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October 2016

Congress passes targeted tax bills, stop-gap spending measure

As lawmakers prepared to recess for November elections, they also passed several tax-related bills in September. The bills addressed IRS operations, deductions, and more. At the same time, House and Senate negotiators reached an agreement to avoid a federal government shutdown, including the IRS, after the end of the current fiscal year.

IRS operations

Banks and other financial institutions must report any […]

A first look at 2017 inflation-adjusted tax amounts now available

An early glimpse at the income tax picture for 2017 is now available. The new information includes estimated ranges for each 2017 tax bracket as well as projections for a growing number of inflation-sensitive tax figures, such as the tax rate brackets, personal exemption and the standard deduction. Projections – made available by Wolters Kluwer Tax & Accounting US – […]

Year-end tax planning is right around the corner

It’s not too early to get ready for year-end tax planning. In fact, many strategies take time to set up in order to gain maximum benefit. Here are some preliminary considerations that may help you to prepare.

Gather your data. One major reason for planning towards year’s end is that you usually now have a clearer picture of what your total […]

FAQ: What is the 80/50 rule for van pooling?

Federal tax law allows taxpayers to exclude from income “qualified transportation fringe benefits.” Included in this category of benefits are van pools

There are three types of van pools for federal tax purposes:

Employer-operated van pool. In an employer-operated van pool, the employer either purchases or leases vans to enable employees to commute together to the employer’s place of business or the […]

How do I….subordinate a federal tax lien?

A federal tax lien on real or personal property may be terminated or altered in the following ways:

The IRS must release a tax lien if the IRS determines that the tax liability has been paid or is legally unenforceable.
The IRS has discretion to discharge specific property from a tax lien in certain circumstances.
The IRS may withdraw a notice of federal […]

October 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 October 2016. 

October 5

Employers. Semi-weekly depositors must deposit employment taxes for Sept 28–Sept 30.

October 7

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

Clambake 2016

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