Client Update: How to Treat Tips for Tax Purposes
Individuals who perform services in certain industries receive tips as part of their compensation for the services they provide. Businesses …
Tax Court: Engineering Firm Was Entitled to Energy Efficient Commercial Building Property Deduction
The Tax Court has found that an engineering company that installed energy efficient commercial building property (EECBP) in a Veterans …
Yellen Forced to Cut Another Investment in Federal Employees Retirement Funds Due to Debt Limit
The Federal government has stopped its investment in another federal employees’ retirement fund due to its breaching the debt limit …
Supreme Court Declines to decide if FBAR Penalties Violate 8th Amendment
The U.S. Supreme Court will not take up a case where it would have needed to determine if foreign bank …
Revenues From Two-Pillar Plan Higher Than Expected, OECD Estimates
The Organization for Economic Cooperation and Development has adjusted upwards revenue estimates from its international tax framework, with a full …
Storm Victims in Georgia, Alabama Get Tax Relief
The IRS has provided tax relief to storm victims in parts of Georgia and Alabama. Victims in the disaster area …
Additional IRS Guidance Needed on Reporting Tax Scams, Says GAO
The IRS needs to improve its instructions to the public on how to report tax schemes for the agency to …
Payors Should Be ‘Vigilant’ During Form 1099-K Transition Period, Tax Pro Says
After the IRS conceded to outside pressure from stakeholders to delay the implementation of the $600 de minimis threshold for reporting third-party …
US to Hit Debt Limit Jan. 19, Treasury Secretary Warns
Absent congressional intervention the federal government will reach its limit on the amount of money it is authorized to borrow …
Republicans Add 10 New Members to Tax Writing Committee
Newly elected House Ways and Means Committee Chairman Jason Smith, a Missouri republican unveiled on January 11 the new Republican …