Tax practice

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.

Investors have been taught by our elders since time immemorial to live by the adage, “Buy low, sell high.”

Rebecca Newton-Clarke, a senior editor/author at Thomson Reuters’ Checkpoint, discusses in this video the corporate income tax implications of e-commerce and how to deal with the lack of guidance from most states on taxation of e-commerce transactions, including issues such as nexus and apportionment.

The Internal Revenue Service has issued inflation-adjusted deduction limits for health savings accounts next year.

The Internal Revenue Service reported that the average annual tax gap has increased to $458 billion for tax years 2008-2010, compared to $450 billion for tax year 2006.

Tax pros shares the different ways they relax after April 18 — and how many of them get right back to work

The Internal Revenue Service plans to make changes in its procedures and computer systems to better identify a taxpayer’s outstanding tax debts and subtract them from the tax refunds they receive, particularly for owners of small businesses.

Chevron Corp. used a shell company in a tax haven to escape hundreds of millions of dollars in Australian taxes, according to a 2015 court ruling. The subsidiary, which allowed Chevron to eliminate Australian taxes on $1.7 billion in profit earned there, wasn’t secreted away on a remote tropical island—it was set up in the very mundane locale where corporate secrecy was born: Delaware.

TaxAct plans to launch a new sweepstakes next week for tax professionals to celebrate the end of tax season.

Texas storm victims, including those in the Houston area, have until September 1 to file their returns and pay any taxes due, the IRS said.

Highlights of some of our favorite tax-related blogs from the past week.

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.

Rebecca Newton-Clarke, a senior editor/author at Thomson Reuters’ Checkpoint, discusses some of the sales tax issues that are relevant to e-commerce, including nexus, in this video.

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

A Georgia couple have pleaded guilty to participating in a identity theft-related tax fraud scheme in which they used the Internal Revenue Service’s online ‘Get Transcript’ application to steal other taxpayers’ refunds.

With the April 2016 tax filing season behind us, it is time to start focusing clients on new tax issues they will be facing for the current tax year.

The state tax arena is filled with variation, complexity, confusion and ambiguity, which has major implications for U.S. corporations, according to findings from Bloomberg BNA’s 2016 Survey of State Tax Departments, conducted for the 16th consecutive year.

The Internal Revenue Service has released final regulations providing guidance to private foundations on program-related investments.

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.