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IRS issues proposed regulations on new 20 percent deduction for passthrough businesses
We're ready and willing to work through this guidance with you... stay tuned for details on an upcoming program with Walter Nunnallee.
Tax Security 101 – Tax professionals victimized by data thefts offer hard-won security lessons to colleagues
As cybercriminals continue to increasingly pursue tax professionals’ data, the Internal Revenue Service and the Security Summit partners today released lessons learned by victims in the tax community to help others avoid being targeted by...
Is Real-Time Sales Tax Collection Possible?
With the Wayfair ruling expanding sales tax collection obligations, your clients with customers in multiple states are exploring the viability of automated sales tax and other indirect tax calculation solutions. Finding a way to streamline...
What the IRS Is Doing About Data Security
As data breaches and fraudulent tax returns have become tougher to detect by states and the IRS, the agency is ratcheting up its focus on protecting client data and, moreover, tax preparers who are lax will be in violation of federal law.
Boughton, Stefanowski, have lots of confidence, few details on plans to phase out income tax
Republican gubernatorial contenders Mark Boughton and Bob Stefanowski have no problem putting an expiration date on the state income tax. Boughton has it going away in 10 years, Stefanowski in eight. But how exactly would they eliminate a...
Treasury, IRS issue proposed regulations on new 100 percent depreciation
The Treasury Department and the Internal Revenue Service today issued proposed regulations on the new 100-percent depreciation deduction that allows businesses to write off most depreciable business assets in the year they are placed in...
IRS, Treasury issue proposed regulations implementing Section 965
The Internal Revenue Service and the Department of the Treasury today issued proposed regulations on section 965 of the Internal Revenue Code. The proposed regulations affect United States shareholders, as defined under section 951(b) of the...
IRS issues guidance on small business accounting method changes under Tax Cuts and Jobs Act
The Internal Revenue Service issued guidance today on new tax law changes that allow small business taxpayers with average annual gross receipts of $25 million or less in the prior three-year period to use the cash method of accounting. The...
Senate Approves IRS Funding Bill
The Senate passed a package of four appropriations bills, including roughly $11.3 billion in fiscal year 2019 funding for the IRS.  Read more...   (Source: ASAE)
Senate Bills Would Repeal Fringe Benefits Provision
Lawmakers are increasingly aware of the need to fix a provision in the new tax law that requires tax-exempt organizations to pay taxes on employee parking and transportation benefits.  Read more...    (Source: ASAE)

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  Connecticut CPA magazine feature
The IRS Disqualified Employment Tax Levy:
Just When the Client Thought It Was Safe to Owe Money Again …

By Lauren M. McNair, Esq. and Eric L. Green, Esq., Green & Sklarz LLC

Your client calls frantic one morning just as you are sitting down to your desk. “Joe, what’s up?” you ask genially as you reach for your coffee.

“The IRS just cleaned out my bank account!” yells Joe.

“What do you mean? We worked out a payment plan a year ago at our Collection Due Process hearing with the settlement officer. I thought you paid that off.”

Read more>>>