The Surface Transportation Act of 2015: Tax Provisions (enacted on Jul. 31, 2015) provided for major changes in certain tax return deadlines. To allow for a transition period for taxpayers adjust to the new due dates, the new filing deadlines carried a delayed effective date: for tax returns for tax...Read more
Tag Archives: taxpayers
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 –...Read more
It’s not too early to get ready for year-end tax planning. In fact, many strategies take time to set up in order to gain maximum benefit. Here are some preliminary considerations that may help you to prepare. Gather your data. One major reason for planning towards year’s end is that...Read more
The 2015 filing season is now underway and the IRS, taxpayers and tax professionals are expecting some challenges. In addition to the huge number of returns the IRS must process, the agency also must ensure that individuals are in compliance with new requirements under the Affordable Care Act and prevent...Read more
Recently-released statistics from the IRS show a drop in audits among all income groups for fiscal year (FY) 2013 with the overall individual audit rates at their lowest level since FY 2006. At the same time, the number of IRS employees working audits has decreased. However, enforcement revenue increased. Taxpayer...Read more
Wormwood to Screwtape: Just ignore the 544 pages of IRS tax regulations recently issued. Surely there can’t be an accounting for what you didn’t know?
My Dear Uncle Screwtape, I am delighted to inform you of my successful efforts to have the IRS issue 544 pages of federal income tax regulations interpreting the Foreign Account Tax Compliance Act of 2009 (FATCA). Very keen on my part to suggest that there should be withholding of tax...Read more