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Current Tax Developments

2018 Tax Newsletter

Jun 19, 2018

If you are thinking about retirement and what your potential tax hit may be, this newsletter provides the 10 most common sources of retirement income and how they are taxed. Also, if you suspect that you are the victim of financial fraud or identity theft, this issue lists the steps that must be taken to begin the process of resolving the situation. This issue includes information about: How 10 Types of Retirement Income Get Taxed, Steps Toward Resolving Identity Theft, Identity Theft and...

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2015 Tax News

Oct 21, 2015

Before the truly busy season begins for you and your family with school and the upcoming holiday obligations, now is the time to give some thought to your year-end tax planning strategies. Are you planning on cleaning out your house and donating to the local Goodwill Center? Or is 2015 the year you decided to start a new business? Following are tips for these considerations as well as other tax issues you may be encountering. This issue includes information about: Charitable...

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IRS Identifies Five Easy Ways to Spot Suspicious Calls

Sep 2, 2014

The Internal Revenue Service issued a consumer alert providing taxpayers with additional tips to protect themselves from telephone scam artists calling and pretending to be with the IRS. The IRS reminds people that they can know pretty easily when a supposed IRS caller is a fake. Here are five things the scammers often do, but the IRS will not do. Any one of these five things is a tell-tale sign of a scam. The IRS will never: 1. Call you about taxes you owe without first mailing you an official...

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2012 American Taxpayer Relief Act — Businesses

Jan 4, 2013

As 2012 ended, the national debate focused on the expiration of the Bush-era tax cuts and the so-called fiscal cliff.  On January 1, 2013, Congress passed, and President Obama signed the next day, the American Taxpayer Relief Act. The new law includes some valuable business tax incentives.  Many of these business tax incentives are temporary so taxpayers have a limited window in which to maximize their potential tax savings.  Tax rates  Depending on how a business activity is structured, it...

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2012 American Taxpayer Relief Act — Individuals

Jan 4, 2013

On New Year’s Day 2013, Congress passed a far-reaching new law intended to avert the so-called fiscal cliff. The American Taxpayer Relief Act, signed into law by President Obama on January 2, 2013, impacts every taxpayer. Not only does the new law make permanent reduced income tax rates for most taxpayers, it extends either permanently or temporarily a host of other tax incentives.  At the same time, the new law creates valuable tax planning opportunities. Not all provisions, however, are...

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Congress Wants to Know Costs to IRS Health Care Law

Aug 14, 2012

The health care law is under scrutiny from all sides. The Supreme Court concluded three days of oral argument in a case challenging the constitutionality of the individual mandate in the health care law.  A decision is expected before the Court recesses in June. Meanwhile, because IRS will administer much of the law, House Ways and Means Committee Chair Dave Camp, R-Mich., and Oversight Subcommittee Chair Charles W. Boustany Jr., R-La., have written to IRS Commissioner Douglas Shulman asking...

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