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Author Archives: John Finocchario

New IRS audit rules for partnerships

  In November 2015 Congress passed the Bipartisan Budget Act of 2015. The BBA replaced the rules for audit procedures for partnerships that were originally established by the Tax Equity and Fiscal Responsibility Act of 1982. The main objective of ...

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Keeping Your Balance: IRS changes due date for certain business returns

On July 31, President Obama signed into law a highway funding bill which contained many tax provisions that will impact the due dates of certain business tax returns. The provisions will apply to tax years beginning after Dec. 31, 2015. ...

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Keeping Your Balance: Deadline for foreign financial account reporting June 30

Any U.S. persons with a financial interest in or signature authority over foreign financial bank accounts with aggregate balances exceeding $10,000 at any time during the year is required to report that information to the United States Treasury Department. The ...

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