IRS withdraws proposed regulations. In Aug. 2016, the IRS issued proposed regs that would restrict the liquidation of an interest for estate, gift and generation-skipping transfer taxes. The regs state that certain existing restrictions on the disposal or liquidation of family-controlled entities should be disregarded in determining the fair market value of the entities for estate and gift tax purposes. Critics warned the proposed regs … Continue reading 2017 – 10/18
As we head toward year end, your company may be reviewing its business strategy for 2017 or devising plans for 2018. As you do so, be sure to give some attention to the prices you’re asking for your existing products and services, as well as those you plan to launch in the near future. The cost of production is a logical starting point. After all, … Continue reading
An audit reveals that a key IRS compliance program is hamstrung by cutbacks. A Treasury Inspector General for Tax Administration (TIGTA) audit found that a significant reduction in the IRS’s Automated Substitute for Return (ASFR) Program has negatively affected collection and filing compliance. The IRS is authorized to use third-party information to determine and assess a tax liability for taxpayers who are required to file … Continue reading 2017 – 10/19
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