Published .

Posted in: Uncategorized

Tagged:

This month, the IRS will begin implementation of new procedures affecting individuals with “seriously delinquent tax debts.” These new procedures implement provisions of the Fixing America’s Surface Transportation (FAST) Act, signed into law in December 2015. The FAST Act requires the IRS to notify the State Department of taxpayers the IRS has certified as owing a seriously delinquent tax debt. See Notice 2018-1. The FAST Act also requires the State Department to deny their passport application or deny renewal of … Continued

Published .

Posted in: Uncategorized

Tagged:

An employee stock option is a contract that gives employees the right to buy a certain amount of the company’s stock at a predetermined exercise price after a specified vesting period. The exercise price is normally the fair market price of the stock at the time the option is granted, and the option is typically exercisable for a certain period of time.   Incentive stock options are a form of qualified stock options that are granted to an employee by … Continued

Published .

Posted in: Uncategorized

Tagged:

Previously, the IRS announced that they were testing new expanded criteria for streamlined installment agreements. This expanded criteria allowed previously unqualified taxpayers to qualify for the streamlined process. This test was set to run through September 30, 2017. The IRS has now extended the testing period to run through September 30, 2018. This is good news for taxpayers and businesses hoping to settle past tax liabilities in a quick and efficient manner. On the IRS website, they state that, “One … Continued

Published .

Posted in: Uncategorized

Tagged:

Several significant tax law changes took effect in 2016 that may affect your business’s federal tax filings in 2017. As the year draws to a close, we should review these changes, as well as your business’s projected taxable income or loss to see what actions might be appropriate before year end to reduce taxes. It’s also important to ascertain whether enough estimated taxes have been paid to avoid any underpayment of estimated tax penalties.   Accelerated Filing Deadlines for Forms … Continued

Published .

Posted in: Uncategorized

Tagged:

Permanent Extension of Section 179 Expensing and Modification of Amounts Eligible for Expensing One of the biggest wins for businesses is the permanent extension of the small business Code Sec. 179 expensing limitation and phase-out amounts in effect from 2010 to 2014 of $500,000 and $2 million, respectively. Both the $500,000 and $2 million limits are indexed for inflation beginning in 2016. For 2015, the limitation and phase-out amounts were slated to be $25,000 and $200,000, respectively. The special rules … Continued