The IRS recently announced it will hire between 600 and 700 new enforcement personnel. According to the daily news service Government Executive, in an internal IRS memorandum discussing the hires, Commissioner of Internal Revenue John Koskinen noted: “This is a good development for our tax system. When you look at…
Related: Tax Law
Clear FilterTemporary and proposed regulations issued May 3, 2016, reaffirm Treasury’s position that an individual cannot be both an employee and a partner of the same tax partnership, and end the ability of tax planners to use a disregarded entity in conjunction with a tax partnership to change an individual’s self-employment…
A person can provide services to a company as an employee or an independent contractor depending upon the nature of the relationship between the service provider and the company. Misclassification of employees as independent contractors remains a primary focus of many government agencies, including the IRS, U.S. Department of Labor,…
Applicable Federal Rates for May 2016
The Internal Revenue Code prescribes minimum imputed interest rates and time-value-of-money factors applicable to certain loan transactions and estate planning techniques. These rates are tied formulaically to market interest rates. The Internal Revenue Service updates these rates monthly. These are commonly applicable rates in effect for May 2016: Short Term AFR…
May 1, 2016 Deadline to File Annual Reports With Florida Department of State for Corporations, LLCs, and Other Business Entities
The Florida Department of State deadline for filing a 2016 Florida Annual Uniform Business Report for Florida business entities and non-Florida entities registered in Florida is May 1, 2016. A non-negotiable late fee of $400 will be added to the Department of State fee for entities that file their Florida Annual…