Tax

Lawmakers scrambling to lock up Republican support for the tax reform bill added a complicated provision late in the process—one that would provide a multimillion-dollar windfall to real estate investors such as President Donald Trump.

To help preparers get ready for tax season, NCCPAP president Stephen Mankowski shares the top issues they should bear in mind.

Ikea is the latest company ensnared in the European Union’s sprawling tax probes as regulators look at whether the retailer’s revenue deals in the Netherlands allowed it to avoid hundreds of millions of euros of taxes.

Senator Bob Corker wrote to Senate Finance Committee Chairman Orrin Hatch asking for an “explanation” of how a provision on pass-through businesses that would benefit real estate investors came to be included in the final version of the Republican tax bill.

Mortgage lenders are bracing for big delays in the processing of mortgage applications, citing a problem with the income verification system at the Internal Revenue Service.

Some taxpayers may be able to claim losses on 2016 returns.

The IRS has guidance for taxpayers who suffered under Harvey, Maria and Irma.

On Friday, the Republican leadership in Congress released the contents of the tax reform bill they expect to vote on in the week before Christmas.

Assuming the GOP bill passes, it will still need to be implemented, and a technical corrections bill issued.

The final version of the tax bill struck by Congressional negotiators would continue to subsidize municipal bonds that help businesses to finance infrastructure projects such as airports and toll roads, dropping one provision that threatened to cut sales of tax-exempt debt by tens of billions of dollars starting next year.