TAXATION



IRS Warns of Tax Deadline Scams, ‘IRS Refunds’ Email
 

IRS Warns of Tax Deadline Scams, ‘IRS Refunds’ Email

Posted: April 10, 2018
With the April 17 tax deadline approaching, the IRS and Security Summit partners urge taxpayers and tax professionals to be alert to identity theft scams, especially a new email version currently pretending to be from “IRS Refunds.”

Understanding the New Sec. 199A Business Income Deduction
 

Understanding the New Sec. 199A Business Income Deduction

Posted: April 9, 2018
The deduction, which lets businesses other than corporations deduct 20 percent of qualified trade or business income earned in a qualifying trade or business, is subject to limitations. Find out what they are and how the deduction works.

IRS Issues Guidance on Business Interest Expense Limitations
 

IRS Issues Guidance on Business Interest Expense Limitations

Posted: April 2, 2018
The notice describes rules addressing the calculation of the business interest expense limitation at the level of a consolidated group of corporations and other rules to clarify certain aspects of the law as it applies to corporations.




IRS to End Offshore Voluntary Disclosure Program
 

IRS to End Offshore Voluntary Disclosure Program

Posted: March 14, 2018
The IRS has announced it will begin to ramp down the 2014 Offshore Voluntary Disclosure Program and close the program on Sept. 28. Any U.S. taxpayers with undisclosed foreign financial assets are encouraged to use the program before it closes.

NJCPA Member Alan Sobel Leads Charge in Helping Small Businesses
 

NJCPA Member Alan Sobel Leads Charge in Helping Small Businesses

Posted: March 14, 2018
Alan Sobel, CPA, managing member of Sobel & Co. LLC, and member of the New Jersey Society of CPAs (NJCPA), proposed a plan to help small businesses or flow-through entities in New Jersey in light of the recent limitations on the state and local tax (SALT) deduction stemming from the Tax Cuts and Jobs (TCJA) of 2017. The plan has been endorsed by Senators Paul Sarlo (D-Bergen), Steve Oroho (R-Sussex), Troy Singleton (D-Burlington) and Anthony Bucco Sr. (R-Morris), who are drafting legislation.

The Federal Taxation Interest Group provides an open forum to discuss and educate members on Federal taxation issues, both domestic and international. 

Join