On April 27, 2022, the Internal Revenue Service updated its processes and procedures found in the Internal Revenue Manual for audits of Global High Wealth (GHW) individuals. Such individuals are defined to include those holding assets or having income in the tens of millions of dollars. The IRS utilizes employees comprising the GHW to conduct [...]
Partner, John Michel, presented to local business executives and clients of Wells Fargo Advisors a presentation surrounding the recent tax developments. With the TCJA (Tax Cuts and Jobs Act), 2017 Tax Reform, lots of updates are coming to individuals and businesses alike. Here are some of the issues worthy of your attention: What's eligible or [...]
Our 2019 Tax Planning Seminar will help you get a leg up on what’s happening in tax reform and how it affects your business. THURSDAY, NOVEMBER 7, 2019 8:30 AM – registration / networking; 9:00 AM – 10:30 AM – presentation 4350 Glendale-Milford Road, Blue Ash, Ohio Here are just a few of the topics, [...]
The IRS has reminded taxpayers—whether individuals, organizations or businesses—to develop an emergency preparedness plan as the peak of hurricane season fast approaches. Taxpayers should place original documents such as tax returns, birth certificates, deeds, titles, and insurance policies inside waterproof containers in a secure space. Duplicates of these documents should be kept with a trusted [...]
The IRS has issued final regulations regarding the designation and authority of the partnership representative under the centralized partnership audit regime. The final regulations make a number of changes to prior proposed regulations. Eligibility to Serve as Representative The final regulations clarify that: a disregarded entity can serve as a partnership representative; and a partnership [...]
Legislation enacted in 2015 provides new rules for IRS partnership audits. The new rules are a drastic departure from current rules and the IRS is hopeful that the rules will simplify the audit process and allow the IRS to conduct more partnership audits. The provisions do not take effect until partnership tax years beginning [...]
Tax reform continues to be highly touted in Congress as lawmakers from both parties call for simplification of countless complex rules, overhaul of tax rates, and more. At times this year, President Obama and Congressional Republicans seem far apart on a way forward, but at similar times in the past, agreements have quickly and [...]
