Debate over health care and taxes moves to Senate
The future of the Affordable Care Act and its associated taxes has
moved to the Senate following passage of the American Health Care
Act (AHCA) in the House in April. Traditionally, legislation moves
FAQ: What are passive losses?
Individuals, trusts, estates, personal service corporations and
closely held C corporations may only deduct passive activities
losses from passive activity income. The rules do not apply to S
June 2017 tax compliance calendar
As an individual or business, it is your responsibility to be aware
of and to meet your tax filing/reporting deadlines. This calendar
summarizes important federal tax reporting and filing data for
IRS unveils taxpayer bill of rights
The Tax Code contains many taxpayer rights and protections.
However, because the Tax Code is so large and complex, many
taxpayers, who do not have the advice of a tax professional, are
unaware of thei...
FAQ: What is the self-employment tax?
Taxpayers who are self-employed must pay self-employment tax on
their income from self-employment. The self-employment tax applies
in lieu of Federal Insurance Contributions Act (FICA) taxes paid by
How do I? Compute depreciation for tax purposes
The simple concept of depreciation can get complicated very quickly
when one is trying to determining the proper depreciation deduction
for any particular asset. Here’s only a summary of some of...
Congress juggles immediate/long-term tax issues
Nearly half-way into the year, tax legislation has been hotly
debated in Congress but lawmakers have failed to move many bills.
Only one bill, legislation to make permanent the research tax
FAQs: What are AFRs for tax purposes?
The applicable federal rates (AFRs) are used for a number of
federal tax provisions. For example, Code Sec. 1274 uses AFRs to
determine whether a debt instrument has original issue discount
(OID or im...
IRS takes aim at employment tax compliance
The current likelihood that your business will become involved in
an employment tax audit or an employment-related income tax audit
has increased: the IRS is aggressively attempting to reduce the
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