IRS Plans to Reject 2017 Income Tax Returns without Health Care Information Reported

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The Internal Revenue Service has stated that it will not accept electronically filed 2017 tax returns that do not report on the taxpayer’s compliance with the individual mandate provisions of the Affordable Care Act (ACA). The announcement notes that they will not accept the electronic tax return filing until the taxpayer indicates whether they had […]

IRS Alerts Taxpayers Against Common W-2 Phishing Scam

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As we have discussed in numerous alerts in the past, extreme care must be taken to ensure that our personal identities are protected.  For those individuals who have access to personal information of employees (i.e. responsible parties or agents), there continues to be an increased risk that at some point, someone with very bad intentions […]

IC-DISCs Offer Qualified U.S. Exporters Permanent Tax-Savings Opportunity

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As manufacturing and production processes have increasingly left the United States in pursuit of cost savings, Congress has sought to create incentives whose primary aims are business retention and bolstering the national economy.  One such incentive which can offer significant permanent tax savings opportunities is the IC-DISC. A frequently missed tax planning option, the IC-DISC […]

Internal Revenue Service Provides Guidance to Multiemployer Defined Benefit Plans Seeking to Suspend Benefits

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There are few developments as controversial as cutting back on promised retirement benefits offered through company and multiemployer plans.  The Multiemployer Pension Reform Act of 2014 included provisions allowing for the suspension of benefit payments for retirees and beneficiaries in those plans projected to become insolvent. To protect plan participants, the suspension process, as one […]

Incorrect Tax Notices Frustrate Pennsylvania Taxpayers

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Since the Pennsylvania Department of Revenue (PA DOR) implemented a new technology system several years ago, numerous inaccurate tax notices have been mailed to taxpayers, who have been burdened with the task of resolving the issues. Read the article from the Winter 2017 GYF Perspectives. Contact Alex Palmer or Don Johnston for assistance.

IRS Seeing Success in Battle Against Tax Refund Fraud

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The IRS is beginning to win its fight against tax refund fraud. Federal prosecutors have tracked down the suspects in a Pittsburgh case in which several identity thieves stole data from hundreds of UPMC employees and filed false tax returns. See the full article in the Pittsburgh Post-Gazette. For additional posts about IRS efforts to […]

Ralph Lauren, tax court, taxpayer, GYF, Grossman Yanak & Ford LLP, Pittsburgh, CPAs

Looking to Deduct Your Wardrobe? Be careful!

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In a recent Tax Court decision, the taxpayer, who resided in New York, began employment as a salesman for clothing designer, marketer and distributor Ralph Lauren. That Company required all employees who worked in corporate sales positions to wear Ralph Lauren apparel while representing the Company.  Consequently, the taxpayer purchased Ralph Lauren shirts, pants, ties […]