No business owner wants to be faced with an IRS audit, and some may never have to, but if you receive a tax audit notice, be prepared with these 5 tips.
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National Taxpayer Advocate’s Report Aims to Shift More IRS Dollars to Helping Taxpayers
In her National Taxpayer Advocate report to Congress this past Tuesday, Nina Olson detailed the annual IRS appropriation of $11.2 billion and highlighted a grave disparity. Ultimately, her report recommends a different approach – one where the IRS assumes that taxpayers, for the most part, seek to obey the tax law, and can re-focus its funds to facilitate compliance by providing taxpayers with the assistance needed to meet their tax obligations.
A Closer Look: FASB’s Amendments to Topic 606, Revenue From Contracts With Customers
With ASU No. 2016-20, Technical Corrections and Improvements to Topic 606, Revenue From Contracts With Customers, the FASB continued its response to implementation challenges and requests for clarifications received from the Transition Resource Group (TRG). The TRG, the group of practitioners, accountants and financial statement preparers tasked with vetting questions concerning Topic 606, Revenue from […]
A Year in Review: The Biggest 2016 Tax Developments to Take With You, and What to Watch for 2017
As we close out 2016 at Surgent Professional Education, we’ve rounded up some of the most impactful tax developments of 2016 – a monumental election year that delivered a push-and-pull of amendments, policy developments, and news bulletins. Keeping in mind the looming possibility of tax reform in 2017, we’ve also highlighted the areas we’re watching […]
FASB Issues Technical Improvements to Topic 606, Making it Easier to Implement
The Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2016-20 today, which addresses a number of implementation issues that have been identified as business entities move to adopt ASC Topic 606, Revenue from Contracts with Customers. This much-anticipated update contains guidance on 13 specific issues that had been previously identified since the […]
Trump’s Vow to Abolish The Alternative Minimum Tax: Why This Could Mean More Cash Flow for Families
President-elect Donald Trump has proposed eliminating the Alternative Minimum Tax (AMT), a parallel tax that operates alongside the regular income tax. Abolishing this tax could mean more cash flow for families, the population often most often hit hardest with the AMT.
In Honor of National Tax Security Awareness Week, is Your Firm Taking Preventative Steps Against a Cyber Attack?
On the heels of tax filing season, this IRS effort aims to help consumers protect themselves and their financial data against identity theft and tax fraud. But what can firms do to protect consumers, and more importantly, their businesses?
Form 1095-C Deadlines for Reporting to Employees Extended Again This Year
In a surprising move, the Internal Revenue Service (IRS) issued Notice 2016-70 this week, extending the deadline for employers to furnish form 1095-C to employees and extending the good faith transition relief to the 2016 reporting year.
Overtime Limbo – So About That Raise…
As we reported Tuesday, on November 22 a federal district court judge in the Eastern District of Texas issued a nationwide injunction against the implementation of the new Department of Labor (DOL) overtime rules. The regulation was scheduled to take effect yesterday. The ruling, by Judge Amos L. Mazzant III, states that the Obama administration […]
The IRS’ e-Services: Why You Need to Authenticate Your Account, and Soon
The IRS announced this week that e-Services users will need to re-authenticate their account. The move is part of an initiative to strengthen the security of the agency’s online services, but it involves a very prescriptive and somewhat confusing process. E-Services is an essential tool for tax preparers, yet it was unavailable for much of […]