Your home or business is hit by a disaster – hurricane; fire; flood – you name it. Homeowners and businesses often have insurance to protect against disaster – and many times the dealings with the insurance company will go like butter.
What is the outlook for tax policy both for the Fall and after the elections? Here is an overview, with a focus on implications for small and mid-sized businesses.
Congress recently passed the CARES Act, which was immediately signed into law on March 27. The economic stimulus bill consists of a historic $2 trillion meant to help taxpayers, including individuals and businesses alike, weather the storm wrought by COVID-19.
alliantgroup’s Dean Zerbe and Rick Lazio recently hosted an online presentation providing critical updates for business owners regarding the most recent tax updates from the IRS, the relief package that is currently working its way through the Senate and other top-of-mind business concerns.
alliantgroup’s National Managing Director Dean Zerbe and Director of IRS Practice & Procedure Kathy Petronchak answer submitted questions on the latest from the IRS in terms of deadline extensions and payments owed while offering a glimpse into how Congress is attempting to give American taxpayers the relief needed to get through the economic turmoil of this pandemic.
When I served as Commissioner of Internal Revenue from 2003 through 2007, the two fears that kept me up at night were of a botched filing season and a massive data breach. The damage from either event in the current environment would extend well beyond the nation’s tax system and further erode already badly undermined faith in government itself. The continuing ability of the IRS to process tax returns and issue refunds on the one hand, and protect taxpayer information on the other, depend upon the IRS having a workforce and information systems that are up to the task. At this point, the IRS has neither.
On November 4, alliantgroup’s National Director of Tax and former IRS Acting Commissioner Steven Miller was quoted in the Daily Tax Report regarding a notice from the Service with respect to a significant number of micro-captive insurance arrangements.
Late last night, the House Ways and Means Committee Chairman, Congressman Brady (R-TX), put out aproposed two-year extenders bill (along with a significant number of other provisions) that appears to be “thedeal.”
The Senate’s recent vote of 79-20 to end the medical device tax has many using their replacement knees to jump up and down. Unfortunately, the dream is over and the reality is still with us. The Senate vote was on a budget resolution – the U.S. Senate’s answer to an air kiss.