Tax Cuts 2.0

President Donald Trump and House GOP tax writers discussed "Tax Cuts 2.0" in a July 17 meeting at the White House. The next round of tax cuts will focus primarily on the individual side of the tax code, both Trump and House Ways and Means Chair Kevin Brady, R-Tex., reiterated to reporters at the White House before the meeting.

Individual Tax...

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5 Tips to Remember if You Received an IRS Notice

Written By: Michael Carr, CPA
 
1. Don’t ignore it.
Some tax notices may include a “reply by” date which can lead to additional penalties and interest if not addressed by that date.
 
2. Be aware of phishing scams.
If a tax notice/letter looks suspicious, you can contact the IRS at 1-800-829-1040 (Individuals) or 1-800-829-4933 (Businesses) to...
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Railroad Stock Options Are Not Money Remuneration Under RRTA

The U.S. Supreme Court has determined that nonqualified employee stock options are not taxable compensation under the Railroad Retirement Tax Act (RRTA). The term "money remuneration" in the Act unambiguously excludes "stock."

Background

Several railroads filed a refund claim for overpaid Railroad Retirement taxes. The railroads claimed they...

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Brady Expects “Phase Two” Tax Reform Outline by August

A "phase two" tax reform outline could be unveiled by House GOP tax writers by August. Republicans have started to increase their tax meetings related to the effort, House Ways and Means Committee Chairman Kevin Brady, R-Tex., told reporters on June 13.

Tax Reform "2.0" Timeline

The precise timing of a "phase two" tax reform bill or discussion...

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Mnuchin, Kautter Testify Before Senate Committee on Outdated IRS Technology

The IRS’s "Achilles’ heel" is using outdated software originating from the 1960s, Acting IRS Commissioner David Kautter told Senate lawmakers. Kautter and Treasury Secretary Steven Mnuchin testified in a May 22 Senate Appropriations Financial Services and General Government Subcommittee hearing.

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Regs Clarified In Response to Suit Over ACA Emergency Services Rules

The Treasury Department and the IRS, along with the Department of Labor and the Department of Health and Human Services, issued a notice of clarification to more thoroughly explain their decision not to adopt recommendations made by the American College of Emergency Physicians (ACEP) and certain other commenters regarding T.D. 9744. The challenged...

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FAQ About Meals & Entertainment Under The New Tax Law

Written by Robin Bodine, CPA & Sandra Nonnenmocher, CPA, MST

The Tax Cuts & Jobs Act had a significant impact on what businesses can deduct for meals and entertainment. Below are some of the common questions we receive from clients.

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Tax Reform: Impact on Meals & Entertainment Deductions

Written by Robin Bodine, CPA & Sandra Nonnenmocher, CPA, MST

Although many individuals benefited from the tax reform, the Tax Cuts & Jobs Act placed stricter rules for meals and entertainment deductions.  Before the tax reform, businesses could potential deduct 50% of entertainment costs which included taking clients to sporting events and golf...

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LB&I Rolls Out Additional Issue-Based Compliance Campaigns

The IRS Large Business and International (LB&I) Division has identified and selected six additional compliance campaigns. The IRS previously announced 13 campaigns on January 31, 2017, followed by an additional 11 on November 3, 2017, and five more on March 13, 2018. These campaigns help LB&I move in the direction of issue-based examinations....

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IRS Outlines A New 5-Year Strategic Plan

The IRS has issued a new five-year strategic plan to guide its programs and operations and to help meet the changing needs of taxpayers and members of the tax community. "Providing service to taxpayers is a vital part of the IRS mission and the new Strategic Plan lays out a vision of ways to help improve our tax system," remarked IRS Acting...

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