When IRS examiners check ‘under the hood,’ they often find retirement plan internal controls are lacking. The consequences can be severe, even if an IRS audit doesn’t turn up any other problems. The worst-case scenario? Theft of plan assets that … Continue reading
To help you make sure you don’t miss any important 2017 tax deadlines, we’ve provided this summary of when various tax-related forms, payments and other actions are due. Be aware that some deadlines have been moved up or pushed back … Continue reading
The IRS has again extended the deadline for employers subject to the Affordable Care Act’s (ACA’s) information reporting requirements to meet their obligations to employees. Last year, the IRS extended the 2016 deadlines for reporting 2015 information, giving employers an … Continue reading
As you might expect, you can incur IRS penalties if a tax return is not timely filed or a tax liability is not timely paid. The rules are often complex; however, you may avoid a penalty if you can show reasonable … Continue reading
The IRS has issued a warning about a pervasive phone scam. The Treasury Inspector General for Tax Administration (TIGTA) called it the largest scam of its kind. It has received reports of over 20,000 contacts related to this scam, and … Continue reading
Even if you’ve never had to worry about reporting Uncertain Tax Positions (UTPs) on your company’s tax return, that may change. Starting with the 2014 tax year, corporations that have assets of at least $10 million and meet other filing … Continue reading
Through the end of 2014, individuals with more than one individual retirement account (IRA) could take a distribution from an account and, so long as the funds were either rolled back into the same account or moved to another IRA … Continue reading
Last year, the IRS announced the launch of a one-year temporary pilot program to help small businesses that have failed to timely file certain retirement plan returns. Now the deadline for seeking relief is right around the corner. Small businesses … Continue reading
How to protect your tax-exempt status What would happen if your nonprofit lost its federal tax-exempt status? The thought might send shivers down your spine, and it should. Here are reminders about some of the actions that are required — … Continue reading
If you offer employees health care coverage under a Section 125 cafeteria plan, be aware that the IRS has made some recent changes. New rules now expand an employee’s ability to revoke coverage during the plan year. The rules are … Continue reading
On Dec. 16, the Senate passed the Tax Increase Prevention Act of 2014 (TIPA), which the House had passed on Dec. 3. President Obama has indicated that he will sign the bill as soon as it reaches his desk. TIPA is the latest “extender” package, a stopgap measure that retroactively extends through Dec. 31, 2014, certain tax relief provisions that expired at the end of 2013. It was drafted after the collapse of negotiations over a bill that would have made some of the provisions permanent, while extending others for two years. Continue reading
From IRS.gov: WASHINGTON — The Internal Revenue Service announced plans to open the 2014 filing season on Jan. 31.The new opening date for individuals to file their 2013 tax returns will allow the IRS adequate time to program and test … Continue reading
From KyCPA.org: KyCPA testifies on LLET during legislative committee hearing Kentucky Society of CPAs President Harry Freibert, KyCPA Government Affairs Director Charles George, and businesswoman Vivian Stobaugh, CPA, testified at the Interim Appropriations and Revenue Committee hearing in Frankfort recently … Continue reading
The Internal Revenue Service has issued the 2014 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on Jan. 1, 2014, the standard mileage rates for the … Continue reading
The Internal Revenue Service recently announced annual inflation adjustments for tax year 2014 for more than 40 tax provisions, including the tax rate schedules, and other tax changes. Revenue Procedure 2013-35 provides details about these annual adjustments. The tax items … Continue reading
The Internal Revenue Service yesterday warned consumers about a sophisticated phone scam targeting taxpayers, including recent immigrants, throughout the country. Victims are told they owe money to the IRS and it must be paid promptly through a pre-loaded debit … Continue reading
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