News Articles

21

October

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Passport Revocation

The IRS is restarting passport revocation for some delinquent taxpayers. The tax agency has announced that it’s stopping the temporary program that had halted certifying certain taxpayers for passport revocation. That included taxpayers that had tax debts but also had an open Taxpayer Advocate Service case. When the IRS certifies to the U.S. State Department … Continued

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14

October

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Insurance Policy

The IRS has expanded the definition of “full-time insurance salesman.” Under the tax code, a full-time life insurance salesman is a statutory employee. Thus, commissions attributable to insurance contracts sold by full-time life insurance salesmen are “wages” subject to FICA taxes when paid. However, statutory employees can deduct business expenses on Schedule C, like independent … Continued

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04

October

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Take advantage of the gift tax exclusion rules

As we head toward the gift-giving season, you may be considering giving gifts of cash or securities to your loved ones. Taxpayers can transfer substantial amounts free of gift taxes to their children and others each year through the use of the annual federal gift tax exclusion. The amount is adjusted for inflation annually. For … Continued

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19

September

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Meet ATA’s Newest Team Member, Cali

FOR IMMEDIATE RELEASE September 19, 2019 Alexander Thompson Arnold PLLC Announces Furry Hire Alexander Thompson Arnold PLLC (ATA) is pleased to announce its newest addition Cali, who joined the ATA team as a service dog in training for Leader Dogs for the Blind. In this pre-training time, Cali is responsible for learning basic commands, avoiding … Continued

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17

September

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Final Regs: First Year Depreciation

The IRS has issued final regs on the 100% additional first-year depreciation deduction. It allows businesses to write off most depreciable business assets in the year they’re placed in service. Changes from the regs proposed in August include qualified improvement property, leasehold improvement property, restaurant property, and retail improvement property. A taxpayer may choose to … Continued

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