December 20th, 2016 by Kim Chen
On their timely-filed 2010 return, an Oklahoma couple claimed a casualty loss deduction for two tornado-damaged parcels of land they owned. The IRS issued a deficiency notice, disallowing the entire $127,900 deduction ($88,000 for one parcel, $39,900 for the other) and assessing an accuracy-related penalty. At trial, the couple established, to the Tax Court’s satisfaction, […]
December 16th, 2016 by Kim Chen
The U.S. Citizenship and Immigration Services (USCIS) has released a new version of Form I-9 (Employment Eligibility Verification). Dated 11/14/16, the form includes several changes, including prompts to ensure information is entered correctly, the ability to enter multiple preparers and translators, a dedicated area for additional information, and a supplemental page for the preparer/translator. According […]
December 8th, 2016 by Kim Chen
It’s not too late to take steps to significantly reduce your 2016 business income tax bill and lay the groundwork for tax savings in future years. Here’s a summary of some of the most effective year-end tax-saving moves for small businesses under the existing Internal Revenue Code. After President Obama hands over the baton to […]
November 22nd, 2016 by Kim Chen
Under IRC Sec. 165(i), a taxpayer may elect to treat a loss attributable to a federally declared disaster as sustained in the taxable year immediately preceding the year in which the disaster occurred. The IRS has issued temporary and proposed regulations (TD 9789) that clarify that a Section 165(i) election is generally due six months […]
November 2nd, 2016 by Kim Chen
There’s nothing like a heated political debate that spins out of control to kill productivity and damage working relationships. The risk of a workplace harassment charge is also present, if a member of a protected class feels bullied. Generally, there are two approaches to keeping strong political opinions from become a problem at work: by […]
October 24th, 2016 by Kim Chen
IR-2016-135, Oct. 17, 2016 WASHINGTON –– Hurricane Matthew victims in much of North Carolina and parts of South Carolina, Georgia and Florida have until March 15, 2017, to file certain individual and business tax returns and make certain tax payments, the Internal Revenue Service announced today. This includes an additional filing extension for those with […]
September 5th, 2016 by Kim Chen
Businesses with tax years beginning in 2014 and ending in 2015 that filed their 2014 returns before the PATH ACT was enacted, permanently extending the 50% first-year depreciation deduction under IRC Sec. 168(k) , may be uncertain how to claim the deduction for business equipment and software placed into service after 2014. In a Revenue […]
September 1st, 2016 by Kim Chen
NEW YORK (Reuters) – Aetna Inc, the No. 3 U.S. health insurer, on Monday said that due to persistent financial losses on Obamacare plans, it will sell individual insurance on the government-run online marketplaces in only four states next year, down from the current 15 states. Aetna’s decision follows similar moves from UnitedHealth Group Inc. […]
July 29th, 2016 by Kim Chen
The WOTC allows employers who hire members of targeted groups to claim a credit against income tax of a percentage of first-year wages. The credit was retroactively extended through 12/31/19 by the PATH Act of 2015. In a Notice, the IRS announced additional transitional relief for eligible employers to claim the WOTC, beyond the time […]
July 25th, 2016 by Kim Chen
The IRS has announced that its Electronic Filing Personal Identification Number (e-File PIN) tool is no longer available due to additional cyber attacks on the system. Although it was attacked earlier this year, the e-File PIN tool was retained by the IRS because links to the program were embedded in many commercial tax software products. […]
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