Tax Strategies

More than 10,000 cryptocurrency investors face a decision as they open letters from the Internal Revenue Service informing them that they may owe taxes on their digital holdings.

Taxpayers can make a late election, or revoke an earlier election, for the tax break for property they have acquired for a business.

Democratic presidential contenders divided sharply on Tuesday over whether middle-class taxes would have to increase to pay for a government-run health care system known as “Medicare for All.”

A federal judge in Montana overturned an Internal Revenue Service rule that would allow many political nonprofit groups to keep their donor lists private.

The proposal positions the Democratic presidential candidate between rivals Bernie Sanders and Joe Biden on a contentious issue.

The rules set by the Economic Development Commission in St. Thomas allow some businesses to lower their exposure to taxes by up to 90 percent.

At the top of the list is one particularly vexing provision: the section 199A qualified business income deduction.

The Internal Revenue Service issued a ruling allowing a taxpayer to use a tax-advantaged flexible spending account to pay for the medical portion of an ancestry test.

U.S. corporations brought back offshore profits in record numbers last year with nearly half of the repatriated funds coming from low-or-no-tax countries where companies had stashed cash prior to the 2017 tax law.

Even as the profession as a whole is changing, Grant Thornton national managing partner of tax services Jamie Fowler shares how tax professionals need to prepare themselves to thrive in a new environment.