After years of threatening to crack down on perceived gift and estate tax “loop holes”, the IRS has finally issued its long awaited proposed regulations under Sec. 2704 of the Internal Revenue Code (the so-called “Special Valuation Rules”). First and foremost, the proposed regulations are intended to put an […]
The Alabama Department of Revenue is offering tax amnesty for taxpayers that apply between June 30 and August 30, 2016. Eligible taxpayers can voluntarily come forward during this period and apply for tax amnesty for various delinquent taxes including sales tax, as well as corporate and individual income tax. […]
The Internal Revenue Service (IRS) recently issued Revenue Procedure 2015-56, which provides certain retailers and restaurants a safe harbor method of accounting for remodel or refresh expenditures on qualified buildings. The safe harbor helps eliminate confusion around which costs may be deducted immediately and which must be capitalized and […]
Congress Passes “Protecting Americans from Tax Hikes (PATH) Act of 2015” Which Extends Some Tax Provisions and Makes Some Permanent
After a year of waiting, Congress has passed the “Protecting Americans from Tax Hikes (PATH) Act of 2015” which reinstates many expired tax provisions. President Obama is expected to sign this bill into law without delay. For the first time in several years, this Act extends certain tax provisions […]
The Surface Transportation and Veterans Health Care Choice Improvement Act of 2015 was signed into law on July 31. This three-month extension of the Highway Trust Fund was the 34th stopgap extension of transportation programs since 2009. In addition to providing continued funding for federal transportation projects, the new […]
Effective Oct. 1, IRS Notice 2014-57, 2014–2015 Special Per Diem Rates, updates the per diem rates that can be used for reimbursement of ordinary and normal business expenses incurred while employees travel away from home. The per diem rates, which are established by the General Services Administration (GSA), are […]
Have you established a business in the U.S., either as a separate entity or as a subsidiary of an existing foreign company? Download our Doing Business in the U.S. Tax Guide gain insight into doing business in the United States. In addition to background information on the U.S., this […]
Warren Averett, LLC, a top national CPA and advisory firm, is recognized as the 27th largest accounting firm in the U.S. on Inside Public Accounting’s 2014 Top 100 ranking. The annual industry ranking is based on revenue growth.
“Our focus has been to enhance our ability to deliver high-quality, valued […]
The United States Tax Court recently issued an opinion that gives homebuilders more flexibility in recognizing revenue under the completed contract method. In Shea Homes, Inc. and Subsidiaries, et al. v. Commissioner of Internal Revenue, the Tax Court held that contractors using the completed contract method were not required […]
The IRS has announced a new program to encourage compliance with the requirements for reporting foreign bank accounts. On June 18th, the IRS announced major changes to its Offshore Voluntary Disclosure Program (OVDP).
Offshore Voluntary Disclosure Program Changes
The changes reduce the previous 27.5% penalty to 5% for those whose failure […]