Tag: tax
IRS reminds taxpayers to report virtual currency transactions
The IRS recently reminded taxpayers that income from virtual currency transactions is reportable on their income tax returns. Virtual currency transactions are taxable by law just like transactions in any other property. The IRS has issued guidance in IRS Notice...
Where services revenue is sourced has changed for Michigan cities
The rules for where city sales for service-based businesses are sourced has changed, but the city of Detroit may appeal it. Honigman, the largest law firm in Detroit, wanted to source its services not based on where its attorneys were...
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)...
Alert: IRS issues new tax withholding tables
Attention to all employees! The IRS issued its new tax withholding tables. All those receiving a paycheck will start seeing a change in their net pay this month. If you see a significant change (good or bad) to your net...
Changes to partnership audit procedures may prompt the need for review
Congress recently enacted significant changes to partnership audit and adjustment rules which are expected to dramatically increase the audit rates for partnerships. These changes will require partners to carefully review, if not revise, their partnership’s operating agreement. The new rules...
Client Question: What should I do if an employee claims a high number of exemptions?
According to the IRS, if an employee submits a valid Form W-4 that appears to be claiming an incorrect withholding amount, you should withhold federal income tax based on the allowances claimed on the Form W-4. But, you should advise...
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...
Understanding tax rules for employee travel expenses
If you’re an employer, you often pay for your employees’ business-related travel expenses. Here, we take a look at how to apply complex tax rules to figure out whether the payment is taxable to an employee and how employers can...
IRS to begin private collection of federal tax debts
Beginning this spring, the IRS will start to collect federal tax debt through one of four private collection agencies. The new program enables these designated contractors to collect, on the government’s behalf, outstanding inactive tax receivables. A sample taxpayer notice,...
2017 Federal Tax Key Facts & Figures
In partnership with PayChex, we're pleased to offer 2017 Federal Tax Key Facts and Figures our clients' reference.