Tax Law

Tool Reimbursement, Rental Arrangements Were Abusive Tax Schemes

Tool plans that claimed to pay employer reimbursements or rental fees to employees who used their own tools in their jobs were abusive tax schemes. The Tax Court imposed civil penalties on two executives of CMS, the company that developed the arrangements and falsely marketed them as accountable plans to reimburse employee expenses. Why Mischaracterize …

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July 15 Tax Payment Deadline Approaching

As the 2019 tax filing and payment deadline approaches, the IRS reminds taxpayers and businesses that 2019 income tax liabilities as well as postponed April 15 and June 15, 2020 estimated tax payments are due July 15, 2020.  This postponement provided temporary tax relief in response to the COVID 19 pandemic.

The Taxpayer First Act

The Taxpayer First Act (July 1, 2019) is considered the most significant tax legislation focused on Internal Revenue Service (IRS) reform since the IRS Restructuring and Reform Act of 1998.

Highlights of the New Tax Reform Law

The new tax reform law, commonly called the “Tax Cuts and Jobs Act” (TCJA), is the biggest federal tax law overhaul in 31 years, and it has both good and bad news for taxpayers.

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