Trump tax plan

The Financial Accounting Standards Board issued a one-page Q&A document Thursday from its staff letting private companies and nonprofits apply recent staff guidance from the Securities and Exchange Commission on the tax accounting implications of the recently passed Tax Cuts and Jobs Act and plans future Q&A documents, along with an accounting standards update.

Companies that stockpiled trillions of dollars offshore free of U.S. income tax may get one last break before paying up—provided their fiscal years don’t follow the calendar year.

National Taxpayer Advocate Nina Olson outlined concerns about how the Internal Revenue Service will be able to implement the new tax law after a series of budget cuts, in her new report to Congress.

Call it the liberal (arts) penalty. This year’s tax overhaul slapped a 1.4 percent levy on the annual investment income of the wealthiest private university endowments. Republicans targeted the measure so narrowly that it ended up as a tax almost entirely on elite blue-state institutions.

Warren Buffett said the U.S. tax cut will make companies more valuable by giving owners a bigger share of profits.

States’ SALT pushback; taxes and the Golden Globes; coining a new investing phrase; and other highlights from our favorite tax bloggers.

The Tax Cuts and Jobs Act that President Trump signed into law last month limits the tax deductions that accountants, lawyers and some other types of professionals can claim, reflecting some of the rules for Qualified Small Business Stock.

President Donald Trump told a group of farmers on Monday that recent tax cuts and deregulation will revitalize the U.S. rural economy.

Confusion over reform legislation will bring clients in -- but it won't guarantee that they return.

Ranking Dems are worried the Internal Revenue Service might succumb to political pressure to make it appear that tax cuts are larger than they really are.