Tag Archives: tax compliance

2016 year-end tax strategies with tax cuts on the horizon

The likelihood exists that federal tax-cut legislation will become law sometime in 2017. Nevertheless, the possibility also remains that comprehensive tax legislation may be delayed until 2018 either because of difficult negotiations or intervening events, or it could eventually even get tabled indefinitely, except for a few provisions, if momentum...
Read more

What to expect on 2016 Form 1040: Key changes

Each new filing season may bring changes to the Form 1040, U.S. Individual Income Tax Return, as well as draft instructions for Form 1040 and any related Schedules, and this year is of no exception. The following highlights some of the changes to 2016 Form 1040, its Schedules and other...
Read more

December 2016 tax compliance calendar

As an individual or business, it is your responsibility to be aware of and to meet your tax filing/reporting deadlines. This calendar summarizes important federal tax reporting and filing data for individuals, businesses and other taxpayers for the month of December 2016.  December 2 Employers. Semi-weekly depositors must deposit employment taxes...
Read more

Are IRS Q&As authoritative guidance?

The Tax Code is among the most complex of all federal statutes. To explain the Code, the IRS issues guidance. Recently, the IRS has used the “Frequently Asked Question (FAQ)” format to explain some of the tax laws. At the same time, questions have arisen about the FAQs. May taxpayers...
Read more

IRS offers guidance on taxation of phased retirement payments

Phased retirement has become an increasingly popular trend lately. Along with its increased use, however, a number of questions have arisen. The IRS recently has issued guidance for determining the taxable portion of payments made to an employee during phased retirement. The guidance explains whether the payments are “received as...
Read more

IRS gearing up for revived private tax collection

The IRS is gearing up to outsource some taxpayer collection accounts to private collection agencies. Legislation passed in 2015 directed the IRS to resume working with private collection agencies. The revived program is expected to operate in a similar manner to past ones, with emphasis on taxpayer protections. Prior outsourcing...
Read more
< !-- {/literal} END JIVOSITE CODE -->