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.
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
Recent surveys have shown that employers are concerned about how the Affordable Care Act (ACA) will drive up operational costs and affect business. These survey results indicate that companies need to put a solution in place to mitigate these issues and adjust to the new health care law’s provisions. Since the ACA was implemented, there have been […]
Lorain County in Ohio recently paid hundreds of thousands of dollars to the IRS as penalty for 1099 forms that weren’t filed in 2011. The Chronicle Telegram reported that the county failed to send the documentation to vendors, resulting in a $246,376 settlement. Back in October 2013, when the source first reported on the IRS audit, it […]
A little over a year has passed since the United States Supreme Court, in United States v. Windsor, tackled the Defense of Marriage Act (DOMA). The chief issue considered by the Court was whether the federal government should treat same-sex couples, who were legally married under the laws of a particular state, as married under […]
On July 14, the U.S. House of Representatives voted to reduce the IRS’ budget, and a part of the cut affects the agency’s enforcement funding. The overall budget will be lowered by $1.14 billion. According to Bloomberg, the budget cuts will leave the IRS with $9.8 billion for the fiscal year that starts Oct. 1, 13 […]