The Latest News
Treasury, IRS release final and proposed regulations on new 100% depreciation
The Treasury Department and the Internal Revenue Service today released final regulations (PDF) and additional proposed regulations (PDF) under section 168(k) of the Internal Revenue Code on the new 100% additional first year depreciation...
The Donor Disclosure Saga Continues: IRS Readdresses Donor Disclosure Requirements After Court Loss
Earlier this month the IRS announced proposed regulations and issued IRS Notice 2019-47 addressing the donor disclosure rules applicable to tax-exempt organizations. These actions by the IRS were brought about when previously provided exemptions...
Counseling Clients on Closing Costs in a 1031 Exchange
Given that a 1031 exchange necessarily involves the sale of real estate, closing costs will always be a part of the transaction. Advertisement Clients routinely ask which of these costs can be paid directly with exchange proceeds without...
As Hurricane Dorian gains strength, IRS encourages preparation for natural disaster
As Dorian threatens and with the peak of hurricane season just ahead, the Internal Revenue Service reminds everyone to develop an emergency preparedness plan. Taxpayers, whether individuals, organizations or businesses, should take time now to...
Tax cuts are back on the agenda. They're not a done deal
Central bankers will take center stage when they gather in Jackson Hole later this week. But for now, as investors sit and wait, monetary policy isn't what's generating the most buzz. That's right. Almost two years after US President Donald...
IRS automatically waives estimated tax penalty for eligible 2018 tax filers
The Internal Revenue Service is automatically waiving the estimated tax penalty for the more than 400,000 eligible taxpayers who already filed their 2018 federal income tax returns but did not claim the waiver. The IRS will apply this waiver...
More States are Allowing Businesses to Absorb Sales Tax
Recently, Pennsylvania and Texas allowed businesses to absorb sales tax, meaning they can pay the tax due rather than collect it from the consumer. Is this a new trend? It used to be against the law for a business to absorb sales tax in...
Are Taxes Fairer or Simpler Under the TCJA?
This article is an analysis of what was promised when the Tax Cuts and Jobs Act was enacted compared with what has actually happened to date using nonpartisan, objective and authoritative sources. Specifically, this piece addresses the key...
Individuals with significant tax debt should act promptly to avoid revocation of passports
The Internal Revenue Service today urged taxpayers to resolve their significant tax debts to avoid putting their passports in jeopardy. They should contact the IRS now to avoid delays in their travel plans later. Under the Fixing America’s...
2019 Employment Legislation Summary
In the 2019 legislative session, Connecticut's General Assembly passed several new laws with big ramifications for employers. Unless otherwise noted, the changes are effective October 1, 2019.  Our friends at Shipman & Goodwin LLP have compiled...
IRS launches new Tax Withholding Estimator; Redesigned online tool makes it easier to do a paycheck checkup
The Internal Revenue Service today launched the new Tax Withholding Estimator, an expanded, mobile-friendly online tool designed to make it easier for everyone to have the right amount of tax withheld during the year. The Tax Withholding...
IRS, Treasury issue guidance on making or revoking the bonus depreciation elections
The Internal Revenue Service today issued a revenue procedure allowing a taxpayer to make a late election, or to revoke an election, under section 168(k) for certain property acquired by the taxpayer after September 27, 2017, and placed in...
Interacting with clients outside the busy tax season
Take time when things are less hectic to hear about your clients’ needs.
IRS To Target S Corporations, Foreign Disclosures In New Campaigns
The Internal Revenue Service (IRS) Large Business and International division (LB&I) has announced six additional compliance campaigns for taxpayers. A compliance campaign is a targeted directive on a particular issue; they happen when the IRS...
Cybersecurity for Tax Professionals
The Internet Society's Online Trust Alliance just released its 2018 Cyber Incident & Breach Trends Report, which says "2018–Some Better, Some Worse, All Bad." That’s our experience, too. Here are the highlights from the report.
How the ‘Kiddie Tax’ Change May Impact Clients

More >

 

 

Continuing Professional Development

Fraud Basics: Protecting the Company Till - Morning Session (Livestream) - 11/26/2019 -
Our focus is to reduce the overall risk of fraud. To that end, this course focuses on what factors contribute to turning honest employees into schemers....
Fraud Basics: Protecting the Company Till (Morning Session) - 11/26/2019 - Rocky Hill
Our focus is to reduce the overall risk of fraud. To that end, this course focuses on what factors contribute to turning honest employees into schemers....

 

Webinars