Posted on April 27, 2017
by
Barry Brant
The Trump administration yesterday introduced the key principles of what it is referring to as “the most significant tax reform since 1986” and “the biggest tax cuts in history.” Central to the president’s plan are deep reductions in the corporate income tax rates and modest reductions in the individual income tax rates that are in […]
Posted on April 25, 2017
by
Angie Adames
Individuals with overdue tax bills may soon get calls from private collection agency working on the IRS’s behalf. Under the new program, which was authorized by Congress in 2015, the IRS will this week begin turning over taxpayer’s old, outstanding tax obligations to private contractors. With this in mind, taxpayers should be extra diligent to […]
Posted on April 25, 2017
by
Rick Bazzani
Individual taxpayers who gamble for pleasure are subject to federal income taxes on their winnings. This includes not only the monetary spoils earned from playing lotteries or betting at casinos but also the fair market value of non-cash prizes, such as cars and trips. Similarly, individuals who are not so lucky may have an opportunity […]
Posted on April 21, 2017
by
Joseph Saka
Individuals and businesses who met their 2016 U.S. income tax responsibilities and filed their returns by the April and March deadlines can breathe a collective sigh of relief. However, these taxpayers must also recognize that the IRS has a right to question and audit their returns for three years after the initial filing date. This […]
Posted on April 20, 2017
by
Robert Aldir
The Financial Accounting Standards Board (FASB) recently issued a new standard for financial institutions and other businesses to follow when accounting for credit losses in financial instruments measured at amortized cost, including debt instruments, trade receivables, lease receivables, reinsurance receivables, net investments in leases, financial guarantee contracts and loan commitments. Accounting Standards Update No. 2016-13, […]
The Financial Accounting Standards Board (FASB) recently issued an Accounting Standards Update (ASU) that clarifies the definition of a business when used in transactions involving the acquisition, sale or consolidation of a business or assets. More specifically, ASU 2017-1 provides companies and reporting organizations with a narrower, less complex and less costly framework for making […]
The Financial Accounting Standards Board (FASB) recently issued an Accounting Standards Update (ASU) that clarifies the definition of a business when used in transactions involving the acquisition, sale or consolidation of a business or assets. More specifically, ASU 2017-1 provides companies and reporting organizations with a narrower, less complex and less costly framework for making […]
Taxpayers who receive stock-based compensation, such as nonqualified stock options (NSOs), must carefully review both their year-end wage reports on Form W-2 and their brokerage transactions on Form 1099-B to identify the possibility of reporting duplicate items of income, which may ultimately result in an overpayment of taxes. When selling NSOs, a taxpayer must […]
Taxpayers who receive stock-based compensation, such as nonqualified stock options (NSOs), must carefully review both their year-end wage reports on Form W-2 and their brokerage transactions on Form 1099-B to identify the possibility of reporting duplicate items of income, which may ultimately result in an overpayment of taxes. When selling NSOs, a taxpayer must […]
Posted on April 12, 2017
In 2013, the Internal Revenue Code introduced two new Medicare taxes above the existing income tax responsibilities of high-income earners. The first is a Net Investment Income Tax (NIIT) that is applied at a rate of 3.8 percent to the lesser of net investment income, including interest, dividends and capital gains, or the amount by […]
