Tax Alerts


U.S. Treasury to Review and Re-evaluate Tax Regulations

Wednesday, May 31, 2017

The Treasury Department plans to undertake a review and re-evaluation of tax regulations issued by the IRS since January 1, 2016. President Trump signed Executive Order 13789 (“Identifying and Reducing Tax Regulatory Burdens”) ordering this action. Following its review and re-evaluation, the Treasury Department will make recommendations. Tax regulations The IRS typically issues numerous regulations […]

Information on Chances of Being Audited by the IRS

Wednesday, May 31, 2017

The IRS has reported that audit coverage rates are at low levels. According to the IRS, the audit coverage rate for individuals fell 16 percent from year 2015 to year 2016. This 0.7 percent audit coverage rate for individuals was the lowest coverage rate in more than a decade. Selection Process The raw audit numbers, […]

Differentiate Tips from Service Charges for Tax Purposes

Wednesday, May 31, 2017

Although the employee may end up with the same amount whether something is designated a tip or a service charge, the IRS reporting requirements for the employer do differ. Basically, any amount required to be paid by a customer rather than at the customer’s discretion is considered a service charge by the IRS. Tips Tips […]

California Franchise Tax Board Is Sending Requests to Confirm Tax Return Filing

Wednesday, May 31, 2017

This article is reproduced with permission from Spidell Publishing, Inc. The California Franchise Tax Board (FTB) has seen a dramatic rise in returns that look like potential identity theft due to the increase in employer and tax professional data breaches this year, which has caused them to issue more Forms FTB 3904, Request to Confirm […]

Take Tax Advantages on Miscellaneous Itemized Deductions

Wednesday, May 31, 2017

Miscellaneous itemized deductions are certain nonbusiness expenses that individual taxpayers who otherwise itemize deductions may take against their taxable income. Such miscellaneous expenses are allowed only to the extent that they exceed two percent of a taxpayer’s adjusted gross income. Miscellaneous itemized deductions may also be limited by the overall itemized deduction phase-out. These expenses […]