Tag: tax
The tax consequences of student loan forgiveness
When it comes to student loan forgiveness, there are four income-based student loan repayment options to choose from. They are: Pay As You Earn (PAYE) Revised Pay As You Earn (REPAYE) Income Based Repayment (IBR) Income Contingent Repayment (ICR)...
Changes to partnership audit procedures may prompt the need for review
Congress recently enacted significant changes to partnership audit and adjustment rules, expected to lead to higher audit rates for partnerships. Partners should carefully review and possibly revise their partnership's operating agreement in response to these changes. While these rules generally...
Client Question: What should I do if an employee claims a high number of exemptions?
The IRS advises employers to withhold federal income tax based on the allowances claimed on employees' valid Form W-4s, even if the withholding amount seems incorrect. Employers must inform employees that the IRS may review and adjust withholding if deemed...
Do you qualify for a like-kind exchange?
Are you thinking about selling parcels of land and then turning around and purchasing additional parcels? If you’ll realize gains on the sale of your existing parcels, you should consider a “like-kind exchange”. Under Code Section 1031, the IRS provides...
IRS to begin private collection of federal tax debts
Starting this spring, the IRS will initiate the collection of federal tax debts using one of four private collection agencies. These agencies have been designated to recover outstanding inactive tax receivables on behalf of the government. A sample taxpayer notice,...
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