call us toll free:

Monday - Friday from 9:00 am to 5:00 pm

Monthly Archives: May 2019

IRS SIB Shows Sole Proprietor's Income Declined & Real Estate Makes up 49.9% of Partnership Filings

The Internal Revenue Service announced today that the Spring 2019 Statistics of Income Bulletin is now available on The SOI Division produces the online Bulletinquarterly, providing the most recent data available from various tax and information returns filed by U.S. taxpayers. This issue includes articles on the following topics: Sole Proprietorship Returns, Tax Year 2016--For Tax…
Read more

Final Regs Exclude U.S. Corporate Shareholders from Section 956 Application

IRS has issued final regs that reduce the amount determined under Code Sec. 956 for certain domestic corporations that own (or are treated as owning) stock in foreign corporations. Under the regs, neither an actual dividend to a corporate U.S. shareholder, nor such a shareholder's amount determined under Code Sec. 956, will result in additional…
Read more

The “See” Duction Did Not Work for Texas Restaurant Owners

According to DoJ, a Texas couple was convicted on May 23, 2019 of conspiracy and tax charges.   Michael Herman and his wife, Cynthia Herman were convicted of conspiracy to defraud the United States by impeding the Internal Revenue Service (IRS) and of filing false individual income tax returns for tax years 2010 and 2011. The…
Read more