Change Is In the Air, Even at IRS

No, it’s not Tax Reform – yet – but the Internal Revenue Service (IRS) has proposed obscuring employee social security numbers on their W-2 form. Under the proposal, the first five digits would be obscured or replaced with a symbol, while the last four digits would remain clear. According to the IRS, the goal is…

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Killing the Death Tax

Just a few months ago, the pendulum was swinging far in the other direction, but now it appears there is more interest in fighting if not completely eliminating the federal Estate Tax, or as it is often called, the Death Tax. Back in the summer, we advised you of some significant proposed changes in IRS…

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IRS Changes Hit at Hearing

A public hearing was held last week on the new IRS regulations governing Estate and Gift Tax Exemption, and small business owners and family-owned businesses were out in full force to oppose their proposed tax increases on family gifts. Recall that back in August, the Treasury Department released proposed regulations to dramatically curtail use of…

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IRS Extends Deadlines, But Hikes Fees Too

OSHA is not the only federal agency that has extended effective dates as the IRS has pushed back the deadline by which time large employers must provide their employees with certain 2016 ACA Forms.  The January 31 deadline is now delayed until March 2, 2017, however the dates when the forms must be filed with…

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IRS Hears from Franchising on Estate Tax Change

Today was the formal deadline for submission of comments on the proposed new Internal Revenue Service regulations curbing valuation discounts currently in place.  We hope many of you submitted comments as the proposed change can be devastating to your estate plans, but know that through the Coalition of Franchisee Associations, we’ve got the issue covered. …

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IRS Wants Higher Fees For Payment Plans

As if you weren’t already paying enough to the US government in your federal taxes, the Internal Revenue Service now wants to hike the fees associated with paying those tax bills over time rather than all at once.  Last week, the agency announced plans to begin offering additional tax installment plans at a bit of…

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IRS Targeting Family Gifts and Bequests

You didn’t think we could provide all these updates on federal agencies increasing fines and tightening restrictions on businesses without mentioning the Internal Revenue Service, did you?  We were advised by DDIFO Business Member Cynthia A. Capobianco, CPA that the Treasury Department released proposed regulations earlier this month to dramatically restrict tax options regarding family…

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IRS Closes REIT Tax Option

The Internal Revenue Service (IRS) has shut down the last legal option for businesses to spin off their real estate holdings into separate Real Estate Investment Trusts (REITs) for the tax benefits.  The REIT option carried tax-exempt status and thereby was often used as a tax avoidance vehicle by non-real estate companies.  In fact, it…

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House Files Impeachment Resolution

Paying the taxman is one thing, but now the taxman may have to “pay the fiddler” as House Oversight and Government Reform Chairman Jason Chaffetz has filed a resolution to censure IRS Commissioner John Koskinen.  The censure is largely considered an initial step toward an impeachment procedure.  Over the past months, calls for Koskinen to…

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IRS Reviewed More Business Returns in 2015

The Internal Revenue Service (IRS) released statistics on the Department’s 2015 enforcement activities last week and the results show an 8% increase in the number of business returns examined.  The IRS has seen its budget cut by $900 million in the aggregate over the past five years and is making its pitch to Congress for…

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