Senate Finance Committee Approves IRS Commissioner Nominee
The Senate Finance Committee (SFC) advanced President Donald
Trump’s nomination of Charles Rettig for IRS Commissioner. The SFC
approved the nomination on July 19 by a 14-to-13 party line vote.
...
Trump, House GOP Lawmakers Discuss Tax Cuts 2.0
President Donald Trump and House GOP tax writers
discussed "Tax Cuts 2.0" in a July 17 meeting at the
White House. The next round of tax cuts will focus primarily on the
individual side of t...
Ways and Means GOP, White House Crafting Tax Cut 2.0 Outline
House Republicans and the Trump Administration are working together
to craft a tax cut "2.0"outline, the House’s top tax writer
has said. House Ways and Means Committee Chairman Kevin Brady...
Wyden Report Critiques GOP’s Tax Reform
The Senate Finance Committee’s (SFC) leading Democrat has released
a report critiquing Republicans’ 2017 overhaul of the tax code. The
report, focusing primarily on international tax refor...
Tax Reform Hurts Homeowners, House Democratic Report Says
Homeowners will be hurt financially by last year’s tax reform,
according to a new House Democratic staff report. The report
alleges that real estate developers will primarily benefit from the
ne...
Final Regulations Target Tax-Motivated Inversion Transactions
The IRS has issued final regulations that target tax-motivated
inversion transactions and certain post-inversion tax avoidance
transactions. The final regulations retain the thresholds and
substantiat...
Tax Preparer’s Obstruction Conviction Vacated
The Fifth Circuit vacated a tax preparer’s conviction for
obstructing tax administration. The conviction was no longer valid
in light of C.J. Marinello,
SCt., 2018-1 ustc &pa...
National Taxpayer Advocate Releases Mid-Year Report
National Taxpayer Advocate Nina E. Olson has released her mid-year
report to Congress. The report contains a review of the 2018 filing
season, and identifies the priority issues the Taxpayer Advocate
...
New look to TINs/EINs to prevent identity theft/refund fraud
The IRS continues to ramp-up its work to fight identity
theft/refund fraud and recently announced new rules allowing the
use of abbreviated (truncated) personal identification numbers and
employer ide...
FAQ: Does sick pay get any special tax treatment?
The term "sick pay" can refer to a variety of payments. Some of
these payments are nontaxable, while others are treated as taxable
income. Some of the taxable payments are treated as compensation,
sub...
How do I... Place assets "in service" for depreciation purposes?
Depreciation is a reasonable allowance for wear and tear on
property used in a trade or business or for the production of
income. Property is depreciable if it has a useful life greater
than one year ...
How do I? Avoid pitfalls within a flexible spending account?
Under a flexible spending arrangement (FSA), an amount is credited
to an account that is used to reimburse an employee, generally, for
health care or dependent care expenses. The employer must
maintai...
FAQs: When can I deduct job-hunting expenses?
Job-hunting expenses are generally deductible as long as you are
not searching for a job in a new field. This tax benefit can be
particularly useful in a tough job market. It does not matter
whether y...
How do I? Compute a 'substantial equal periodic payment'
Taxpayers who wish to withdraw funds from a retirement account such
as an IRA before they reach the age of 59 and a half, can do so
without their distributions becoming subject to the additional 10
pe...
FAQ: What is a tax return transcript?
Taxpayers can request a copy of their federal income tax return and
all attachments from the IRS. In lieu of a copy of your
return (and to save the fee that the IRS charges for a copy of your
ta...
Back-to-school look at education tax benefits
The start of the school year is a good time to consider the variety
of tax benefits available for education. Congress has been generous
in providing education benefits in the form of credits, deductio...
Check status of a charity before making a contribution
Americans donate hundreds of millions of dollars every year to
charity. It is important that every donation be used as the donors
intended and that the charity is legitimate. The IRS oversees the
acti...
New broker-reporting rules: burden to brokers a boon to taxpayers?
As a result of recent changes in the law, many brokerage customers
will begin seeing something new when they gaze upon their 1099-B
forms early next year. In the past, of course, brokers were
re...
FAQ: What is backup withholding?
Most people are familiar with tax withholding, which most commonly
takes place when an employer deducts and withholds income and other
taxes from an employee's wages. However, many taxpayers are
unawa...
FAQ: What are my chances of being audited?
Often, timing is everything or so the adage goes. From medicine to
sports and cooking, timing can make all the difference in the
outcome. What about with taxes? What are your chances of being
audit...
The small employer health insurance premium credit
Under the Patient Protection and Affordable Care Act (PPACA)
enacted in March 2010, small employers may be eligible to claim a
tax credit of 35 percent of qualified health insurance premium
costs paid...
FAQ: What are the rules for claiming dependents?
The tax rules surrounding the dependency exemption deduction on a
federal income tax return can be complicated, with many
requirements involving who qualifies for the deduction and who
qualifies to ta...
How Do I: Substantiate business gifts to clients?
A business can deduct ordinary and necessary expenses paid or
incurred in carrying on any trade or business. The expense must be
reasonable and must be helpful to the business....
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