GAO Encourages IRS to Expand Return Review Program (RRP) to Catch Fraud
The Government Accountability Office (GAO) says the IRS could further leverage its system for detecting and preventing the issuance of invalid tax refunds.
As I close out my first year at LBMC, I came up with five guidelines I believe are integral lessons in how finding the “best fit” on the front end will help you succeed in your career.
Combat-Zone Contract Workers Qualify for Foreign Earned Income Exclusion
Taxpayers can qualify for exclusion if they’re U.S. citizens or resident aliens, specifically contractors supporting U.S. Armed Forces in designated combat zones, who have their tax homes in a foreign country.
IRS Introduces Post-Release Changes to Tax Forms to Protect Taxpayer Data
To better protect taxpayer data, the IRS has announced a new format for online individual tax transcripts that will redact personally identifiable information from the Form 1040 series. The changes will begin on Sept. 23, 2018.
Section 162(m) Guidance on Executive Compensation After TCJA
The IRS released Notice 2018-68, on August 21, 2018, which has provided guidance with respect to executive compensation changes made by the Tax Cuts and Jobs Act (TCJA).
S Corporations Legal Fees are Not Trade or Business Expenses
The U.S. Tax Court concluded that legal and professional fees paid by shareholders weren’t properly deductible as ordinary and necessary business expenses of their wholly owned S corporation.
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