Tax Alerts

Accounting Method Procedures Simplified for Complying with Audited Financial Statement Deadline for All Events Test

Tuesday, February 5, 2019

The IRS will grant automatic consent to accounting method changes to comply with new Internal Revenue Code (IRC) Section 451(b), as added by the Tax Cuts and Jobs Act. In addition, some taxpayers may make the accounting method change on their tax returns without filing a Form 3115, Application for Change in Accounting Method. These procedures generally apply […]

Federal Income Tax Withholding: IRS Waives Penalty

Tuesday, February 5, 2019

IRS Waives Penalty for Many Whose Tax Withholding and Estimated Tax Payments Fell Short in 2018 The Internal Revenue Service recently announced that it is waiving the estimated tax penalty for many taxpayers whose 2018 federal income tax withholding and estimated tax payments fell short of their total tax liability for the year. The IRS […]

Insuring Rental Property

Tuesday, February 5, 2019

This article is reproduced with permission from Spidell Publishing, Inc. Claim Denied Due to Incorrect Insurance Policy Taxpayers were denied a theft loss deduction for items stolen from a vacant rental home where they stored furnishings and other personal property. The taxpayers did not have a proper appraisal or evidence of the property that was […]

Reminder: 1099-MISC Filing Due Date

Monday, January 7, 2019

Due Date The filing due date for paper and electronically filed Form 1099-MISC that report amounts in Box 7 (NEC (non-employee compensation)) is January 31, 2019. If you report amounts in any other boxes of Form 1099-MISC such as Box 1 (rents), or Box 2 (royalties), as well as forms 1097, 1098 and 1099, the […]

IRS Provides Interim Guidance on UBTI Attributable to Parking Expenses

Wednesday, December 26, 2018

The 2017 Tax Cuts and Jobs Act (TCJA) enacted Code Section 512(a)(7), which requires tax-exempt organizations to treat qualified transportation fringes (QTFs) as unrelated business taxable income (UBTI). Since the enactment of this new Code Section, tax-exempt organizations have been waiting on guidance from the Treasury and IRS to determine methods under which certain QTFs should be valued. On December 10, the […]