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Disaster relief, tax reform on Congress’ September agenda

apresti

Disaster relief, tax reform on Congress’ September agenda

Disaster relief, tax reform on Congress’ September agenda As lawmakers return to work after their August recess, Hurricane Harvey has increased expectations on Congress to quickly pass disaster-relief tax breaks. September is also expected to bring Congressional hearings on tax reform and possibly the unveiling of tax reform legislation. At the same time, lawmakers must […]

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sgrgas

Don’t overlook child-related deductions and credits

Don’t overlook child-related deductions and credits Parents incur a variety of expenses associated with children. As a general rule, personal expenditures are not deductible. However, there are several deductions and credits that help defray some of the costs associated with raising children, including some costs related to education. Some of the most common deductions and […]

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bwhelan

Courts Loosen Up On Conservation Easement Rules

Courts Loosen Up On Conservation Easement Rules Two recent court cases indicate that, although use of a conservation easement to gain a charitable deduction must continue to be arranged with care, some flexibility in determining ultimate deductibility may be beginning to be easier to come by. The IRS had been winning a string of cases […]

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bwhelan

How do I? Distinguish partnerships from other arrangements

How do I? Distinguish partnerships from other arrangements A partnership is created when persons join together with the intent to conduct unincorporated venture and share profits. Intent is determined from facts and circumstances, including the division of profits and losses, the ownership of capital, the conduct of parties, and whether a written agreement exists. Despite […]

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bwhelan

FAQ: What is “assignment of income” under the tax law?

FAQ: What is “assignment of income” under the tax law? Gross income is taxed to the individual who earns it or to owner of property that generates the income. Under the so-called “assignment of income doctrine,” a taxpayer may not avoid tax by assigning the right to income to another. Specifically, the assignment of income […]

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bwhelan

September 2017 tax compliance calendar

September 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 individuals, businesses and other taxpayers for the month of September 2017. September 1 Employers. Semi-weekly depositors must deposit employment taxes […]

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sgrgas

Tax reform discussions continue in Congress on variety of approaches

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 likely to be the same. Before leaving Capitol Hill, lawmakers took actions […]

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bwhelan

IRS continues campaign against worker misclassification

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 fact sheet “reminding” employers about the importance of correctly classifying workers for purposes of federal employment taxes (FS-2017-9). Generally, […]

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wnaegele

Rules for managing tax basis on stock sales worth a look

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. 2017-141) failed to convince the Tax Court that he timely made […]

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sgrgas

FAQ: What is Country-by-Country reporting?

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 reporting generally impacts large multi-national businesses. Because CbC is part of BEPS it is important to be familiar with the core […]

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