Tax reform discussions continue in Congress on variety of approaches
House and Senate lawmakers have started their August recess,
leaving pending tax legislation for after Labor Day. In past years,
September has been a busy month for tax legislation and this year
is li...
IRS continues campaign against worker misclassification
The IRS remains focused on an issue that doesn’t seem to be going
away: the misclassification of workers as independent contractors
rather than employees. Recently, the IRS issued still another ...
Rules for managing tax basis on stock sales worth a look
A recent Tax Court decision and pending tax reform proposals have
intersected in highlighting how stock sales can be timed for
maximum tax advantage. The taxpayer in the recent case (Turan, TC
Memo. 2...
FAQ: What is Country-by-Country reporting?
Country-by-Country (CbC) reporting is part of a larger initiative
by the Organisation for Economic Cooperation and Development (OECD)
known as the Base Erosion and Profit Shifting (BEPS) project. CbC
...
How Do I? Deduct student loan interest
An eligible taxpayer can deduct qualified interest on a qualified
student loan for an eligible student's qualified educational
expenses at an eligible institution. The amount of the deduction is
limit...
August 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 tax reporting and filing data for
individuals...
New challenges for 2014 year-end tax planning
Before the fast-approaching new year, it’s important to take some
time and reflect on year-end tax planning. The weeks pass quickly
and the arrival of January 1, 2015 will close the doors to som...
FAQ: Why use a partnership instead of an S corporation?
Taxpayers that plan to operate a business have a variety of
choices. A single individual can operate as a C corporation, an S
corporation, a limited liability company (LLC), or a sole
proprietorship. ...
IRS fine-tunes offshore voluntary compliance program
Since 2009, the IRS has operated an Offshore Voluntary Disclosure
Program (OVDP) for U.S. taxpayers who have failed to disclose
foreign assets or report foreign income from those assets to the
IRS or ...
Timing gains and losses: selloff before rising rates
In 2012, many taxpayers will have additional considerations when
analyzing whether to sell investments before the end of the year or
retain them in 2013. First, the Bush-era tax cuts are scheduled to
...
How do I? Make a Section 83(b) stock election
Stock is a popular and valuable compensation tool for employers and
employees. Employees are encouraged to stay with the company and to
work harder, to enhance the value of the stock they will earn. E...
Supreme Court hands down landmark health care decision; now what?
On June 28, the U.S. Supreme Court issued its long-awaited landmark
decision on the Patient Protection and Affordable Care Act (PPACA)
and its companion law, the Health Care and Education
Reconciliati...
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...
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
...
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: Are long-term insurance premiums tax deductible?
Long-term care premiums are deductible up to certain amounts as
itemized medical expense deductions. The amount is based upon your
age. Unfortunately, most taxpayers do not have enough other medical
e...
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