GOP to Move Tax Bills During Lame-Duck Session
Congressional Republicans are looking to move forward with certain
legislative tax efforts during Congress’s lame-duck session. The
House’s top tax writer, who will hand the reins to Democ...
Brady: New Middle-Income Tax Cut Conditionally Expected in 2019
A new, 10 percent middle-income tax cut is conditionally expected
to be advanced in 2019, according to the House’s top tax writer.
This timeline, although largely already expected on Capitol Hil...
Rettig Wants to Modernize IRS and Continue to Implement TCJA
IRS Commissioner Charles Rettig gave his first speech since being
confirmed as the 49th chief of the Service at the American
Institute of CPAs (AICPA) November 13 National Tax Conference in
Washington...
AICPA, ABA Urge Extensive Changes to Proposed Transition Tax Rules
The American Institute of Certified Public Accountants (AICPA) and
the American Bar Association (ABA) Section of Taxation are urging
the IRS to make extensive changes to proposed "transition
tax"...
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
e...
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
credit, ha...
IRS will treat virtual currency as property for tax purposes
As virtual currencies such as Bitcoin rise in prominence and use,
the IRS has for the first time described how virtual currency will
be treated for tax purposes. The agency concluded in new guidance
(...
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...
How do I? Write off baseball season tickets to my business
Code Sec. 162 permits a business to deduct its ordinary and
necessary expenses for carrying on the business. However, Code Sec.
274 restricts the deduction of entertainment expenses incurred for
busin...
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
"tax...
Withdrawals from retirement savings: Tough rules may change
In response to the economic downturn that has affected the
retirement portfolios of millions of individuals across the
country, Congress has been considering a variety of alternatives to
offer relief ...
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