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McBrayer Blogs

Showing 17 posts tagged IRS.

IRS and KDOR Extend Income/Sales and Use Tax Deadlines for Those Affected by December 10 Storms

Following the severe storms, tornadoes, and flooding that caused catastrophic destruction in parts of western Kentucky and surrounding areas beginning on December 10, the Internal Revenue Service (IRS) has announced that it will be extending many tax-filing deadlines to May 16, 2022 for those affected by the disaster. Similarly, the Kentucky Department of Revenue (KDOR) has announced that it will honor those same extensions for state filing deadlines as well, in addition to other special, Kentucky-only provisions. Here’s what you need to know about how these deadlines have changed and who is eligible for the extensions. More >

Businesses – Loans and Tax Relief for the COVID-19 Crisis Are Available

After the passage of the CARES Act stimulus package, there are more than a few current items of relief available to businesses impacted by the crisis, outlined below. More >

Midyear Tax Planning

As we approach the middle of the year, this is the perfect time to consider tax planning for your business and whether you need to make any changes to your current tax strategies. More >

IRS Guidance on the Work Opportunity Tax Credit Extension for 2014

As part of the Tax Increase Prevention Act of 2014 ("the Act") that Congress passed at the end of last year, the Work Opportunity Tax Credit ("WOTC") was re-extended for the 2014 tax year. The WOTC provides a tax credit to employers that hire members of certain targeted groups. The WOTC requires that employers obtain certification from Designated Local Agencies ("DLAs") within 28 days of the hiring of the specified individual or prescreen the applicants. Because the WOTC was not actually in effect until the end of 2014, its provisions apply retroactively, and employers now need further time to receive the proper certifications necessary for the credit. More >

Tax-Exempt Organizations: Excess Benefit Transactions vs. Private Inurement

In the past several years, tax-exempt organizations (hereinafter "Organizations") have faced greater scrutiny and attention from the IRS. As a result, Organizations must adhere to stricter compliance and administrative requirements to maintain their tax-exempt status. More >

Possible Delay to 2015 Tax Season

In a letter dated October 6, 2014, IRS Commissioner John Koskinen wrote to Senate Finance Committee Chairman Ron Wyden expressing his concern about the upcoming 2015 tax filing season. Specifically, he is worried about dozens of tax breaks which lapsed at the end of 2013. More >

The Tax Risks of Misclassifying Employees

Over the last few years, worker classification initiatives have been a top priority for the Internal Revenue Service (IRS), Department of Labor (DOL), and state agencies. In 2011, the IRS and DOL signed a memorandum of understanding in an effort to jointly increase worker misclassification audits. Pursuant to the memorandum, the DOL now refers wage and hour investigations involving IRS employment tax compliance issues to the IRS. More >

Trusts Can "Materially Participate" in Businesses

Estate planning attorneys and financial planners now have much-needed guidance about "material participation" and "personal services" as they relate to trusts. The Tax Court recently ruled that a trust materially participated in its rental real estate business and therefore could deduct the losses it incurred in conducting those activities as losses from non-passive activities. The court rejected the IRS's argument that "personal services" performed in real estate activities must be performed by an individual, not a trust. This ruling is especially important considering the introduction of the "Medicare Tax" which imposes a 3.8% surtax on net investment income (the definition of net investment income includes income derived from a trade or business that is a passive activity to the investor). More >

The Tax Benefits of an Accessible Business

If you are the owner of a business that is open to the public, it is your responsibility to ensure that it is compliant with the Americans with Disabilities Act of 1990 ("ADA") accessibility provisions. While complying with federal laws can be onerous at times, there are certain tax benefits available for making improvements to your office space. More >

Show Me the Money: When Can I Expect My Tax Refund?

Tax filing season got a late start this year thanks to the 2013 government shutdown; the IRS pushed back its official return acceptance date from January 21 to January 31. Now that IRS is accepting returns, when can taxpayers expect to see their refund? More >

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