Search Results for "fica"

With the issuance of Revenue Procedure 2017-34, the IRS very recently expanded the ability to elect portability for a spouse’s unused estate tax exemption, potentially preserving significant tax savings for a surviving spouse who otherwise might pay dearly for a seemingly minor oversight in filing an estate tax return. In addition to providing an “out” for those who have done nothing, the new method also requires action of those who recently tried to obtain portability via a Private Letter Ruling, but have not yet received an IRS response.

New England is filled with beautiful old buildings. Many once proudly served in varied roles like textile mills, warehouses or military barracks, but were neglected when those uses ended. Lately, forward thinking developers have transformed many of those structures into trendy apartments, retail space, hotels or office space.

Tax legislation enacted in late 2015 and recently re-released proposed regulations are scheduled to affect partnership tax years beginning just a few months from now, dramatically changing the way Internal Revenue Service (IRS) audits of partnerships and LLCs taxed as partnerships are administered. All partnerships (and LLCs) should become familiar with these new rules, and consider updating their partnership and operating agreements before January 1, 2018.

Anyone following news in Maine the last few days and weeks was aware of the struggle in Augusta to come up with a 2017-2018 budget. The process was started in January with the release of the governor’s proposed budget, and culminated a few days after the end of the state’s June 30 fiscal year end.

As we shared in a recent article, on April 3 the Massachusetts Department of Revenue (“DOR”) issued Directive 17-1, Requirement that Out-of-State Internet Vendors with Significant Massachusetts Sales Must Collect Sales or Use Tax. This directive was scheduled to force certain “large internet vendors” to begin collecting sales and use taxes as of July 1, 2017.

The Current Expected Credit Loss standard (Accounting Standards Update No. 2016-13) or intimately known as CECL, has been a hot topic in the banking industry since the Financial Accounting Standards Board’s first CECL exposure draft in 2012.