In Rev. Proc. 2016-47, the IRS announced that a taxpayer who fails to meet the requirement to roll over distributions from retirement accounts within the normal 60-day period can make a written self-certification to an IRA trustee or plan administrator that a contribution meets one of the 11 specific reasons listed in the revenue procedure for excusing the missed 60-day deadline.
Nobody likes a back-seat driver, and nobody feels safe when the two people in the front seat are arguing about every element of a road trip. The same is true in a partnership. When management and the board disagree on direction, managing growth or any other key decision, the entire organization is at risk. Partners feel unsafe.
Payors of interest, dividends and other reportable payments must withhold income tax equal at a rate equal to the fourth lowest rate applicable to single filers if they fail to supply a federal id # or if they fail to certify that they are not subject to it.
The Internal Revenue Service is closing off admission to a program that allows large corporations to discuss and resolve their tax issues with the IRS before filing their tax returns, due to budget constraints.
An approach to product costing that assigns a representative portion of all types of manufacturing costs–direct materials, direct labor, variable factory overhead, and fixed factory overhead–to individual products.
A tax under the Federal Insurance Contributions Act (FICA) that is a United States payroll tax imposed by the Federal government on both employees and employers to fund Medicare.
S corporations are corporations that elect to pass corporate income, losses, deductions, and credits through to their shareholders for federal tax purposes. Shareholders of S corporations report the flow-through of income and losses on their personal tax returns and are assessed tax at their individual income tax rates. This allows S corporations to avoid double taxation on the corporate income. S corporations are responsible for tax on certain built-in gains and passive income at the entity level.
To qualify for S corporation status, the corporation must meet the following requirements:
Our Partners and Staff are proud to celebrate Aleksander’s achievement in obtaining his CPA designation. This significant milestone was achieved due to his career focus, hard work and dedication to the profession. We appreciate and applaud Aleksander’s tenacity and depth of knowledge in acquiring the CPA credential.
Aleksander joined our firm in 2016 as a Staff Accountant in our Tax Department. We look forward to Aleksander’s continued success as a valued member of our team.
Sen. Charles Schumer, D-N.Y., is urging Congress to exempt Olympic medalists from taxes on their medals and monetary bonuses.