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Thursday, 21 September

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Late-filing Partnerships Catch a Break

Tighe, Kress & Orr.

By: Tighe, Kress & Orr.

Posted September 19, 2017 / No comments

Late-filing partnerships catch a break. Penalties generally apply when tax returns are filed late. Prior to 2016, calendar-year partnerships were required to file by April 15. A new due date (now March 15) resulted in late filing of returns and extension requests by many partnerships. The IRS has granted relief from late penalties for eligible

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New Senior Audit Manager Announcement

Tighe, Kress & Orr.

By: Tighe, Kress & Orr.

Posted September 18, 2017 / No comments

Tighe, Kress & Orr, P.C. Hires New Senior Audit Manager ELGIN, IL (Thursday, September 14, 2017) – Tighe, Kress & Orr, P.C., a certified public accounting firm, is proud to announce Stephen Leazzo has joined the team in the role of Senior Audit Manager. Steve joins the firm with over 11 years of public accounting

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Are You Prepared for a Disaster?

Tighe, Kress & Orr.

By: Tighe, Kress & Orr.

Posted September 12, 2017 / No comments

After the devastation of Hurricane Harvey and with the looming threat of Hurricane Irma, the IRS has issued a list of ways that taxpayers should prepare for hurricanes, floods and other disasters. Specifically, the IRS recommends that taxpayers keep a duplicate set of key documents in a safe, waterproof place. Also, photograph or videotape the

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Beware of Fake Charity Scams

Tighe, Kress & Orr.

By: Tighe, Kress & Orr.

Posted September 5, 2017 / No comments

Beware of fake charity scams. The IRS is warning that fake charity schemes are emerging due to Hurricane Harvey and advised taxpayers to find recognized charitable groups for their donations. Some criminals impersonate charities to get money or private information from well-meaning taxpayers, the IRS stated. The scams may involve telephone calls, social media and

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Federal Tax News Post

Tighe, Kress & Orr.

By: Tighe, Kress & Orr.

Posted August 30, 2017 / No comments

How does living abroad change your tax picture? As Americans become increasingly mobile, many more taxpayers are living outside the United States or holding foreign investments. Globetrotters may not be aware that their worldwide income is subject not only to U.S. tax, but also to extensive reporting requirements related to their foreign assets. If you’re

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Tax News Post for August 23 2017

Tighe, Kress & Orr.

By: Tighe, Kress & Orr.

Posted August 23, 2017 / No comments

A “qualified small business” with eligible research expenses can choose to apply up to $250,000 of its research credit against its payroll tax liability. New IRS guidance discusses: (1) how the payroll tax credit for increasing research activities should be reported on Form 941, Schedule B, and (2) when the credit should be reported on

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Fed Tax News Post for August 15 2017

Tighe, Kress & Orr.

By: Tighe, Kress & Orr.

Posted August 15, 2017 / No comments

Although the House and Senate are on recess, White House and congressional tax staffers are meeting to work on tax reform. Two top goals are cutting and simplifying individual taxes. President Trump wants to cut the top individual rate from 39.6% to 35%. House GOP leaders have proposed cutting it to 33%. Trump also wants

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Fed Tax News Post for August 14 2017

Tighe, Kress & Orr.

By: Tighe, Kress & Orr.

Posted August 14, 2017 / No comments

Although the House and Senate are on recess, White House and congressional tax staffers are meeting to work on tax reform. Two top goals are cutting and simplifying individual taxes. President Trump wants to cut the top individual rate from 39.6% to 35%. House GOP leaders have proposed cutting it to 33%. Trump also wants

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Federal Tax News Post for August 4th

Tighe, Kress & Orr.

By: Tighe, Kress & Orr.

Posted August 8, 2017 / No comments

Electronic payment will soon be required for certain IRS transactions. As announced by the IRS in June, after Aug. 15, 2017, the Pay.gov electronic payment website will become the only permissible payment method for fees that taxpayers must pay when they request letter rulings, closing agreements and certain other rulings from the IRS. Pay.gov, a

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FEDERAL TAX NEWS POSTS FOR JULY 28

Tighe, Kress & Orr.

By: Tighe, Kress & Orr.

Posted August 2, 2017 / No comments

“Skinny” repeal bill dies in the U.S. Senate. At about 1:30 a.m. Friday, a bill that would repeal parts of the Affordable Care Act but retain others failed to capture enough votes in the Senate. Three Republicans, Sens. Susan Collins (ME), John McCain (AZ) and Lisa Murkowski (AK), voted against the bill, which would have

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