Lawmakers continue tax reform debate and discussions
Lawmakers from both parties spent much of June debating and
discussing tax reform, but without giving many details of what a
comprehensive tax reform package could look like before year-end.
At the sa...
FAQ: Has the IRS’s treatment of virtual currency changed?
No. The IRS continues to treat virtual currency as property for
U.S. federal tax purposes. However, last year, a government
watchdog, and this year, a group of lawmakers, urged the IRS to
clarify its ...
July 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
ind...
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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