Tax Strategies

The tax reform framework released last month by the Trump administration and Republican leaders in Congress could provide tax cuts or tax increases, depending on how the details are ultimately finalized.

When the extent of their losses becomes clear, hurricane victims will want to know what tax help they're entitled to.

Congressional leaders expect heavy lifting ahead.

Taxpayers who have decided to convert a traditional IRA into a Roth IRA may be wondering if they should take the plunge now and pay tax on the conversion this year, or wait till next year when tax rates may be lower under the reform plan Congress will reportedly consider this fall.

The Internal Revenue Service released guidance Wednesday to give tax relief to residents of Puerto Rico and the U.S. Virgin Islands who have evacuated the islands or were unable to return because of Hurricanes Irma or Maria.

Amazon.com Inc. was slapped with a European Union order to pay 250 million euros ($294 million) plus interest in back taxes to Luxembourg as the world’s biggest online retailer became the latest U.S. giant to run afoul of the bloc’s tough rules on government subsidies.

Even the most drastic changes to the Internal Revenue Code won’t diminish accounting and tax pros’ needs for tools that deliver in-depth, accurate info.

The White House is showing “softness” on ending a $1.3 trillion federal tax deduction filers get for their state and local taxes, Senator Bob Corker said Monday, warning that it raises questions about the GOP’s “intestinal fortitude” and could imperil a tax overhaul.

Trump isn’t tied to eliminating the break, which is popular in states with high rates, like New York, New Jersey and California.

By 2027, almost 30 percent of individuals with incomes between $50,000 and $150,000 would see their taxes rise under the elements of a Republican framework for tax legislation released this week, according to an analysis released Friday by the Urban-Brookings Tax Policy Center.