The President has released his “skinny budget” for 2018. A precursor to the full budget due in May, it’s a wish list of cuts and some basic economic projections in which he lays out plans for boosting military spending, cutting foreign aid and some domestic programs, and slashing IRS funding. The budget targets the IRS’s […]
The IRS has privately ruled on a number of issues with regard to a tax-exempt organization’s activities in building and operating a cultural center, including whether its operation of a coffee shop would be an unrelated trade or business, whether certain transfers would be self-dealing transactions and whether the cost of obtaining the ruling would […]
IRA owners who turned age 70½ in 2016, but opted to wait until 2017 to begin taking their required minimum distributions (RMDs) for 2016, must receive their 2016 RMDs by April 1. A participant in a qualified retirement plan generally must begin taking distributions from it by April 1 of the calendar year following the […]
The IRS has granted businesses affected by Winter Storm Stella, the storm that hit parts of the Northeast and Mid-Atlantic this week, additional time to request a 6-month extension to file their 2016 federal tax returns. The extension for the extension affects calendar year partnerships and S corporations that must file their 2016 returns by […]
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