Tax Planning Updates

As issues arise we try to inform our friends and clients in a timely manner via PYA Alert.   If you would like to receive important updates via the PYA Tax Planning Alert, please click here.

Economic Stimulus Act of 2008
(Tax Planning Alert dated February 14, 2008)
On February 13, 2008, the President signed into law the Economic Stimulus Act of 2008. This Act contains several incentives for both individuals and businesses...Click here for entire Alert

False IRS Email Declaring Audit
(Tax Alert dated January 30, 2008)
If you receive an email appearing to be from the IRS notifying you of an upcoming audit, know that it’s false. The IRS does not notify individuals or businesses of tax audits via email. A further warning sign of a false email...Click here for entire Alert

New Tax Laws Enacted in Late 2007
(Tax Planning Alert dated January 18, 2008)
New tax laws carrying important tax changes for individuals were enacted in late December 2007, affecting tax years 2007 and beyond. These last-minute changes are causing some delay from the IRS in finalizing 2007 tax forms...Click here for entire Alert

All Employers Must Use New Form I-9 by December 27th
(Tax Planning Alert dated December 21, 2007)
The U.S. Citizenship and Immigration Service has mandated that employers must start using the revised version of Form I-9, Employment Eligibility Verification Form, no later than...Click here for entire Alert

IRS Hospital Community Benefit Study - Interim Report
(Tax Planning Alert dated July 31, 2007)
The Internal Revenue Service (“IRS”) has released an interim report which summarizes the responses received from its May 2006 Questionnaire, Form 13790 Compliance Check Questionnaire – Tax Exempt Hospitals. A copy....Click here for entire Alert

IRS Completely Redesigns Form 990 for the 2008 Tax Year
(Tax Planning Alert dated July 13, 2007)
The Internal Revenue Services has released for public comment a discussion draft of a redesigned Form 990, Return of Organization Exempt from Income Tax, the form filed by many public charities and other exempt organizations....Click here for entire Alert

$256 Million in Intermediate Sanctions Reduced to Zero
(Tax Planning Alert dated August 24, 2006)
The first Tax Court case involving Internal Revenue Service (“IRS”) invoked intermediate sanctions has been reversed. The Fifth Circuit reversed the controversial Tax Court decision to impose intermediate sanctions stating that the Tax Court and IRS failed...Click here for entire Alert

GAO Survey on Executive Compensation at Nonprofit Hospital Systems
(Tax Planning Alert dated August 7, 2006)
As part of Congress's efforts to oversee the activities of the nonprofit sector, the House Ways and Means Committee requested that the Government Accountability Office ("GAO") conduct a study of executive compensation issues at nonprofit hospital systems...Click here for entire Alert

Refund Claims for Federal Telecommunications Excise Tax
(Tax Planning Alert dated July 13, 2006)
The Treasury Department recently announced that all businesses and individuals will be able to claim refunds of federal telecommunications excise taxes paid during the period March 1, 2003 through July 31, 2005...Click here for entire Alert

Tax-Exempt Hospitals: IRS Community Benefit Questionnaire
(Tax Planning Alert dated May 26, 2006)
In support of its Community Benefit compliance initiative focused on tax-exempt hospitals, the Internal Revenue Service (“IRS”) has begun to issue a Compliance Check Questionnaire to hospitals throughout the country...Click here for entire Alert