Tag Archives: IRS

IRS Now Issuing Penalties to Employers for Obamacare Violations

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.

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Ohio Taxpayers: Respond Promptly to New Federal Adjusted Gross Income (FAGI) Notices

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.

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2017 Tax Reform: Impact to Hotel Industry and the Importance of a Cost Segregation Study

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?

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3 Ways Small Businesses and Startups Can Benefit from the PATH Act R&D Tax Credit

The Protecting Americans from Tax Hikes (PATH) Act of 2015 permanently extended the traditional research and development (R&D) tax credit and also introduced new ways that small businesses can utilize the R&D credit.

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Update on the Fate of Private Company Valuation Discounts

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.

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Understanding Transfer Pricing and Its Implications for Businesses on Global Commerce

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.

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Tax Relief is Available for Hurricane Irma Victims

Special tax relief and assistance, including extended deadlines and penalty abatement has been expanded to taxpayers in additional U.S. territories and states.

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IRS Offers Penalty Relief in Wake of Recent Hurricanes

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.

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Bitcoin Traders Are Now in the IRS Crosshairs

IRS “hunting season” has begun, and bitcoin traders are big game for IRS agents.

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New Tax Court Ruling Shines Favorably on Foreign-Owned LLCs and Partnerships

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.

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