Understanding the latest Tax Gap estimates and overall taxpayer compliance

Posted on Oct 07, 2019

The Internal Revenue Service periodically estimates the tax gap to gauge historical overall compliance of all types of taxpayers with their federal tax obligations. The estimates take into account federal taxes due as well as refundable and non-refundable tax credits.

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The filing deadline for 2018 extension filers is almost here

Posted on Oct 03, 2019

It’s almost here…the filing deadline for taxpayers who requested an extension to file their 2018 tax return. This year’s deadline is Tuesday, October 15.

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IRS releases draft 2019 Forms 1065, 1120-S, and Schedules K-1

Posted on Oct 02, 2019

The IRS issued a draft of the tax year 2019 Form 1065, U.S. Return of Partnership Income (PDF), and its Schedule K-1, Partner’s Share of Income, Deductions, Credits, etc (PDF). The changes to the form and schedule aim to improve the quality of the information reported by partnerships both to the IRS and the partners of such entities.

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IRS finalizes safe harbor to allow rental real estate to qualify as a business for qualified business income deduction

Posted on Sep 25, 2019

WASHINGTON — The Internal Revenue Service today issued Revenue Procedure 2019-38 that has a safe harbor allowing certain interests in rental real estate, including interests in mixed-use property, to be treated as a trade or business for purposes of the qualified business income deduction under section 199A of the Internal Revenue Code (section 199A deduction).

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David E. Heyting - Tax Partner

Posted on Aug 09, 2019

Hersman Serles Almond, LLC is pleased to announce the continued growth of our firm with the promotion of David E. Heyting to Tax Partner.

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Brittany Gabelein, CPA - Partner

Posted on Aug 08, 2019

Hersman Serles Almond, LLC is pleased to announce that Brittany Gabelein, CPA has been promoted to Partner in our tax and accounting firm.

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Gregory Kastner, CPA - Senior Tax Manager

Posted on Aug 05, 2019

Hersman Serles Almond, LLC is proud to announce the addition of a new team member to continue the growth of its accounting and tax services for business and individual clients. Gregory Kastner, CPA has joined us as Senior Tax Manager.

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IRS Remodels the 1040 for 2019

Posted on Jul 19, 2019

The IRS is reducing the number of schedules and improving the form to make it less confusing. As a new 1040 form tailored to seniors makes its debut, the regular 1040 is getting remodeled for 2019.

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IRS revises EIN application process; seeks to enhance security

Posted on Apr 09, 2019

As part of its ongoing security review, the Internal Revenue Service announced today that starting May 13 only individuals with tax identification numbers may request an Employer Identification Number (EIN) as the “responsible party” on the application.

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IRS provides a safe harbor method of accounting for passenger automobiles

Posted on Feb 22, 2019

The Treasury Department and the Internal Revenue Service issued guidance today that provides a safe harbor method for determining depreciation deductions for passenger automobiles that qualify for the 100-percent additional first year depreciation deduction and that are subject to the depreciation limitations for passenger automobiles.

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