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February 11, 2019 IRS Tax Audit Rules for Partnerships (including LLCs taxed as partnerships) The Bipartisan Budget Act of 2015 (“Act”) made significant changes to the Internal Revenue Service’s partnership audit rules effective for partnership tax years beginning in 2018. How the new audit rules will affect a partnership and its partners will depend, in
Jeff started his professional career in the San Francisco office of Price Waterhouse Coopers (formerly Price Waterhouse) in 1970, upon graduation from the University of San Francisco with a Bachelor of Science degree in Accounting. After almost ten years of practice in the large firm environment, he relocated to Incline Village, where he has practiced
Using appreciated stock held over a year to fund a significant contribution to a public charity instead of cash can result in a “double play”. You can get the benefit of a deduction equal to the full fair market value of the shares and at the same time avoid paying capital gains tax on the
by: Internal Revenue Service If you owe a debt to someone else and they cancel or forgive that debt, the canceled amount may be taxable. The Mortgage Debt Relief Act of 2007 generally allows taxpayers to exclude income from the discharge of debt on their principal residence. Debt reduced through mortgage restructuring, as well as
by: RIA The President recently signed into law the “Hiring Incentives to Restore Employment Act of 2010” (the HIRE Act, P. L. 111-47, 03/18/2010). The HIRE Act includes a comprehensive set of measures to reduce offshore noncompliance by giving IRS new administrative tools to detect, deter and discourage offshore tax abuses, as well as a
by: Ashley Quinn, CPAs and Consultants, Ltd. Planning for 2013… As it stands, the Bush tax cuts will expire, the temporary payroll tax cut will end, and unemployment benefits will be substantially curtailed at the end of 2012. Expiration of Bush tax cuts will mean an increase in tax rates for investment income, estates and
by: Ashley Quinn, CPAs and Consultants, Ltd. Most taxpayers are very interested in key provisions in the recently enacted 2012 American Taxpayer Relief Act which provide permanent relief to individual taxpayers from the alternative minimum tax, or AMT. Earlier temporary measures to deal with the unintended creep of the AMT’s reach expired at the end of
by: RIA In addition to permanently extending the Bush-era tax cuts for most taxpayers, revising tax rates on ordinary and capital gain income for high-income individuals, modifying the estate tax, providing permanent relief from the AMT, and imposing limits on the deductions and exemptions of high-income individuals, the recently enacted 2012 American Taxpayer Relief
by: Frederick W. Daily JD and Jeffrey A. Quinn CPA Tax Savvy for Small Business by Frederick W. Daily J.D and Jeffrey A. Quinn CPA (Nov 29, 2013) Editorial Reviews Review “This plain-English guide will show you how to make the most of your tax-deductions”. Business Week “..Even if you use an accountant, pick
by: RIA RE: New Capitalization Regulations – ACTION ITEM: Business taxpayers must have written accounting policies in place on the first day of the tax year (January 1, 2014 for calendar year taxpayers) to deduct the de minimis amounts provided under safe harbor provision. Recently, the Internal Revenue Service issued final tangible property capitalization
Year end tax planning could be especially productive this year, because timely action could nail down a host of tax breaks that won’t be around next year unless Congress acts to extend them which, at the present time, is uncertain at best. Additionally, a significant new tax provision which will impact high-income earners starting in
MOVE TO NEVADA – SAVE A BUNDLE! One of the factors motivating many individuals and businesses to move to Nevada is the hospitable income tax climate which prevails in the State. Nevada imposes no state income tax on individuals or on business entities. California, on the other hand, imposes a very significant
From small businessmen in San Diego to vintners in Napa Valley, top-earning Californians reeling from a new state income tax are preparing to pack up and bail out. Top-ranked golfer Phil Mickelson ignited a firestorm this week by suggesting that the state’s tax landscape might force him to make tough decisions, such as moving elsewhere.
Clearly one of the factors which motivates many individuals and businesses to relocate to Nevada is the hospitable income tax climate which prevails in the state. Nevada imposes no income tax whatsoever on individuals or on business entities. The single most important prerequisite to enable a taxpayer to take advantage of Nevada’s “tax hospitality” is
All deadlines have more or less equal implications, but some deadlines are more equal than others. This one looms – no later than June 30 upcoming! By law, many U.S. folk with foreign accounts exceeding certain thresholds must file Form 114, “Report of Foreign Bank and Financial Accounts” (aka “FBAR”) electronically with the Treasury Department’s
We’ve been preaching that note for decades – but some folk just don’t seem to get it, and refuse to look after their own savings needs, expecting they will be spending each summer on the Riviera. It just doesn’t work that way. The Tax Foundation has a good recent report on the matter, which those
Seems as if that’s pretty much how it’s looking – the House Judiciary Committee has scheduled hearings to examine alleged misconduct by Commish Koskinen, we hear. On May 24 (just next week) the Judiciary Committee will hear the findings of the House Oversight and Government Reform Committee’s investigation of the Chief Revenooer! Congressman Jim Jordan
Tax Freedom, that is! You actually just achieved it about a week ago, according to the Tax Foundation. “Tax Freedom Day” 2016 just passed – on April 24, or 114 days (not counting “Leap Day”) into the new year. And indeed, “Freedom” comes one day earlier than last year! That’s the good news. You will
So you think the fact that you spend some big bucks on the clothes you wear to work – in order to impress your customers and others – is reason enough to have Uncle Sam subsidize your expenditure. Not so, say the Revenooers, as most recently expressed in the Tax Court case of Sofien Beltifa.
Always vigilant to the endless raft of tax shenanigans going on out there, IRS has released its latest list of favorites – warning taxpayers to be alert to the most egregious potential problems lurking. Identity theft – This is the biggie. IRS continues to hunt down and prosecute the crooks filing false tax returns using
Comforting, isn’t it? To learn that IRS has adopted policies that prohibit its employees who cheat on their own taxes to work for Uncle Sam! “I have no indication that anyone working for the IRS has not followed the updated procedures,” quoth Commish Koskinen in recent testimony before the Senate Finance Committee. Recall that a
REVENOOER RANTS – 2/8/16 Lest we be chastised for not giving credit where credit is due, we have to hand it to Obama for recently announcing much needed retirement incentives which will be included in his 2017 budget to be announced this week. The simple fact is that, unlike the situation in our parents’ generation,