The new IRS tax forms are out: Here’s what you should know.

The new 1040 form is supposed to be simpler and easier.  After a closer look, it's not that much different.  Click here for the full story.

Congressional Tax Writers Set to Take Up Reform Proposals

Tax writers in Congress are set to begin debating and writing tax reform legislation. On September 27, the White House and GOP leaders in Congress released a framework for tax reform. The framework se...
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Disaster Tax Relief Unveiled in Congress

As millions of Americans recover from Hurricanes Harvey, Irma and Maria, Congress is debating disaster tax relief. The relief would enhance the casualty loss rules, relax some retirement savings rules...
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IRS Exam Staffing Falls; Audit Coverage Declines

IRS Exam staffing in fiscal year (FY) 2016, the latest tax year with statistics available, reached a 20-year low. As a result, the Treasury Inspector General for Tax Administration (TIGTA) has reporte...
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How Do I? Get a Payroll Credit for Increasing Research Expenses

IRS Chief Counsel, in generic legal advice (AM-2017-003), recently described when a qualified employer may take into account the payroll tax credit for increasing research activities. The Protecting A...
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FAQ: Can I claim the adoption credit for a foreign adoption?

Yes, however, there are special timing rules for foreign adoptions. These rules differ from the timing rules for domestic adoptions and impact when you may claim qualified adoption expenses. The Tax C...
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October 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...
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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 Congressi...
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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 th...
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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 deductibil...
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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 pr...
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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 t...
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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 ind...
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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...
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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 s...
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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...
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FAQ: What is Country-By-Country Reporting?

Country-by-Country (CbC) reporting is part of a larger initiative by theOrganisation for Economic Cooperation and Development (OECD) known as the Base Erosion and Profit Shifting (BEPS) project. CbC r...
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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...
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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, businesses and other taxpayers for the month of August 2017. 

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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 same time, several bipartisan tax bills have been introduced in Congress, which could see their way to passage.
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