General News

Classifying Income and Losses Affects Your Taxes

Capital vs. Ordinary: Classifying Income and Losses Affects Your Taxes Most of the time, how to classify gains and losses from selling an asset is fairly straightforward. But there are some gray areas that require a closer look at the facts and circumstances, especially when real estate is involved, as a couple of recent cases…

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Tax Issues to Consider Before Marrying

Wedding Bells and Taxes: Tax Issues to Consider Before Tying the Knot Summer — the traditional wedding season — is just around the corner. Marriage changes life in many ways. Here’s how it may affect your tax situation. Marital Status Your marital status at year end determines your tax filing options for the entire year….

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Employer Can Have Info about Whether Misclassified Workers Paid Tax

The U.S. Tax Court recently ruled that federal law doesn’t prohibit an employer looking to reduce its tax liability on misclassified workers from receiving information on whether the workers paid tax on the income. Background Businesses often prefer to treat workers as independent contractors to lower their costs and administrative burdens. But the IRS may…

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IRS Provides Clarification for Bonus Depreciation and Section 179 Expensing

by Anita Anand, JD The Internal Revenue Service recently released Revenue Procedure 2017-33, which clarifies certain provisions pertaining to federal bonus depreciation and Section 179 expensing created by the Protecting Americans From Tax Hikes of 2015 (PATH Act). The PATH Act extended several depreciation provisions and made several changes and modifications to the provisions under the bonus depreciation and Section 179 expensing…

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Trump Administration Officials Unveil Tax Reform Principles

by Anita Anand, JD Yesterday, on April 26, Trump Administration officials unveiled their core principles for tax reform. The one-page proposal offers broad goals and provides continued insight into what we can expect to see in the months ahead. The goals and proposals mirror much of what we saw and heard from President Trump and his…

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