Bob Grossman to Present at TEI

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Bob Grossman is presenting to the Pittsburgh Chapter of the Tax Executive’s Institute on Wednesday, February 3rd. The topic for that presentation is a comparison of the proposed tax changes offered by each of this year’s Presidential candidates. Click here for more information and registration.

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IRS Backs Off Controversial Alternative Charitable Contribution Substantiation Regulations

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To the chagrin of the charitable organization community, the Internal Revenue Service (IRS) issued new reporting rules introduced in the fall of 2015. Those proposed regulations were intended to implement the exception to the “contemporaneous written acknowledgement” requirement for substantiating charitable contribution deductions of $250 or more. The proposed regulations provided a new option for […]

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“Disguised Sale” of State Tax Credits Ruling Upheld on Appeal

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Transactions between partners and partnerships can be exceedingly complex. As such, to ensure that there are not unanticipated tax consequences, such transactions have to be carefully vetted before they are undertaken. In a recent appellate ruling in the Fourth Circuit, a limited liability company (LLC), treated as a partnership for federal and state income tax […]

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Business Tax Changes for 2016

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In a year when no single major piece of tax legislation moved through Congress to the desk of the President, a number of tax bills combined to add  substantial changes to the Internal Revenue Code which will affect businesses in 2015 filings and beyond. On December 16, 2015, Senate Finance Committee Chairman Orrin Hatch (R-Utah), […]

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State House Advances Another Piece of 2015-2016 Budget Puzzle

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The Pennsylvania Institute of Certified Public Accountants reported today that state House lawmakers continue to put together the final pieces of the 2015-2016 spending plan. On a predominately party-line vote, the state House passed legislation this week that serves as the operating manual for the current year state budget. These events unfolded as the Commonwealth […]

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2015 Taxpayer Advocate Report Released

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National Taxpayer Advocate Nina E. Olson recently released her 2015 Annual Report to Congress, expressing concern that the Internal Revenue Service may be on the verge of dramatically scaling back telephone and face-to-face customer service. The IRS has provided this type of assistance for decades to assist the nation’s 150 million individual taxpayers and 11 […]

GYF New Hires

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Grossman Yanak & Ford LLP (GYF) is pleased to announce the addition of two new professionals. Josh Guiser, a graduate of Geneva College, was hired as an Associate in the Assurance & Advisory Services Group upon finishing his Master of Business Administration in 2015. Guiser previously served as an intern in both the Tax and […]

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IRS Releases New Form to Report Distributions to Estate Beneficiaries

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The Internal Revenue Service has released draft Form 8971, Information Regarding Beneficiaries Acquiring Property from a Decedent. The new form is intended to allow taxpayers to satisfy the new basis consistency reporting requirement for estates. The basis consistency rule of Internal Revenue Code Sections 6035(a) and 1014(f) applies when: (1) the estate is required to […]

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IRS Guidance on ACA Provisions for Employer-provided Coverage and Compliance

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On December 16, 2015, The Internal Revenue Service released Notice 2015-87, providing lengthy and complex guidance on how various provisions of the Affordable Care Act (ACA) apply to employer-provided health coverage. The 31 page Notice provides significant guidance on the “employer mandate” rules (aka employer shared responsibility or “play-or-pay”) and on information reporting requirements. It […]

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2016 Tax Season Begins in January

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Even with the last-minute, year-end tax extender legislation signed into law on December 18, 2015, which retroactively extended 50 or so “extender” tax provisions, modified or made many permanent (or both) certain of these provisions and added a number of non-extender provisions, the Internal Revenue Service has announced that it still plans to open the […]