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A "phase two" tax reform outline could be unveiled by House GOP tax writers by August. Republicans have started to increase their tax meetings related to the effort, House Ways and Means Committee Chairman Kevin Brady, R-Tex., told reporters on June 13.


A bipartisan group of House and Senate lawmakers have introduced companion Historic Rehabilitation Tax Credit (HTC) bills. The measure aims to strengthen the HTC by encouraging investment and minimizing administrative burdens, according to the lawmakers.


House tax writers have moved two bills through committee. The bills focus on IRS hiring and the tax treatment of mutual ditch irrigation companies. The House Ways and Means Committee approved the measures in a June 21 markup.


The American Bar Association (ABA) Section of Taxation has expressed concerns to top Senate tax writers about certain congressional IRS reform efforts. The ABA Section of Taxation sent a June 6 letter to Senate Finance Committee (SFC) Chairman Orrin G. Hatch, R-Utah and ranking member Ron Wyden, D-Ore., regarding the House-approved bipartisan Taxpayer First Act (HR 5444).


The U.S. Supreme Court has determined that nonqualified employee stock options are not taxable compensation under the Railroad Retirement Tax Act (RRTA). The term "money remuneration" in the Act unambiguously excludes "stock."


A member of the Miccosukee Tribe of Indians of Florida had to pay federal income tax on distributions of gaming income that she and her family received from the tribe. The payments were taxable income under the Indian Gaming Revenue Act, rather than Indian general welfare benefits that were excluded from tax under Code Sec. 139E. Both the taxpayer and the tribe were bound by the decision.


An individual shareholder of an S corporation restaurant operator was not allowed to claim FICA tip credits under Code Sec. 45B that the S corporation did not claim. The shareholder could not unilaterally and retroactively nullify the S corporation’s election to deduct FICA tip taxes.


The Treasury Department and the IRS have issued final regulations that:

  • prevent a corporate partner from avoiding corporate-level gain through transactions with a partnership involving equity interests of the partner or certain related entities;
  • allow consolidated group members that are partners in the same partnership to aggregate their bases in stock distributed by the partnership for purposes of limiting the application of rules that might otherwise cause basis reduction or gain recognition; and
  • require certain corporations that engage in gain elimination transactions to reduce the basis of corporate assets or to recognize gain.

Participants in the Son of BOSS tax shelter have maintained their perfect losing record in the Tax Court. Thus, another Son-of-Boss deal has failed to produce its promised loss deductions.


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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

Nonprofit Standard Summer 2017Nonprofit Standard - A Newsletter of the BDO Institute for Nonprofit Excellence

Take a look at the latest issues for nonprofits including FASB exposure draft on accounting for contributions, Section 501(r) compliance concerns, turning obstacles into opportunities, critical conversations between managers and employees, and a beginner's guide to state nonprofit registration and audit requirement rules.

529 Plan Myths

Maximize Your Business's 2017 Tax Savings

Even after 2017 draws to a close, there are still moves business owners can make to save on 2017 taxes. Learn how to claim all the breaks you're entitled to when filing your return.

Partnership Audits

Be Prepared to put Your Business on the Market

In order to have the freedom to make major life changes expediently, business owners should take steps now to be ready to put their business up for sale. Learn what buyers will examine and about financial and organizational appeal.

Small Bus Retirement

What You Should Know About Making Estimated Tax Payments

Some taxpayers may be required to pay income tax via estimated tax payments. Find out if you may need to pay taxes this way and the process for calculating payments.

Hobby or Business

Do You Need to File a Gift Tax Return?

Individuals who made gifts during 2017 might have to file Form 709 - a gift tax return - when filing their federal income tax returns. Learn which situations where the form must be filed and how to handle hard-to-value assets.

A History Of Service

Twenty-five 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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More than 90% of Social Security recipients are not maximizing their benefits. Determining when to apply can be an overwhelming task that affects the amount you will receive for the rest of your life. Improper planning could cost you tens of thousands over the course of your retirement. Our comprehensive Social Security planning services provide you with an individualized plan for how and when to apply to maximize your Social Security benefits.

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Timothy J. Gibbons, CPA/ABV,CVA,CFF,NSSA

Virginia Supcoe,   CPA/ABV,CVA,CFE,NSSA

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