The IRS recently announced that it is now issuing penalties for employers who have violated the employer mandate for the 2015 tax year. Employers who delegated that responsibility to employees who didn’t understand the complex coding requirements, may now be faced with significant costs.
As of November 15, you may receive a Federal Adjusted Gross Income billing notice if there is a discrepancy between tax information reported to the IRS on your individual income tax return vs. your Ohio individual income tax return. It is important to respond to this billing notice immediately.
The Tax Cuts and Jobs Act includes provisions for immediate expensing of 100% of qualified property placed in service after Sept. 27, 2017 and before Jan. 1, 2023. As with any law, there are always exceptions, so what does this mean for hotels? Is a hotel considered a real property trade of business?
We have waited in limbo for the past year to learn the fate of these proposed changes to the tax code. Just over a week ago, the estate and gift tax planning world finally received some closure.
Transfer pricing is one of the top audit issues for the IRS and global businesses could risk incurring steep penalties on transfer pricing adjustments if they are not in compliance. It is now more important than ever for global companies to fully grasp the concept of transfer pricing and use it to maximum advantage.
Special tax relief and assistance, including extended deadlines and penalty abatement has been expanded to taxpayers in additional U.S. territories and states.
In the aftermath of a hurricane, most people focus on the devastation and subsequent relief efforts to clean up the mess and get back to normal. However, there are still IRS deadlines looming in the distance that might be overlooked.
IRS “hunting season” has begun, and bitcoin traders are big game for IRS agents.
Recent Tax Court rulings will make it possible for investors in lower tax jurisdictions to save significant tax by not subjecting the gain on the sale of the investment to U.S. taxation.