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  • Proposed Centralized Partnership Audit Regulations

    July 27, 2017
    Under the current Internal Revenue Service (IRS) partnership audit system, any adjustments made by an audit at the partnership level flow through to the partners. The partners are then responsible for their share of any additional taxes and penalties due. Changes under the Bipartisan Budget Act of 2015 created a centralized partnership audit system. This system makes the partnership responsible for any changes that arise due to an IRS audit of the tax return. ... Read more
  • Tax Law Changes Included in New Illinois Legislation

    July 18, 2017
    On July 6, 2017, for the first time in over two years, Illinois passed its budget bill, which includes multiple tax law changes affecting both individuals and businesses. ... Read more
  • Donor Advised Funds

    June 29, 2017
    With tax reform on the horizon, it may be advantageous to accelerate deductions and create immediate tax benefits. If you are planning on making substantial charitable contributions in the future, but are unsure what tax law changes will be in effect at that time, a donor advised fund may help take some guess work out of the equation.... Read more
  • The Circle of Life: Tax Breaks When Caring for Aging Parents

    June 7, 2017
    Early on, your parents took care of you and received tax breaks for doing so, such as the dependency exemption and the childcare credit. Now that the circle is coming around and your parents need your support and encouragement, some of these same tax breaks may be available to you.... Read more
  • The Changing Landscape of Nexus

    May 18, 2017
    Do you know how and when your business can be taxed by other states? The key term in navigating multistate taxation is nexus, which is created when you have a specific presence or connection with that state. Once nexus is established, you may become subject to a state’s sales, income or gross receipt taxes.... Read more
  • SVA’s Tax Guides and Tax Calendars Keep You On Schedule

    March 6, 2017
    Stay current with tax issues with SVA’s Interactive Web Tax Guide. Check out recent articles on 2017 Inflation Adjustments and Major Tax Law Changes on the Horizon. ... Read more
  • Navigating Passive Income & Loss Rules - Part II (Determining Material Participation)

    February 9, 2017
    Establishing whether an activity is considered passive for tax purposes is extremely important when determining the deductibility of losses and whether high income taxpayers are subject to an additional tax on net passive income.... Read more
  • New Small Business HRAs

    January 26, 2017
    Beginning in 2017, small employers may once again be able to reimburse employees for medical expenses, including health insurance premiums. On December 13, 2016, former President Obama signed into law the 21st Century Cures Act, which allows small employers to provide Health Reimbursement Arrangements (HRAs) to their employees without facing penalties for failing to satisfy certain Affordable Care Act (ACA) requirements.... Read more
  • 2017 Foreign Asset and Bank Account Reporting

    January 18, 2017
    As in prior years, the U.S. government continues to require foreign financial institutions to report foreign accounts of U.S. persons, as well as the annual reporting of foreign financial assets and bank accounts by U.S. persons. In addition, there are new reporting requirements for foreign financial assets held by corporations, partnerships, and certain trusts and a new due date for reporting foreign bank accounts. ... Read more
  • 2017 Mileage Rates and Retirement Plan Limits

    December 20, 2016
    Each year, various limits set by the IRS are reviewed and, if necessary, adjusted for items such as cost-of-living, inflation, and the results of annual studies. The following limits have recently been released for 2017:... Read more
  • 2016 W-2 & W-3 Filing Due Dates and Penalties Have Changed

    December 14, 2016
    The due date for filing the 2016 Forms W-2 and W-3 with the Social Security Administration (SSA) is now January 31, 2017 whether you file paper forms or electronically transmitted versions. In prior years, the paper filed copies were due at the end of February and the electronic files were due March 31st. ... Read more
  • Big Tax Changes Ahead; Planning for Today

    December 8, 2016
    President-elect Donald Trump’s proposed tax reform, which plans on reducing tax rates while limiting some deductions, is creating a lot of questions regarding year-end planning. With the Republicans controlling the House and Senate, it is extremely likely we will be seeing tax law changes as early as 2017. ... Read more
  • 1099 Reporting Penalties

    November 30, 2016
    Certain payments made by your trade or business need to be reported to the IRS using Form 1099. If you don’t issue required Form 1099s, you may be subject to penalties. There are different penalty amounts depending on when you file the late forms and the size of your business.... Read more
  • Casualty Loss – When to deduct?

    October 4, 2016
    With all the stormy weather and rain this year, have you had any property damage that was not covered by insurance? If so, you may be able to deduct a portion of your casualty loss on your 2016 tax return. ... Read more
  • Proposed Elimination of Valuation Discounts

    October 4, 2016
    On August 2, 2016, the Internal Revenue Service issued proposed regulations under Internal Revenue Code Section 2704 that would limit the ability to take valuation discounts when interests in family controlled entities such as partnerships, LLCs and corporations are transferred either by gift or at death.... Read more
  • New Tax Return Due Dates Starting in 2017

    September 13, 2016
    Tax return filing dates are changing for 2016 tax returns due in 2017.... Read more