Tax & Accounting Blog

IRS Announces Increase in Penalty Amounts: It isn’t a bad thing

IRS Announces Increase in Penalty Amounts: It isn’t a bad thing

The Affordable Care Act (ACA) may provide more affordable health care, but the new IRS information reporting penalties for non-compliance just got less affordable. You may already know this, but Congress recently passed new legislation mandating new tax provisions including an increase in penalties under Section 6721 for failing to file correct information returns and … Read More

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Tax Court had no jurisdiction to credit taxpayer’s claimed overpayment

August 12, 2015 Del-Co Western, TC Memo 2015-142TC Memo 2015-142 The Tax Court has ruled that, in a case brought by a taxpayer for review of an IRS collection due process (CDP) hearing, it did not have jurisdiction to credit an overpayment that taxpayer alleged it had made because that overpayment was not an “available … Read More

What’s Better Than Duty Free Under An FTA?  Unconditionally Duty Free Under the ITA!

What’s Better Than Duty Free Under An FTA? Unconditionally Duty Free Under the ITA!

While the benefits of utilizing Free Trade Agreements (FTA’s) are significant for most industries in general, those companies in the technology sector who have benefited from duty savings based on the World Trade Organization’s (WTO) 1996 Information Technology Agreement (ITA)  will have things even better relatively soon if all goes as expected under an ITA … Read More

Puerto Rico Enacts Comprehensive Tax Reform

Puerto Rico Enacts Comprehensive Tax Reform

After years of attempts to find increased revenue, the Puerto Rico legislature enacted act 72-2015 on May 29, 2015 (“Act 72-2015”), which amends various sections of the 2011 Internal Revenue Code, as amended, adding Subtitle DD titled “Value Added Tax”.This legislation makes Puerto Rico the first United States territory to adopt a comprehensive Value Added Tax … Read More