The U.S. Citizenship and Immigration Services (USCIS) has issued a new version of Form I-9, “Employment Eligibility Verification,” that is dated November 14, 2016 and has an August 31, 2019 expiration date. Employers must use the new form beginning on January 22, 2017. Until then, the version dated March 8, 2013 may also be used. Form...

The employer’s role in documenting alien employees is a balancing act. Under the Immigration Reform and Control Act (IRCA) you must verify through examination of certain documents that your employees are authorized to work in the United States. At the same time, you must avoid unfair employment practices. By law, you must complete an I-9 Employment Eligibility Verification form for...

Thanks to recent legislation, the due dates have been changed for some information returns and related statements and for some business tax returns. Here’s what you need to know. Earlier Due Dates for Forms 1099-MISC and W-2 When a business pays non–employee compensation aggregating to $600 or more to a single payee in a tax year,...

It’s not too late to take steps to significantly reduce your 2016 business income tax bill and lay the groundwork for tax savings in future years. Here’s a summary of some of the most effective year-end tax-saving moves for small businesses under the existing Internal Revenue Code. After President Obama hands over the baton to President-elect...

In October, the IRS issued new guidance targeting strategies that are used to exploit the tax benefits associated with partnerships and limited liability companies (LLCs) that are treated as partnerships for tax purposes. In a nutshell, under the new guidance, property transactions between partners and partnerships are more likely to be classified as disguised sales and,...

On October 5, 2016, the IRS released new temporary and final Section 752 regulations. Sec. 752 of the Internal Revenue Code and related regulations explain how to allocate partnership debt among partners for purposes of calculating the basis of their partnership interests. This calculation determines what’s often referred to as the partners’ “outside basis” in the...