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Tax Briefing(s)

ACA Repeal and Replacement 2016 Tax Year-In-Review Post-Election Tax Policy Update IRS Guidance on Same-Sex Marriage

IRS starts private tax collection
Private collection agencies are slowly starting to work some taxpayer accounts, the IRS has announced. However, the IRS predicts that this iteration of private tax collection will move at a pace diffe...

IRS clarifies changes to expensing/bonus depreciation under 2015 PATH Act
The IRS has issued guidance to clarify the application of several changes made to the Code Sec. 179 expensing allowance as well as the bonus depreciation deduction by the Protecting Americans From Tax...

Taxpayer’s depression qualifies for waiver of 60-day rollover rule
A taxpayer, a law-enforcement retiree, has persuaded the Tax Court that his struggle with depression qualified him for a hardship waiver of the 60-day retirement account rollover rule. The court rejec...

DOJ highlights actions to curb employment tax evasion
The U.S. Department of Justice (DOJ) Tax Division recently highlighted its actions to combat employment tax evasion. Employers are required to collect, account for and pay over taxes withheld from emp...

IRS releases guidance on payroll tax credit for small business research expenses
Interim guidance describes for small businesses the new payroll tax credit election for increasing research expenses. The IRS also provided a special rule for 2016 for small businesses that did not cl...

CBO reports on top tax incentives/expenditures
The Congressional Budget Office (CBO) issued a report in mid-March about current tax incentives. Tax expenditures, CBPO explained, reduce the amount of revenue that is collected for any given set of s...

IRS updates 401(k) hardship distributions exam materials
The IRS Tax Exempt and Government Entities Division (TE/GE) has updated guidance used to determine whether a Code Sec. 401(k) plan hardship meets the safe-harbor standards set forth in applicable regu...

Employee consent requirements for employer refund claims released
The IRS recently issued the employee consent requirements that an employer need to adhere to in order to support a claim for refund of overpaid taxes under the Federal Insurance Contributions Act (FIC...

New Offers in Compromise policy starts April 27
The IRS informed taxpayers and tax professionals of its updated policy with regards to the Offer in Compromise (OIC) application process. OIC applications received on or after March 27, 2017, will now...

Tax refund offsets may be used toward unpaid debts
A taxpayer who incurs an unpaid debt may notice a reduction in his or her federal tax refund. The Treasury Offset Program is allowed to use all or part of a taxpayer’s federal refund to settle u...

Passport certifications will begin in early 2017, IRS posts on website
The IRS has informed taxpayers via its website that the agency will begin, in early 2017, to remit certifications to the U.S. State Department for individuals who are seriously delinquent in paying th...

Tax returns lacking ACA coverage status will not be rejected
The IRS has announced that it will continue to process individual returns that do not report the taxpayer’s health coverage status under the Affordable Care Act (ACA). The IRS will accept return...

Dentist persuades Tax Court of material participation in real estate business
The Tax Court determined, in Zarrinnegar v. Commissioner, TC Memo. 2017-34, that a dentist by profession, was a real estate professional, and therefore could deduct rental real estate losses. As such,...

IRS confirms automatic six-month extension for C corporations
The IRS has confirmed that a new revision of the Instructions for Form 7004 correctly reflects that calendar year C corporations are eligible for an automatic six-month extension. Code Sec. 6081(a) pr...

Future pension payouts not counted as asset in determining insolvency exclusion
The Tax Court, in Schieber v. Commissioner, TC Memo. 2017-32, found that the right to a continuing monthly payment state pension plan was not an asset in determining insolvency for purposes of exclusi...

AL - Bad check penalty expanded to include payment by electronic funds
Dishonored tax payments made by electronic funds are subject to Alabama personal income tax penalty provisions. H.B. 87, Laws 2017, effective October 1, 2017...

FL - Interest rates increase for second half of 2017
The floating interest rate on Florida underpayments (deficiencies), late payments, and overpayments for the period from July 1, 2017, through December 31, 2017, will increase to 8% (formerly 7%) for, ...

GA - Georgia enacts revitalization zone credits
Legislation has been enacted that provides nonrefundable revitalization zone tax credits, available against Georgia corporate and personal income tax liabilities, to certain certified entities and inv...

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