Category: IRS

IRS Updates FAQs on Certain ACA Provisions

The Trump Administration and the Republican majority in Congress plan to repeal and replace the Affordable Care Act (ACA) in the coming months. In the meantime, however, employers must continue to comply with the existing rules for 2016, including the information reporting requirements and shared responsibility provisions. The IRS previously issued three sets of FAQs […]

Posted In: IRS

IRS: We Disagree with Court Decision Involving Customer Loyalty Discounts

The IRS recently announced its “non-acquiesence” with a federal appeals court decision that held a retailer that issued loyalty discounts to its customers was entitled to deduct its liabilities attributable to discounts, which were accrued but hadn’t yet been redeemed. (IRS Action on Decision 2016-03) What Is an IRS “Action on Decision?” The IRS has […]

Posted In: IRS, IRS Notice

New IRS Regs on Disguised Sales Affect Partnerships and LLCs

In October, the IRS issued new guidance targeting strategies that are used to exploit the tax benefits associated with partnerships and limited liability companies (LLCs) that are treated as partnerships for tax purposes. In a nutshell, under the new guidance, property transactions between partners and partnerships are more likely to be classified as disguised sales and, […]

Posted In: IRS

IRS Issues New Regs on Allocating Debt to Partners and LLC Members

On October 5, 2016, the IRS released new temporary and final Section 752 regulations. Sec. 752 of the Internal Revenue Code and related regulations explain how to allocate partnership debt among partners for purposes of calculating the basis of their partnership interests. This calculation determines what’s often referred to as the partners’ “outside basis” in the […]

Posted In: IRS

New IRS Guidance for Designated Roth Accounts

Does your employer offer a 401(k), 403(b) or governmental 457 plan? If so, you may be able to set up a designated Roth account through your company’s plan. Then your Roth account will be allowed to receive designated Roth contributions that are taken out of your salary through so-called “salary-reduction contributions.” Here’s more on how this […]

Posted In: IRS

Is the IRS Targeting Partnerships?

IRS audits of partnerships were up 18.6% in 2015 over the previous tax year, according to the agency’s Fiscal Year 2015 Enforcement and Service Results. That’s the highest audit rate partnerships have experienced since 2006. By comparison, audits of large C corporations decreased by 8.8% in 2015. The situation is expected to only get worse under […]

Posted In: Assurance Advisor, Audit, IRS

IRS Reveals List of Top Tax Scams for 2016

The IRS kicked off tax filing season by publishing a series of press releases that highlight the “dirty dozen” tax scams for this year. Although there are no major surprises, it’s important to note that these scams have become increasingly technology-driven in recent years. Taxpayers can use this list to avoid becoming the victim or perpetrator […]

Posted In: IRS, IRS Notice, Tax Advisor

Taxpayers Targeted in IRS E-mail Schemes

Taxpayers Targeted in IRS E-mail Schemes:  The Internal Revenue Service is warning taxpayers to be on the lookout for a new email phishing scam. So far this tax season they have seen an approximate 400% surge in phishing and malware incidents. The emails appear to be from the IRS Taxpayer Advocate Service, tricking taxpayers into responding, […]

Posted In: IRS, IRS Notice

IRS Notice 2016-4: Reporting of Health Insurance Coverage-filing Extensions

This notice extends the due dates for the 2015 information reporting requirements (both furnishing to individuals and filing with the Internal Revenue Service (Service)) for insurers, self-insuring employers, and certain other providers of minimum essential coverage under section 6055 of the Internal Revenue Code (Code), and the information reporting requirements for applicable large employers under section 6056 of the […]

Posted In: IRS, IRS Notice

Good News in the New Year: IRS Extends ACA Filing Deadlines

Employers and other organizations got some good news from the IRS for the start of the new year. The tax agency announced that it’s extending the due dates for filing 2015 Affordable Care Act (ACA) information returns. This gives employers extra time to complete two tasks: 1. Provide the forms to the recipients and 2. File the forms […]

Posted In: ACA, ACA Mandate, IRS

Next Page »