Hamilton County, Ohio Accepting SBA Applications Soon

Hamilton County, Ohio announced on Friday, May 8, in a COVID-19 related press conference that it will soon accept applications from small businesses located in the County for grants of up to $10,000. We anticipate more details will appear on the Hamilton County Public Health website as soon as next week. Because the federal funding [...]

By |2020-05-12T16:36:22+00:00May 12th, 2020|Financial, Governments, Tax|Comments Off on Hamilton County, Ohio Accepting SBA Applications Soon

New Relief Procedures Allow Former Citizens to Avoid Covered Expatriate Treatment

The IRS has announced new relief procedures for certain individuals who have relinquished their U.S citizenship but want to come into compliance with their U.S. income tax and reporting obligations and avoid being a "covered expatriate" under Code Sec. 877A. The new "Relief Procedures for Certain Former Citizens" are available only to individuals, not to [...]

By |2020-03-06T18:50:16+00:00November 12th, 2019|Financial, Governments, Tax|Comments Off on New Relief Procedures Allow Former Citizens to Avoid Covered Expatriate Treatment

IRS Encourages Taxpayers to Develop Emergency Preparedness Plan

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 [...]

By |2020-03-06T18:50:16+00:00October 25th, 2019|Accounting, Audit, Financial, Governments|Comments Off on IRS Encourages Taxpayers to Develop Emergency Preparedness Plan

Senate Tax Writers Discuss Bipartisan Retirement Savings Bills

...Related House Vote Expected Soon Senate tax writers on Capitol Hill continue to discuss bipartisan retirement savings bills as the House gears up for a vote on a related tax measure. The Senate Finance Committee (SFC) held a May 14 hearing during which lawmakers on both sides of the aisle highlighted the importance of moving [...]

By |2020-03-06T18:50:17+00:00July 2nd, 2019|Financial, Governments, Tax|Comments Off on Senate Tax Writers Discuss Bipartisan Retirement Savings Bills

IRS Ruling Requests, Technical Advice, and No-Rule Procedures

The IRS has issued its annual revisions to the general procedures for ruling requests, technical memoranda, determination letters, and user fees, as well as areas on which the Associate Chief Counsel offices will not rule. The revised procedures are generally effective January 2, 2019. Rev. Proc. 2019-1 This procedure explains how the IRS provides advice [...]

By |2020-03-06T18:50:17+00:00March 4th, 2019|Financial, Governments, Tax|Comments Off on IRS Ruling Requests, Technical Advice, and No-Rule Procedures

IRS Released Standard Mileage Rates for 2019

The IRS released the optional standard mileage rates for 2019. Most taxpayers may use these rates to compute deductible costs of operating vehicles for: business, medical, and charitable purposes. Some members of the military may also use these rates to compute their moving expense deductions. 2019 Standard Mileage Rates The standard mileage rates for 2019 [...]

By |2020-03-06T18:50:18+00:00January 18th, 2019|Financial, Governments, Tax|Comments Off on IRS Released Standard Mileage Rates for 2019

Deductions Denied to Medical Marijuana Dispensary

A nonprofit corporation that operated a medical-marijuana dispensary legally under California law was not allowed to claim deductions for business expenses on its federal return. Code Sec. 280E, which prevents any trade or business that consists of trafficking in controlled substances from deducting any business expenses, applied. Meaning of "Consists of" The corporation argued that [...]

By |2020-03-06T18:50:18+00:00January 15th, 2019|Financial, Governments, Tax|Comments Off on Deductions Denied to Medical Marijuana Dispensary

Modernize the IRS and Continue to Impact TCJA

IRS Commissioner Charles Rettig gave his first speech since being confirmed as the 49th chief of the Service at the American Institute of CPAs (AICPA) November 13 National Tax Conference in Washington, D.C. "You’re going to see things [I do] and go, ‘I can’t believe he did that,’" Rettig said. Rettig, nominated by President Donald [...]

By |2020-03-06T18:50:18+00:00December 20th, 2018|Governments, Tax|Comments Off on Modernize the IRS and Continue to Impact TCJA

GOP to Move Tax Bills During Lame-Duck Session

Congressional Republicans are looking to move forward with certain legislative tax efforts during Congress’s lame-duck session. The House’s top tax writer, who will hand the reins to Democrats next year, has reportedly outlined several tax measures that will be a priority when lawmakers return to Washington, D.C., during the week of November 12. However, President [...]

By |2018-12-04T16:22:14+00:00December 8th, 2018|Financial, Governments, Tax|Comments Off on GOP to Move Tax Bills During Lame-Duck Session

Regulations Issued on Partnership Representative Under Centralized Partnership Audit Regime

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 [...]

By |2020-03-06T18:50:19+00:00October 4th, 2018|Audit, Governments|Comments Off on Regulations Issued on Partnership Representative Under Centralized Partnership Audit Regime