Trump Signs Bipartisan Year-End Government Spending, Tax Package
On December 20, President Donald Trump signed the bipartisan,
year-end government spending and tax package, just hours before
federal funding was set to expire. Trump's signature on the over
2,000-pag...
Individual Mandate Ruled Unconstitutional
The Fifth Circuit U.S. Court of Appeals ruled that the Patient
Protection and Affordable Care Act’s (ACA) ( P.L. 111-148)
individual mandate is unconstitutional because it can no longer be
...
Qualified Opportunity Zone Investment Regulations Finalized
Proposed qualified opportunity zone regulations issued on October
29, 2018 ( REG-115420-18) and May 1, 2019
( REG-120186-18) under Code Sec. 1400Z-2 have been
finalized with modifi...
New IRS Annual Report Highlights Accomplishments
The IRS has released Publication 5382, "Internal Revenue
Service Progress Update / Fiscal Year 2019—Putting Taxpayers
First." This new annual report describes accomplishments
acro...
National Taxpayer Advocate Releases Annual Report to Congress
Bridget Roberts, the Acting National Taxpayer Advocate, released
her 2019 Annual Report to Congress. The report discusses the key
challenges facing the IRS regarding the implementation of the
Taxpayer...
Final Regulations Address Withholding on U.S. Source Income
The Treasury and IRS have issued final regulations on the due
diligence and reporting rules for persons making certain U.S.
source payments to foreign persons. Guidance is also provided on
reporting b...
Prepare to implement important provisions in the Affordable Care Act
When Congress passed the Patient Protection and Affordable Care Act
and its companion bill, the Health Care and Education
Reconciliation Act (collectively known as the Affordable Care Act)
in 2010, la...
How do I....Make matching contributions to a SIMPLE IRA plan?
A SIMPLE (Savings Incentive Match Plan for Employees of Small
Employers) IRA is a retirement savings plan designed specifically
for small employers. A SIMPLE IRA is an IRA-based plan with ease of
use ...
How do I: Compute Code Sec. 1231 gains and losses?
Code Sec. 1231 applies to gains and losses from property used in
the trade or business and from involuntary conversions. Normally,
you have to determine whether property is a capital asset or is
ordin...
FAQ: What is a family partnership?
The family partnership is a common device for reducing the overall
tax burden of family members. Family members who contribute
property or services to a partnership in exchange for partnership
interes...
FAQ: What tax breaks come with raising a child?
Taxpayers with children should be aware of the numerous tax breaks
for which they may qualify. Among them are: the dependency
exemption, child tax credit, child care credit, and adoption
credit. As th...
IRS streamlined offer-in-compromise program aims to cut red tape
The IRS's streamlined offer-in-compromise (OIC) program is intended
to speed up the processing of OICs for qualified taxpayers. Having
started in 2010, the streamlined OIC program is relatively new.
T...
Scope of information reporting continues to expand
Information reporting continues to expand as Congress seeks to
close the tax gap: the estimated $350 billion difference between
what taxpayers owe and what they pay. Despite the recent rollback
of exp...
IRS offers fixes to new 100 percent bonus depreciation
Taxpayers that place new business assets other than real property
in service through 2012 may claim a "bonus" depreciation deduction.
Although the bonus depreciation deduction is generally equal to
50...
Next year's tax return starts with good recordkeeping
As the 2015 tax filing season comes to an end, now is a good time
to begin thinking about next year's returns. While it may seem
early to be preparing for 2016, taking some time now to review your
rec...
FAQ: What is a limited liability company?
A limited liability company (LLC) is a business entity created
under state law. Every state and the District of Columbia have LLC
statutes that govern the formation and operation of LLCs....
Estimated tax: Getting it right
Estimated tax is used to pay tax on income that is not subject to
withholding or if not enough tax is being withheld from a person's
salary, pension or other income. Income not subject to withholding
...
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...
FAQ: Are scholarships/tuition aid packages taxable?
If one of your children received a full scholarship for all
expenses to attend college this year, you may be wondering if this
amount must be reported on his or her income tax return. If certain
condi...
Planning for the 3.8 percent Medicare tax on investment income
The health care reform package (the Patient Protection and
Affordable Care Act and the Health Care and Education
Reconciliation Act of 2010) imposes a new 3.8 percent Medicare
contribution tax on the ...
FAQ: What constitutes income from the cancellation of debt?
Debt that a borrower no longer is liable for because it is
discharged by the lender can give rise to taxable income to the
borrower. Debt forgiveness income or cancellation of debt income
("COD" incom...
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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