In the last several years the IRS has increased enforcement of the reporting of foreign (non-U.S.) financial accounts and their related incomes. The IRS has provided serious motivation for taxpayers holding foreign accounts to file by using the threat of wildly high penalties and the potential for criminal prosecution.
The 2014 Office of Inspector General (OIG) health care work plan was recently issued. This plan summarizes new and ongoing reviews and activities to be conducted by the OIG to ensure that health care providers are working consistently with known laws and regulations and to ensure that tax payer dollars, as well as other scarce resources, are spent prudently.
A U.S. partnership is treated as a partnership in Canada and a U.S. corporation is treated as a corporation in Canada, how do our neighbors to the north view a U.S. Limited Liability Company (LLC)? The answer is that while the United States allows this amorphous American business entity to choose the more advantageous flow-through tax form, in Canada the authorities assign the entity a corporate form. These divergent classifications can prevent U.S. members of an LLC from receiving the benefits of the Canada-U.S. Income Tax Convention (the “Treaty”).
What is unclaimed property? Why is it important for a business to understand the reporting requirements?
If you already have completed your 2013 tax returns, you are ahead of the game. For most filers, not much will have changed relative to 2012 returns. However, filers of 1040s reporting high income may see some significantly increased taxes, and this article will explain why.
We often field questions regarding whether a person’s business expenses are deductible. The answer often is not straightforward when the “business endeavor” combines elements of both work and play. Generally, a person who engages in an activity to make money can deduct his or her expenses (cost of supplies for an architect, for instance). A person who engages in an activity just for fun generally cannot deduct those costs (no need to keep those jet-ski rental receipts!). However, in the middle are a number of things that resemble both business and personal activities.
The Medicare Learning Network issued MLN Matters Number MM8458 (revision) and changed the way we need to think about providing therapy services in Skilled Nursing Facility (SNF), Inpatient Rehabilitation Facility (IRF), Home Health (HH) and Outpatient (OPT) settings. The change, or as the Centers for Medicare and Medicaid Services (CMS) call it, a “clarification,” was issued January 14, 2014 but effective earlier that month on the 7th.