Finance

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.

Sen. Ron Wyden, D-Ore., has proposed to simplify the complicated capital depreciation rules for businesses.

A pair of Senate Democrats, Chuck Schumer, D-N.Y., and Maria Cantwell, D-Wash., are urging their colleagues to increase the Low-Income Housing Tax Credit by 50 percent.

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.

The House passed a bill Thursday prohibiting bonuses for IRS employees until the Treasury develops a better customer service strategy, the last of six bills passed this week affecting IRS bonuses, hiring practices and policies.

The Senate Finance Committee passed legislation Wednesday to protect taxpayers from identity theft and tax fraud, but without a provision for regulating tax preparers.

Rep. Sander Levin, D-Mich., the ranking member of the tax-writing House Ways and Means Committee, and other House Democrats introduced legislation Wednesday to restore the estate tax and gift tax rate and exemption level to the same amounts as in 2009.

When it comes to driving the U.S. economy, small businesses translate into big dollars.

The Senate Finance Committee has dropped a provision for regulating tax preparers from legislation that would curb identity theft and tax fraud.

Most people think of April as income-tax month for individuals, but it’s also the biggest business tax-filing month of the year. Why? Because four out of every five U.S. businesses are “pass-throughs,” meaning they are taxed on individual returns at individual rates.

The American Institute of CPAs is pushing for legislation that would make it easier for employees who work across state lines to do their taxes.

The House Ways and Means Committee held a hearing Thursday on proposals to limit tax breaks for employers who provide health care for employees.

Senator Elizabeth Warren, D-Mass., has introduced legislation, co-sponsored by Sen. Bernie Sanders of Vermont, that would require the Internal Revenue Service to develop a free, online tax preparation and filing service that taxpayers could use to prepare and file their taxes directly with the federal government.

The House Ways and Means Committee passed four pieces of Republican-sponsored legislation Wednesday restricting IRS employee bonuses, hiring and spending, with less than a week to go in tax season.

The House Ways and Means Committee plans to markup and vote Wednesday on four pieces of Republican-sponsored legislation aimed at limiting the Internal Revenue Service’s authority over its spending, particularly in the areas of employee bonuses, hiring, and delegation of user fees.

Senate Judiciary Committee Chairman Chuck Grassley, R-Iowa, has introduced legislation to combat tax refund theft by identity thieves.