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How Prepared is Your Organization for Tax Season?

Tax season is upon us and proactive organizations are now taking the necessary steps to prepare their tax information reporting processes. Here are the top five steps organizations can take in preparation for a successful tax season: – Compliance research: In the world of tax information reporting, regulatory changes and updates are frequent and impact […]

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TIGTA says IRS should require more businesses to e-file

The Treasury Inspector General for Tax Administration (TIGTA) has released a report saying the IRS needs to develop a plan for increasing the rate of business electronic filing. Although business e-filing rates went up during the 2014 tax season and have done so over time, as indicated by an October IRS report, TIGTA said the pace isn’t […]

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Taxation of Beverage Syrups: A Sticky Situation

Authors: Katherine Audet and Edward Duhamel It is well known that in many states, food products bought for home consumption are either exempt from sales tax or are subject to a reduced rate of sales tax. But did you know that certain beverages, such as soft drinks, are not considered “food” by all states? Soft […]

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Koskinen warns of delayed tax season citing ACA provisions

IRS Commissioner John Koskinen has once again stated the 2015 tax filing season could be delayed. This time he cited certain provisions of the Affordable Care Act (ACA) as the cause in addition to Congress’ continued inactivity regarding tax extenders, according to AccountingWeb. The commissioner made his statement at the 2014 Fall Meeting of the Council […]

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New regulations are coming in 2015: Is your company ready?

As you may know, Brazil recently held its presidential election, with Dilma Rousseff winning another term in office after edging out a victory over challenger Aecio Neves. With 99 percent of precincts reporting, Rous seff got a plurality of the vote at 51.5 percent to her challenger’s 48.4 percent.

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IRPAC publishes 2014 Public Report

The IRS Information Reporting Program Advisory Committee (IRPAC) recently published its 2014 Public Report. In it, the committee detailed various recommendations it has for the IRS to improve tax information reporting. IRPAC was created in 1991. It serves as a public forum for discussing reporting issues, and each year, the committee submits a report to […]

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Koskinen warns 2015 filing season could be delayed due to stalled Congress

IRS Commissioner John Koskinen recently wrote a letter to U.S. Senate Finance Committee Chairman Ron Wyden detailing his concerns that the 2015 tax filing season will be delayed if Congress doesn’t take action on extenders. These are tax provisions that expired at the end of 2013, and the commissioner said Congress needs to decide whether to extend […]

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Study reveals overburdened employees are likely to struggle to maintain compliance

At times, errors in tax compliance processes are simple mistakes rather than misguided ideas about regulations or negligence. While these are honest mistakes, they can still lead to penalties from the IRS. A recent study that will be published in the Journal of Applied Psychology determined the chances of employees forgoing key compliance rules increases as they […]

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Industry groups say Internet tax could hurt economic competitiveness

The Permanent Internet Tax Freedom Act (PITFA) was passed by the U.S. House of Representatives on Jul. 15 and called for a permanent extension on the moratorium on taxes levied on Internet access. This moratorium is set to expire Nov. 1, and a coalition of 42 national and state organizations have urged the U.S. Senate […]

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IRS releases draft instructions for ACA reporting forms

A little more than a month after the IRS released draft versions of tax information reporting forms under the Affordable Care Act (ACA), the agency has published draft instructions for the forms. When the forms were released, several industry groups awaited the arrival of the accompanying instructions so they could better understand their reporting obligations, The […]

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IRS to provide guidance on employer-sponsored meals

The U.S. Treasury Department recently released its 2014 to 2015 Priority Guidance Plan. The document included a note that the IRS would provide guidance under sections 119 and 132 of the Internal Revenue Code (IRC) regarding employer-sponsored meals. The issue of free employee meals has recently come to the fore because the agency has begun cracking down […]

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Make Smarter Use of Your Tax Resources

How to Make Smarter Use of Your Tax Resources Is your team being consumed by sales and use tax filing?  To find out, answer these three questions: Is your tax department struggling to keep up with the dynamic tax rules, rate changes, new forms and requirements associated with filing sales and use taxes? Is your time being […]

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9 Tax Incentives for Renewable Energy Equipment Leasing

An Emphasis on Renewable Energy fuels Tax Incentives With recent variable energy prices and continued concerns about global warming, there has been a major emphasis on creating more alternative sources of energy. Geothermal, wind, solar, and other sources of clean, renewable power are currently the most popular forms of alternate energy. According to the Renewable […]

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New report suggests IRS should revamp medical device excise tax program

A recent report from the Treasury Inspector General for Tax Administration (TIGTA) said the IRS needs to make changes to its medical device excise tax program, which is part of the Affordable Care Act (ACA). The recommended improvements will serve to ensure accurate tax information reporting and payment of the tax. The report included an […]

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Virginia Fuel Tax and Your BBQ Propane

  The Virginia Fuel Sales Tax and how it affects fuel for BBQs, home heating,  and fuel purchases for other domestic use. Virginia levies a sales tax at both the state and local level. The state rate is 4.3%, with an additional .7% charged in the Northern Virginia and Hampton Roads Regions. The local tax […]

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IRS issues notice on covered entities for health insurance fees

The IRS recently published Notice 2014-47, which provided guidance on health insurance provider fees and the definition of a covered entity under the Affordable Care Act (ACA). Information contained in the notice applies to the 2014 fee year. “Specifically, this notice resolves confusion as to the scope of the exclusions in section 9010(c)(2) from the […]

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CPA trade groups pen letter to Congress about net investment income tax

Under the Affordable Care Act (ACA), the net investment income tax (NIIT) was enacted under section 1411 of the Internal Revenue Code (IRC). The American Institute of Certified Public Accountants (AICPA), Virgin Islands Society of Certified Public Accountants (VISCPA) and the Guam Society of Certified Public Accountants (GSCPA) wrote to Congress to inquire whether the NIIT […]

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New e-file system for tax reporting in North Dakota

On Sept. 9, the North Dakota Department of Taxation will transition its website for electronic tax information reporting from Webfile to Taxpayer Access Point (TAP). As such, all filers who have been using the old system will need to complete the conversion process before they can use TAP. The annual returns reporting and non-payroll reporting pages will […]

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