‘Taxpayer First Act’ Signed into Law
July 10, 2019 | Katherine A. Heptig | Tax
On July 1, 2019, President Trump signed the Taxpayer First Act into law. The Act represents an important and welcome step toward improving technology and security while providing for an overall improved service experience for taxpayers interacting with the IRS. The Act contains two parts. The main themes of the first portion of the Act …
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Internet Seller Beware
June 27, 2018 | Corporate | Tax
Due to a recent Supreme Court decision, internet sellers may now be required to collect and remit sales taxes in states in which they have no physical presence. In the landmark case of South Dakota v. Wayfair, Inc., decided on June 21, the Court overturned its prior decisions that had provided that an out-of-state seller …
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Starting Jan. 1, IRS Can Collect Tax Deficiencies Directly from Partnerships
December 5, 2017 | Katherine A. Heptig | Corporate | Tax
A new audit regime, effective January 1, potentially shifts tax liabilities among partners. Starting in 2018, the IRS will be authorized to collect tax deficiencies directly from a partnership (including LLCs taxed as partnerships). This will result in current partners bearing tax liabilities relating to prior taxable years, even though the partnership may now have …
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IRS In the News
May 31, 2013 | Tax
Sequestration and the IRS Earlier this year, the previously little-known word of “sequestration” was catapulted to the forefront of the news because effective March 1, 2013 the American Taxpayer Relief Act of 2012 mandated an approximate $1 trillion spending cut for federal agencies over a 10-year period.  So, what exactly is sequestration and how does …
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Net Investment Income Tax
| Tax
The “Obamacare” tax on net investment income came into effect on January 1, 2013 although the guidance on the regulations under Section 1411 is not effective until after December 31, 2013. First and foremost – what is this new tax? Basically, taxpayers must add an additional 3.8% tax on the lesser of their net investment …
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American Taxpayer Relief Act
January 31, 2013 | Tax
The fiscal cliff was averted on January 1, 2013 with the passage of the American Taxpayer Relief Act of 2012 (Act) which was signed by President Obama on January 2, 2013.  The new law eliminates the “sunset” provisions of the 2001 and 2003 tax cuts, offering an increased degree of stability even with the tax …
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