The IRS has recently modified the Employee Plans Compliance Resolution System (EPCRS) to encourage employers to adopt automatic contribution features, and to detect and correct errors in retirement plans quickly. Revenue...more
A few weeks ago the Internal Revenue Service released a new notice with allows 501(c)(3) organizations with tax-exempt bonds greater flexibility in drafting their management agreements. In the past, entities with outstanding...more
The short answer: YES. Iowa Code § 422.26 allows the Iowa Department of Revenue to obtain a lien over a taxpayer for any tax and penalties imposed for failure to properly pay taxes and to proceed to collect all such taxes and...more
In 1958, the Internal Revenue Service issued Revenue Ruling 58-66 which stated that the marital status of individuals for Federal Income Tax purposes was the same as the status of those individuals under state law....more
9/3/2013
On Monday, Jan. 7, Governor Branstad and Lt. Gov. Reynolds announced a new program which allows eligible homeowners that purchase a home in 2013 to receive a dollar-for-dollar federal tax credit in an amount up to $2,000 per...more
Alternative Minimum Tax (AMT) is a parallel tax to the regular tax system. Taxpayers are responsible for paying the higher of the tax calculated under the regular system or the AMT system....more
Tax reform is a big topic in today’s news and much of the presidential campaign and debates were centered on how to get our nation out of debt and back on track. One of the proposed cuts in President Obama’s budget for 2013...more