Tax Alerts

The much-anticipated regulations (REG-136118-15) implementing the new centralized partnership audit regime under the Bipartisan Budget Act of 2015 (BBA) have finally been released. The BBA regime replaces the current TEFRA (Tax Equity and Fiscal Responsibility Act of 1982) procedures beginning for 2018 tax year audits, with an earlier “opt-in” for electing partnerships. Originally issued on […]

Every year, millions of post-secondary students access the IRS Data Retrieval Tool (DRT) to complete the Free Application for Federal Student Aid (FAFSA). This year, the DRT is unavailable for FAFSA filers because of cybersecurity concerns. The information needed to complete the FAFSA can be found on a previously filed federal income tax return. FAFSA To apply for […]

This article is reproduced with permission from Spidell Publishing, Inc. Note: Although the exact date is uncertain, the IRS will soon be reporting delinquent tax debts to the State Department. Starting this year, the IRS will be reporting individuals with “seriously delinquent tax debts” to the State Department for denial or revocation of a passport. […]

The Social Security Administration’s Office of the Chief Actuary (OCA) has projected, under all three of its methods of forecasting, that the Social Security wage base will increase from $127,200 for 2017 to $130,500 for 2018. The Federal Insurance Contributions Act (FICA) imposes two taxes on employers, employees, and self-employed workers – one for Old […]

This article is reproduced with permission from Spidell Publishing, Inc. SB 1 (Ch. 17-5) increased the following fuel tax rates effective November 1, 2017: Gasoline excise tax, by 12¢ per gallon (according to California Board of Equalization (BOE)’s legislative analysis, in combination with the repeal of the fuel-tax swap adjustment rate, this will result in […]