Tax Strategies

The Internal Revenue Service provided additional information Tuesday to help corporate taxpayers deal with the new section 965 transition tax for repatriating foreign profits under the tax law that Congress passed in December.

The Internal Revenue Service said Tuesday it plans to close the 2014 Offshore Voluntary Disclosure Program on Sept. 28, 2018 and will start winding it down before that date.

Clients may face unexpected tax consequences from transactions with these digital assets.

The Illinois CPA Society has some advice for taxpayers who are betting on the March Madness tournament and manage to win money on their picks for the brackets.

Congressional Republicans created a juicy new break for business owners when they rewrote the U.S. tax code late last year. Three months later, hundreds of thousands of U.S. employers still don’t know if they can claim it.

The Internal Revenue Service has tweaked some of its previously released brackets and limits.

A provision in the budget act could eliminate tax on their excess business holdings.

The Tax Cuts and Jobs Act removed a number of provisions that benefited companies.

Highly paid professionals including accountants, investment managers, doctors and lawyers are eyeing a loophole in what’s supposed to be a mom-and-pop benefit of the new tax law as a way to supersize their savings.

Treasury Secretary Steven Mnuchin’s plan to fix a gaping loophole for hedge funds in President Donald Trump’s new tax law could face legal challenges.