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Every four years, Congress returns to work after a summer recess and is overshadowed by the looming presidential election. This year is no exception with taxpayers and lawmakers focused on Election Day, November 8. In the meantime, however, lawmakers have almost two months to take up legislation left pending when they recessed in July. Included on their agenda are many tax-related bills, potentially impacting individuals, businesses and others.


The IRS launched new online resources for service providers and participants in the sharing economy. Advances in telecommunications have fueled the growth of the sharing economy. More and more consumers are connecting with service providers for shared car services, apartments and rooms for short-term rentals, and some employment opportunities.


The IRS has released draft forms for Affordable Care Act (ACA) reporting under Code Secs. 6055 and 6056 for tax year (TY) 2016. These draft forms reflect changes from the forms used for TY 2015 and will likely reflect what compliance under the final version will entail.


The IRS has issued temporary regulations (T.D. 9780) that explain how a partnership can opt in to the new partnership audit regime that was enacted in the Bipartisan Budget Act of 2015 (BBA). As enacted, the new audit rules will apply to partnership returns filed for tax years beginning after December 31, 2017. However, the new law allows partnerships to elect to apply the new audit regime to a return filed for a partnership tax year beginning after November 2, 2015 (the date of enactment of the BBA) and before January 1, 2018. A tax year within this period is identified as an “eligible tax year.”


The IRS announced in August new procedures for renewing an unused or expired Individual Tax Identification Number (ITIN). The new procedures are scheduled to take effect later this year and will impact 2016 federal individual income tax returns filed in 2017.


As an individual or business, it is your responsibility to be aware of and to meet your tax filing/reporting deadlines. This calendar summarizes important federal tax reporting and filing data for individuals, businesses and other taxpayers for the month of September 2016.


BDO Alliance USA

As an independent member of BDO Alliance USA, we are able to draw upon the resources and experience of BDO USA, LLP and other Alliance members.

Welcome

At Gibbons & Kawash, A.C. our focus is responding to your needs and exceeding your expectations. We combine broad technical knowledge developed from years of experience with an entrepreneurial approach to problem-solving to help our clients meet all the challenges before them. An extensive library of accounting, auditing, and tax planning materials and the latest in state-of-the-art technology are valuable tools in our development of innovative solutions. But perhaps the most important element in our approach is the personalized service that enables us to develop and maintain an in-depth knowledge of your business. Our professionals take the time to listen and acquire a thorough understanding of your business needs.

Firm News

QuickBooks Live Training

OT Rules

How Might the New Overtime Rules Affect Your Business?

A new DOL rule will change the way employers determine which white-collar employees are entitled to additional pay for overtime hours worked. Once the rule takes effect, an estimated 4.2 million additional salaried workers could become eligible for overtime pay.

SCINs Estate Plan

SCINs Make Sense for Some Estate Plans

People who use a self-canceling installment note (SCIN) as an estate planning tool take an informed risk that they won’t reach their actuarial life expectancy. This article explores how a SCIN can fit into an estate plan and the benefits for certain individuals.

Bad Debt

Bad Debt - It May be "Bad," But You Still Need to Know How to Account For It

If it eventually becomes clear that a business customer either can’t or won’t pay an invoice, this results in a business bad debt. Find out exactly what defines a “bad debt” and how to account for bad debt write-offs.

PATH Act OSBS

Taking Advantage of the PATH Act - QSBS Offers Potentially Lucrative Tax Breaks

Explore the attractive tax breaks for those investing in qualified small business stock (QSBS), notably capital gains exclusions, and the criteria required for a company’s stock to be considered QSBS.

A History Of Service

Over 20 years ago, our firm was founded on a commitment to provide clients with the highest quality services and professional guidance. That commitment remains paramount, and is deeply rooted in every aspect of our practice. It is the reason Gibbons & Kawash has become one of the area's leading accounting and consulting firms.

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