The House Appropriations Committee on June 13, 2018 approved a $23.4 billion Financial Services and General Government funding bill for fiscal year 2019 that includes increased spending for IRS. The Spending Bill Allots $11.6 Billion to IRS, Which is $186 Million More Than the 2018 Funding Level. The measure provides an additional $77 million as requested…
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Think of Retirement Plans To Address Excise Taxes on Exess Compensation
All entities are now pursuant to the 2017 Tax Cuts & Jobs Act (TCJA) liable for penalties due to overpaying employees. For-profit companies have been at risk for losing their tax deduction for excessive salaries, with publicly-traded companies subject to a specific $1 million limit that the TCJA made easier to exceed.Certain nonprofit organizations have…
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TCJA Favors Corporations With Outbound Tax Planning – Part 2
On January 26, 2018 we posted TCJA Favors Corporations With Outbound Tax Planning where we discussed that The Tax Cuts and Jobs Act (“TCJA”) imposed international tax law changes which relate directly to U.S. corporations doing business outside the United States. Despite these shifts toward partial territoriality, the new law retains the Subpart F rules…
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How to Know It’s Really the IRS Calling or Knocking on Your Door?
On April 19, 2017 the IRS released FS-2017-07 advising taxpayers of how to confirm that it's really the IRS who is contacting them. Many taxpayers have encountered individuals impersonating IRS officials, in person, over the telephone and via email. Don’t get scammed. The IRS wants you to understand how and when the IRS contacts taxpayers and…
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