Taxation

  • House Subcommittee Seeks Answers About IRS Security Breaches

    By:
    Ruth Singleton
    |
    Sep 27, 2018
    In response to recent breaches of the IRS’s taxpayer verification efforts, including the identity protection PIN, the House Ways and Means Oversight Subcommittee held a hearing yesterday on improving the agency’s authentication technology.
  • Supreme Court’s Internet Sales Tax Ruling Creates Compliance Hurdles for Many Retailers

    By:
    Chris Gaetano
    |
    Aug 22, 2018

    The U.S. Supreme Court’s recent ruling that a state government can require retailers to collect sales tax even if they have no physical presence in the state overturns decades of precedent and exposes online merchants to a complex web of compliance decisions. 

  • CPAs See Proposed W-4 as ‘Invasive’ and a Burden on Employers

    By:
    Chris Gaetano
    |
    Aug 22, 2018

    A new Form W-4, Employee’s Withholding Allowance Certificate, proposed by the IRS in June, asks for potentially sensitive personal financial information, leading some preparers to view it as a needlessly complicated violation of taxpayer privacy.

  • Proposed 1040 Is Postcard-Sized, but Attached Schedules Retain Complexity

    By:
    Chris Gaetano
    |
    Aug 22, 2018

    A proposed change to the Form 1040, designed to make filing taxes easier, might paradoxically complicate the process for certain taxpayers. Released in late June, the new form is physically smaller than the current one, as the Treasury Department said it is meant to be the size of a postcard. But in order to fit onto the postcard-sized space, more than half of the 78 line items on the current Form 1040 would be moved to six separate schedules that would need to be attached to the new form.

  • Federal Government Seeks to End Tax Break for Wine Importers

    By:
    Ruth Singleton
    |
    Aug 3, 2018

    The Trump administration is challenging a tax benefit available to companies that import and export wine, but not those dealing in beer and hard liquor. The benefit, amounting to $50 million a year, arose from a 2004 decision by a Customs and Boarder Patrol office in San Francisco.

  • IRS Begins Denying Passports to Thousands of Americans with Overdue Tax Debt

    By:
    Ruth Singleton
    |
    Jul 6, 2018

    The IRS has started to enforce a 2015 law requiring it to coordinate with the State Department to deny or revoke passports for taxpayers with more than $51,000 of overdue tax debt. The IRS reports that there are more than 362,000 Americans who will be denied new or renewed passports if they don’t pay off these debts.

  • Tax Court Denies Marijuana Sellers' Deductions for Non-Marijuana Goods, Citing Poor Record-Keeping

    By:
    Ruth Singleton
    |
    Jul 5, 2018
    The U.S. Tax Court recently ruled against two Colorado medical marijuana retailers who claimed deductions for the administrative expenses of selling non-marijuana merchandise. The court found that the couple did not provide adequate evidence that the non-marijuana goods were sold as part of a separate business.
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