are a signatory even if the money is not yours beneficially. FBARs [...]

R&D tax credit developments on internal-use software

Tweet Just what qualifies for inclusion in the Sec. 41 research and development (R&D) credit has been a source of many disagreements between the IRS and taxpayers since the credit was enacted as part of the Economic Recovery Tax Act of 1981, P.L. 97-34. While the disagreements cover a large area of taxpayer expenditures, costs [...]

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