CFC Partners Required to Increase E&P for Subpart F Inclusions
The upper-tier controlled foreign corporation (CFC) partners of a
domestic partnership were required to include in gross income their
distributive share of income inclusions under subpart F from
lower...
National Taxpayer Advocate Nina Olson Announces Retirement
Nina E. Olson, the National Taxpayer Advocate (NTA), has announced
her decision to retire this summer from the esteemed NTA position
at the IRS. Olson has served as taxpayers’ "voice" ...
IRS unveils taxpayer bill of rights
The Tax Code contains many taxpayer rights and protections.
However, because the Tax Code is so large and complex, many
taxpayers, who do not have the advice of a tax professional, are
unaware of thei...
FAQ: What is the self-employment tax?
Taxpayers who are self-employed must pay self-employment tax on
their income from self-employment. The self-employment tax applies
in lieu of Federal Insurance Contributions Act (FICA) taxes paid by
e...
How do I? Compute depreciation for tax purposes
The simple concept of depreciation can get complicated very quickly
when one is trying to determining the proper depreciation deduction
for any particular asset. Here’s only a summary of some of...
Congress juggles immediate/long-term tax issues
Nearly half-way into the year, tax legislation has been hotly
debated in Congress but lawmakers have failed to move many bills.
Only one bill, legislation to make permanent the research tax
credit, ha...
IRS will treat virtual currency as property for tax purposes
As virtual currencies such as Bitcoin rise in prominence and use,
the IRS has for the first time described how virtual currency will
be treated for tax purposes. The agency concluded in new guidance
(...
FAQs: What are AFRs for tax purposes?
The applicable federal rates (AFRs) are used for a number of
federal tax provisions. For example, Code Sec. 1274 uses AFRs to
determine whether a debt instrument has original issue discount
(OID or im...
How do I? Write off baseball season tickets to my business
Code Sec. 162 permits a business to deduct its ordinary and
necessary expenses for carrying on the business. However, Code Sec.
274 restricts the deduction of entertainment expenses incurred for
busin...
IRS takes aim at employment tax compliance
The current likelihood that your business will become involved in
an employment tax audit or an employment-related income tax audit
has increased: the IRS is aggressively attempting to reduce the
"tax...
Withdrawals from retirement savings: Tough rules may change
In response to the economic downturn that has affected the
retirement portfolios of millions of individuals across the
country, Congress has been considering a variety of alternatives to
offer relief ...
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Welcome to Corwin, Reichter & Co, P.C. Since 1971, our focus has been on helping you grow and preserve your personal wealth, as well as the wealth of your business. Initially, we were focused on taxation and auditing. However, over the years we have seen the industry change. In response to the industry changes, our clients have grown and evolved also. Our response to this evolution was to fully educate ourselves in many areas: business development, growth strategy, human resources, marketing, sales, management, operations, systems, customer service, business health checks, and more… This is our way of saying that you, and your needs, are important to us.
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