Posted on August 27, 2019
by
Angie Adames
Under a Revenue Procedure recently issued by the IRS, eligible partnerships that made errors on their timely filed 2018 federal tax returns in March of 2019, for which no extensions were filed, may have a small window of opportunity to file superseding Forms 1065 and Schedules K-1 to partners by Sept. 15, 2019. Taxpayers eligible […]
The Florida Supreme Court issued a per curiam opinion on May 23, 2019, reversing its decision seven months earlier in Delisle v. Crane, (Case No. SC16-2182) concerning Florida Statute Section 90.702 and the admissibility of expert witness testimony in the state. The court made a complete about face, rejecting the less rigorous Frye standard established […]
Posted on January 18, 2018
by
Adam Cohen
Despite a repeal of the individual insurance mandate that is included in the Tax Cuts and Jobs Act that went into effect on Jan. 1, 2018, U.S. taxpayers will still need to meet their 2017 Affordable Care Act reporting requirements on the tax returns they file this April. However, the IRS has reversed its earlier […]
In today’s sharing economy, individuals need little more than an Internet connection to become self-made entrepreneurs. Thanks to platforms such as Uber, Airbnb, TaskRabbit and Upwork, there are countless opportunities for individuals to make money driving cars, renting out rooms or providing on-demand services, either as their primary source of income or as a side […]
Posted on January 17, 2018
by
John Ebenger
The Tax Cuts and Jobs Act (TCJA) that overhauls the U.S. Tax Code represents new, often more-favorable tax treatment for real estate business owners and investors. However, the full benefit of these provisions will require careful evaluation and planning as the IRS catches up to the new law and provides technical guidance. Income Taxes for […]
Due to the passage of the Tax Cuts and Jobs Act that President Trump signed into law in late 2017, business and payroll service providers will need to adjust employees withholding calculations for the 2018 tax year. However, as the IRS works to apply the new law, it asks businesses to continue to use the […]
Posted on January 08, 2018
by
Joseph Saka
For more than three decades, IRS partnership audits have operated under the Tax Equity and Fiscal Responsibility Act of 1982 (TEFRA), which required individual partners to pay their share of a partnership’s tax underpayments identified in an IRS audit, unless the partnership elected to be taxed at the entity level. Since TEFRA’s enactment, partnerships have […]
Posted on January 02, 2018
Operating a small business in the U.S. comes with a wealth of opportunities and an equally abundant set of complexities, including tax reporting, regulatory compliance and meticulous financial recordkeeping. For many entrepreneurs, hiring full-time professionals to oversee these functions in-house is simply unaffordable. Instead, many are turning to outsourced CFO services to receive on-demand assistance with […]
Posted on January 01, 2018
by
Rick Bazzani
While the Tax Cuts and Jobs Act (TCJA) signed into law in December of 2017 did not make many adjustments to the existing gift, estate and generation-skipping transfer tax regimes, what it does do beginning on Jan. 1, 2018, is significant. Doubles the Estate and Generation-Skipping Transfer Tax Exemption Under the new law, the federal estate tax exemption for […]
Posted on December 26, 2017
by
Edward Cooper
On Dec. 22, 2017, President Donald Trump signed into law the Tax Cuts and Jobs Act, which represent the most comprehensive legislation reforming the U.S. tax code in more than three decades. The new law, which went into effect on Jan. 1, 2018, makes permanent many provisions affecting businesses while setting a Dec. 31, 2025, […]