IRS SCRAPS PLAN TO CLOSE PLANT

IRS scraps plan to close plant. The Internal Revenue Service has scrapped a previous plan that it had to close a Tax Processing facility it had, over the massive backlash it has received for falling so far behind on the processing of back tax returns. The backlog threatens delays, and problems for the 2022 tax […]

PATH ACT AND IRS

Path Act and IRS. The Protecting Americans from Tax Hikes Act of 2015, or path act, enacted less than a year and a half ago on Dec. 18, 2015, has generated a number of questions, some of which the IRS has recently tried to address and others that are still in need of additional guidance. […]

AUTOMOBILE FLEET REGULATIONS

Automobile fleet regulations. Notice 2019-08, is the notice under Section 1.61-21(d) that shows the proposed IRS regulations updating the fleet average and vehicle cents per mile valuation, which are described in detail. To align the limitations on the maximum vehicle fair market values for use of these special valuation rules with recent statutory changes made […]

TAX MOVES TO AVOID PENALTIES

Tax moves to avoid penalties. With the end of 2018 fast approaching, end of year investing and tax moves can pay dividends in the new year. One of those  is for people aged 70 and a half or older: do not forget to take your required minimum distribution or you could face a very large […]

SUPREME COURT’S TAX CONSEQUENCE

Supreme Court’s tax consequence. The tax consequence of the U.S. Supreme Court’s ruling in the case of South Dakota v. Wayfair Inc. is that states can assert nexus for sales and use tax purposes without requiring a seller’s physical presence in the state, and it overturns prior Supreme Court precedent in Quill Corp. v. North […]

TAX REFORM ESSENTIALS

Tax reform essentials. Its been nearly three decades since any meaningful tax reform came about in Washington D.C. After suffering through one of the worst months in the history of natural disasters, America could really use tax reform.  We not only have rebuilding to do here in the continental United States, but arguably our most […]