Finance

Rep. Sander Levin, D-Mich., the ranking Democrat on the House Ways and Means Committee, introduced legislation to limit two tax strategies used by some foreign-controlled U.S. multinational corporations, known as “hopscotching” and “de-controlling.”

The House passed bipartisan legislation Monday to prevent taxpayer identity theft and help victims whose tax refunds have been stolen by identity thieves. The bill was co-sponsored by a CPA turned lawmaker whose own identity was stolen last tax season.

President Barack Obama has now joined personally in renewed efforts to pressure Kentucky Senator Rand Paul to stop blocking the ratification of eight tax treaties pending before the U.S. Senate. Paul is sticking to his guns, and it’s important for Americans to understand why.

The House has passed legislation permitting the Internal Revenue Service to share taxpayer information with state and local law enforcement agencies to help find missing or exploited children, while maintaining safeguards for sensitive taxpayer information.

Donald Trump made a break from conservative orthodoxy on Sunday when he backed away from proposing large tax cuts for wealthy Americans.

Donald Trump said “hedge fund guys are getting away with murder” when he called for ending a lucrative tax advantage for investment managers, but his published tax plan would give them an even bigger break.

Not everyone is a fan of Congress’ plan to have the Internal Revenue Service use outside agencies to collect unpaid taxes. (See “Highway Bill Would Revive Private Collection of Tax Debts.”)

A permanent exclusion for qualified SMB stock means big change

The House Ways and Means Committee has passed three bills related to the Internal Revenue Service in the areas of taxpayer identity theft, recovery of missing children, and donor information for tax-exempt organizations.

As a general rule, the cost of commercial real estate improvements is recovered over a painfully long period of 39 years via straight line depreciation only.