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September 2016

NYSAFAH @ the Rochester Hyatt

Come visit us at the nysafah conference at the Hyatt in Rochester!

Congress returns from extended summer recess to busy tax agenda

Every four years, Congress returns to work after a summer recess and is overshadowed by the looming presidential election. This year is no exception with taxpayers and lawmakers focused on Election Day, November 8. In the meantime, however, lawmakers have almost two months to take up legislation left pending when they recessed in July. Included on their agenda are many […]

IRS responds to expanding sharing economy with new resources

The IRS launched new online resources for service providers and participants in the sharing economy. Advances in telecommunications have fueled the growth of the sharing economy. More and more consumers are connecting with service providers for shared car services, apartments and rooms for short-term rentals, and some employment opportunities.

Tax issues

Taxation in the shared economy came to Congress’ attention earlier this […]

IRS releases TY 2016 Draft Forms for Applicable Large Employer ACA reporting

The IRS has released draft forms for Affordable Care Act (ACA) reporting under Code Secs. 6055 and 6056 for tax year (TY) 2016. These draft forms reflect changes from the forms used for TY 2015 and will likely reflect what compliance under the final version will entail.

Under the ACA, health insurance issuers or sponsors have reporting requirements that they must […]

How do I? Opt-in to the new partnership audit rules

The IRS has issued temporary regulations (T.D. 9780) that explain how a partnership can opt in to the new partnership audit regime that was enacted in the Bipartisan Budget Act of 2015 (BBA). As enacted, the new audit rules will apply to partnership returns filed for tax years beginning after December 31, 2017. However, the new law allows partnerships to […]

FAQ: What are the new IRS procedures for Individual Tax Identification Numbers?

The IRS announced in August new procedures for renewing an unused or expired Individual Tax Identification Number (ITIN). The new procedures are scheduled to take effect later this year and will impact 2016 federal individual income tax returns filed in 2017.

PATH Act changes

ITINs are used by individuals who have federal tax filing or payment obligations but who do not have […]

Night Out

Enjoying a great night and dinner with one of our clients.

September 2016 tax compliance calendar

As an individual or business, it is your responsibility to be aware of and to meet your tax filing/reporting deadlines. This calendar summarizes important federal tax reporting and filing data for individuals, businesses and other taxpayers for the month of September 2016.

September 2

Employers. Semi-weekly depositors must deposit employment taxes for Aug 27–Aug 30.

September 8

Employers. Semi-weekly depositors must deposit employment taxes […]

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