January 2017

What you need to know about 1099-C form

Taxes can get confusing — just looking at the names of some of the forms you have to fill out can be enough to get your head spinning. Like the 1099-C, for example. What is that, and why is it in your mailbox? Well, we’re here to help and answer all your 1099-C questions. What …read more

Reminder: Employers Must File Forms W-2 by Jan. 31 This Year

The Internal Revenue Service today reminds employers that the due date for filing Forms W-2, the Wage and Tax Statement for their employees for calendar year 2016, is now Jan, 31, 2017. Also, those who hire contract workers and have to file Form 1099-MISC now must file by Jan. 31. The new deadline applies whether …read more

IRS Revised Safe Harbor for Private Business use of Tax-Exempt Bond Financed Property

In Rev. Proc. 2016-44, the IRS issued new safe-harbor procedures under which a management contract does not result in private business use of property financed with governmental tax-exempt bonds under Sec. 141(b) or cause the modified private business use test under Sec. 145(a)(2)(B) to be met for property financed with qualified 501(c)(3) bonds. Private Business …read more

IRS warns of second wave of W-2 email Scam

The Internal Revenue Service, along with state tax authorities and the tax preparation industry, are cautioning businesses to beware of an email phishing scam using a corporate officer’s name asking for employee W-2 forms from payroll and human resources departments at companies. The IRS said Wednesday it has been hearing complaints this week the email …read more

Claim the Earned Income Tax Credit

The Earned Income Tax Credit has helped workers with low and moderate incomes get a tax break for 40 plus years. Yet, one out of every five eligible workers fails to claim it. Here are some things taxpayers should know about the EITC: Review Your Eligibility. Taxpayers who worked and earned under $53,505 may qualify …read more

IRS Proposed Changes to Rules for Dependents

The IRS is proposing to change its position on when taxpayers may qualify as childless for purposes of the Sec. 32 earned income tax credit (REG-137604-07). The proposed regulations, issued on Thursday, would also make a variety of changes to the definition of “dependent” in the regulations to reflect various statutory changes that have been …read more

With Close Trump ties, private equity eyes tax and financial reform

(Bloomberg) Private equity has the President-elect on speed dial. That may benefit the $2.5 trillion industry as several key issues are put in play. Wilbur Ross, who made his private equity fortune restructuring bankrupt companies, will as Commerce secretary be the voice of U.S. business in Donald Trump’s cabinet. Blackstone Group LP Chief Executive Officer …read more

Top regulatory issues for small businesses in 2017

Even as someone who lives and breathes compliance and regulatory issues, it’s easy to get overwhelmed by the many changes that happen each year. I understand why small business owners say they can’t keep up with the constant regulatory back and forth and how it impacts their business. Paychex recently surveyed more than 300 small …read more

How the IRS Taxpayer Bill of Rights Works

Taxpayers have fundamental rights under law. The “Taxpayer Bill of Rights” presents these rights in 10 categories. This helps taxpayers when they interact with the IRS. Publication 1, Your Rights as a Taxpayer, highlights a list of taxpayer rights and the agency’s obligations to protect them. Here is a wrap-up of the Taxpayer Bill of Rights: …read more

Who Will Prepare Your Tax Return?

As the start of tax filing season approaches, the Internal Revenue Service is reminding taxpayers to start thinking about who will prepare their 2016 federal tax return. The IRS will begin processing tax returns on Monday, January 23. Many software companies and tax professionals will accept and submit tax returns before the IRS systems open …read more