Category Archives: Tax Alerts

A first look at 2017 inflation-adjusted tax amounts now available

An early glimpse at the income tax picture for 2017 is now available. The new information includes estimated ranges for each 2017 tax bracket as well as projections for a growing number of inflation-sensitive tax figures, such as the tax rate brackets, personal exemption and the standard deduction. Projections –...
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IRS responds to expanding sharing economy with new resources

The IRS launched new online resources for service providers and participants in the sharing economy. Advances in telecommunications have fueled the growth of the sharing economy. More and more consumers are connecting with service providers for shared car services, apartments and rooms for short-term rentals, and some employment opportunities. Tax...
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IRS releases TY 2016 Draft Forms for Applicable Large Employer ACA reporting

The IRS has released draft forms for Affordable Care Act (ACA) reporting under Code Secs. 6055 and 6056 for tax year (TY) 2016. These draft forms reflect changes from the forms used for TY 2015 and will likely reflect what compliance under the final version will entail. Under the ACA,...
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How do I? Opt-in to the new partnership audit rules

The IRS has issued temporary regulations (T.D. 9780) that explain how a partnership can opt in to the new partnership audit regime that was enacted in the Bipartisan Budget Act of 2015 (BBA). As enacted, the new audit rules will apply to partnership returns filed for tax years beginning after...
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FAQ: What are the new IRS procedures for Individual Tax Identification Numbers?

The IRS announced in August new procedures for renewing an unused or expired Individual Tax Identification Number (ITIN). The new procedures are scheduled to take effect later this year and will impact 2016 federal individual income tax returns filed in 2017. PATH Act changes ITINs are used by individuals who...
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Congress returns from extended summer recess to busy tax agenda

Every four years, Congress returns to work after a summer recess and is overshadowed by the looming presidential election. This year is no exception with taxpayers and lawmakers focused on Election Day, November 8. In the meantime, however, lawmakers have almost two months to take up legislation left pending when...
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Crowdfunding: a new resource with developing tax rules

IRS Chief Counsel recently examined the tax treatment of crowdfunding activities in a new information letter (Information Letter 2016-36). Crowdfunding is a relatively recent phenomenon, used by an individual or entity to raise funds through small individual contributions from a large number of people. The guidance notes that the income...
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Congress takes up tax bills before breaking for extended recess

The Democratic and Republican nominating conventions triggered an early recess for Congress. Lawmakers left Capitol Hill in mid-July and are not scheduled to return until September. Before recessing, the House voted to undo part of the Affordable Care Act (ACA) and approved a reduced budget for the IRS. Leading tax...
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