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The Internal Revenue Service has issued final regulations for how to elect out of the centralized partnership audit regime that the IRS has begun implementing to deal with large partnerships. Under the Bipartisan Budget Act of 2015, Congress gave the IRS the ability to audit large partnerships such as hedge funds, private equity firms and […]
As the newest cooperator for Special Counsel Robert Mueller, Rick Gates gives prosecutors a powerful weapon in pursuing former Trump campaign chairman Paul Manafort and possible election collusion with Russia. Gates, who pleaded guilty Friday in Washington, was Manafort’s right-hand man and worked with him for a decade in his political consulting firm in Ukraine […]
Taxpayers with income from a farming or fishing business have until March 1 to take advantage of special rules to forgo quarterly estimated tax payments. Such taxpayers may be able to avoid making estimated tax payments by filing their 2017 return and paying the entire tax due on or before March 1. This rule generally […]
Certify, a business expense software provider, has released its annual list of the top 10 craziest business expenses of 2017, and they include some doozies. Among them is a $6,500 charge for a helicopter ride to work to make it to a client meeting in time, along with a $50 charge for a massage in […]
Even with a significant development in the form of federal tax reform at the end of 2017, many legislative conversations seemed to go around in circles over the past year. As a result, it’s difficult to know where regulations stand now and how they may change moving forward. This is particularly true for small business […]
Consumers would do almost anything than pay their taxes, according to a new survey, even if it meant shaving their heads, foregoing the internet and social media for a year, or having the same song stuck in their heads. The survey, from the online marketplace Offers.com, polled more than 1,000 consumers across the country. It […]
The Internal Revenue Service said Thursday it’s prepared to handle three tax breaks that had expired for 2017 but were recently extended retroactively by Congress. This month, as part of the bipartisan budget deal, Congress revived 36 tax extenders that had expired at the end of 2016 and weren’t previously included in last December’s tax […]
What does it take to get into the 1 percent? The price of admission is an adjusted gross income—basically, what you make before deductions—of $480,930. That’s according to the Winter 2018 edition of the Internal Revenue Service’s Statistics of Income Bulletin, which shows that the number of that elite group hit about 1.4 million in […]
Today, the Seattle skyline is littered with cranes, the city expanding fast to accommodate the stream of incoming new residents and new companies. And while the area grows at breakneck speed, there’s a building with tax compliance solution provider Avalara’s name on it. Literally. On Monday, Feb. 18, Avalara officially moved into the brand-new Avalara […]
Nearly 70 percent of taxpayers in 12 countries would like to see artificial intelligence improve the accuracy of tax filings. The findings from a recent Accenture survey also showed that 40 percent of taxpayers made a filing error in the last two years. Responses to the survey suggest that as technology is globalized and more […]
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