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IRS to Begin Offering Video Conference Appeals

July 31, 2017

The IRS has announced that starting August 1st taxpayers will be able to schedule video conference appeals with IRS Appeals Officers at select offices. This program is currently being launched as a pilot, however the IRS believes this technology will provide greater access, efficiency, and flexibility to taxpayers so be on the lookout for this […]

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New Regulations Issued by IRS Change Return Due Dates and Extensions

July 24, 2017

Last Week, July 19th the IRS issued a package of regulations which change due dates and extensions of time to file for various tax returns and information. The regulations reflect statutory changes made by the Veterans Health Care Choice Improvement Act of 2015, P.L. 114-41, and the Protecting Americans From Tax Hikes Act of 2015, […]

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Small Business Accounting Checklist

July 19, 2017

Managing the finances of your business does not have to feel like pulling teeth. A well planned budget, good record keeping, and a timeline for accounting functions can make end of the year tax preparation easy and painless. One of the first things to do is break down your finances into daily, weekly, monthly, quarterly, […]

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Revised Health Bill Retains Taxes on Higher-Income Individuals

July 14, 2017

Yesterday, July 13th, Senate Republications released a revised version of the Better Care Reconciliation Act of 2017. If enacted, the new version would retain several taxes originally imposed as part of the Patient Protection and Affordable Care Act(PPACA). This includes 3.8% net investment income tax, and 0.9% Medicare Surtax under Sec. 3101. The net investment […]

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Treasury To Propose Reform of Eight Regulations Deemed Burdensome

July 11, 2017

The US Treasury has identified 8 regulations which it will soon be targeted for reform. These regulations will be changing in accordance with Executive Order 13789. These regulations includes Sec. 385 implementing rules that would re-characterize certain transactions between related parties that are ostensibly debt as equity, curbing the practice of “earnings stripping,” and proposed […]

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Senate Health Care Bill Tax Provisions

July 5, 2017

On June 22nd Senate Republicans released a draft bill that would repeal many provisions of the Patient Protection and Affordable Care Act (PPACA). The Senate bill, called the Better Care Reconciliation Act of 2017, differs in many respects from the House-passed American Health Care Act, H.R. 1628, but like the House bill, it would repeal […]

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Business Payroll Taxes and The IRS

June 26, 2017

Payroll Tax Problems Business owners are well aware that life happens: A client’s check may bounce, a huge customer might have just shut their doors – sometimes as a business owner you might have to pick between paying IRS payroll taxes, or paying your employees their regular paychecks. It can definitely be hard these days, […]

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Be Wary of New Phone Scams

June 20, 2017

Private Debt Collection Program Earlier this year the IRS moved forward with a controversial “Private Debt Collection” program. This program has had a shadow cast over it amid a sharp uptick in instances of fraudsters and scammers who pose as IRS Debt collectors. This ‘Private Debt Collection’ program was originally authorized under a federal law […]

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New Features added to IRS Online Tax Account Tool.

June 15, 2017

The IRS online tax account tool debuted in December of 2016, and at the time offered basic features such as balance lookup and different payment options. Last week the IRS announced that it had upgraded several aspects of the tool, including tax payment history lookup up to 18 months back, and online transcripts of 1040-series […]

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