2017 Tax Reform: Latest changes to the Senate-passed “Tax Cuts and Jobs Act”
On December 2, the Senate, by a vote of 51 to 49, passed the “Tax Cuts and Jobs Act” (the …
Social Security wage base increases to $128,700 for 2018
The Social Security Administration has announced that the wage base for computing the Social Security tax (OASDI) in 2018 will …
Penalty relief provided for partnerships filing late in 2017 due to new deadline
In a Notice, IRS has provided penalty relief to partnerships that filed certain untimely returns, or untimely requests for an …
FICA tax rules for nonqualified deferred plan annuity payments
Information Letter 2017-0012 IRS has issued an information letter on the FICA tax rules with respect to nonqualified deferred compensation …
Taxpayer was the employer; professional employer organization didn’t control payment of wages
In Chief Counsel Advice (CCA), IRS has held that, where a taxpayer contracted with a professional employer organization (PEO) to, …
IRS issues 2017 auto, light truck and van depreciation dollar limits
IRS has released the inflation-adjusted Code Sec. 280F depreciation limits for business autos, light trucks and vans (including minivans) placed …
2016 research credit form, instructions implement new AMT offset, payroll credit rules
IRS has issued final versions of Form 6765, Credit for Increasing Research Activities, and the instructions for that form. The …
“Last minute” year-end 2016 tax-saving moves for businesses
As year-end approaches, practitioners should consider whether business clients could benefit from the following “last minute” tax-saving moves, including adjustments …
IRS continuing to expand W-2 verification code program
During last week’s IRS payroll conference telephone call, IRS provided further information on its plans to expand the W-2 Verification …
Turning startup profits into 100% tax-free gain under the qualified small business stock rules
Successful startups can pay off big for those who get in on the ground floor, and the qualified small business …