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New rules put into place by the FAST Act prohibit anyone with “seriously delinquent tax debt” from obtaining a passport (and can cause previously-issued documents to be revoked). If you
A new rule to determine when certain employees must be paid for overtime becomes effective on December 1, 2016. This mandate has updated the minimum pay threshold for meeting exemptions
If assets purchased for business use meet certain qualifications, you can benefit from a special tax deduction commonly called “Bonus Depreciation.” Learn what purchases are eligible and what issues you
Learn how to take advantage of tax benefits on vehicles purchased or leased for use in business purposes. Read the article from the Fall 2016 GYF Perspectives.
State governments continue to seek additional revenue by aggressively pursuing taxes on out-of-state business transactions. It is important to understand the concept of “nexus” and how it may affect taxes
On August 8th, 2016 the US Tax Court issued an opinion which denied a Taxpayer’s deduction for unreimbursed employee business expenses as well as his ability to claim the foreign
More than a year after the proposed changes were presented in an exposure draft in 2015, the Financial Accounting Standards Board (FASB) issued the final Accounting Standards Update (ASU) 2016-14,
A tax problem often surprising taxpayers is the onerous tax liabilities associated with the receipt of a retirement plan distribution followed by a failure to “roll over” the proceeds to
The IRS has alerted taxpayers who made employment tax deposits on May 31, 2016, or semi-weekly employment tax deposits on June 2, 2016, that they may receive notices that their
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
The use of rental losses to offset other types of taxable income has been severely limited since the passive activity rules were added to the Internal Revenue Code in 1986.
In a recent Memorandum decision, the Tax Court found that a couple was not permitted to take a tax deduction on their federal income tax returns for certain expenditures that
