Blog

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.

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5 Guidelines to Maximizing Workplace Success

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.

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IRS Extends Relief for Closed Defined Benefit Plans

As anticipated by plan sponsors, the IRS has extended relief for plan years that begin before 2020, if certain conditions are met.

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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.

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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.

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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).

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Taxpayers should be prepared for natural disasters

The IRS is reminding taxpayers to be prepared for hurricanes and other natural disasters this season. This article highlights some important tips.

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The Importance of Professional Development

LBMC Employment Partners offers five reasons why employers should invest in ongoing professional development for employees.

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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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Navigating Itemized Deductions in the Maze of Tax Reform

This article highlights the tax reform changes to itemized deductions in an easy to read chart for individual taxpayers.