Latest Tax & Compliance News - February 2017

  • The Top Five Business Tax Issues of 2017: “The tax action list for business leaders in 2017 is relatively short, but it is critical for organizational success,” says Jeffrey C. LeSage, Vice Chairman-Tax at KPMG LLP. Here are LeSage’s five action items for business leaders in 2017.
  • Report Looks at eCommerce Corporate Income Tax Issues: Thomson Reuters has released a special report, The Tricky Intersection of E-Commerce and State Corporate Income Taxes, which addresses some of the many corporate income tax issues arising from pure e-commerce transactions.
  • Tax Season Opens, as Experts Warn of Possible Delays: Tax filing season for individuals opened on January 23, but for some, this doesn’t mean a speedy refund can be counted upon. While IRS expects to issue nine out of ten refunds in fewer than 21 days, they’ll be holding onto refunds for returns that claim the Additional Child Tax Credit (ACTC) and the Earned Income Tax Credit (EITC) until February 15.
  • New Scam Targets Tax Professionals: The new phishing scheme is targeting accounting and tax preparation firms nationwide, with the cyber criminals trying to collect sensitive information that will allow fraudsters to prepare fraudulent tax returns.
  • State-by-State Guide to eFiling and Payment of Sales Taxes: Every state now offers online or telephone options for filing and payment. However, these vary widely. If you are a small business filing sales taxes in several different states, it can be tricky to keep track of all the different filing requirements, and even online filing may not be that convenient when you have to log-in to each state’s website to file each return separately.