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From the Headlines to your Bottom Line

Are You Ready for the New IRS Partnership Audit Rules?

A new partnership audit regime goes into effect for the 2018 tax year that assesses incremental taxes, penalties and interest at the partnership level. However, many partnerships can elect to follow alternative rules. Here's guidance on what's changing, including the importance of choosing a partnership representative to handle audit matters. We've also got good news for partnerships that missed the new tax filing deadline for the 2016 tax year.
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IRS Guidance on Leave-Sharing Programs to Help Hurricane Harvey Victims

Employers can set up leave-based donation programs to provide assistance to Hurricane Harvey victims. The IRS recently announced that employees won't be taxed when they forgo vacation, sick, or personal leave in exchange for employer contributions of amounts to charitable organizations providing relief. Employers can also deduct the amounts as business expenses.
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How We Add Up

"Our clients rely on Fust Charles Chambers to provide innovative thinking by anticipating changes in tax laws, accounting methods and industry and economic trends. At other times, our clients depend on us to act as a sounding board for their ideas and concerns. We’re proud to be part of our clients’ team with the purpose of assisting them in attaining their goals and objectives."

- Joseph L. Charles, Partner