Tax

By David Choi | David Choi created a magazine on Flipboard. “Tax on Flipboard” is available with thousands of other magazines and all the news you care about. Download Flipboard for free and search for “David Choi”.

How You Could Benefit From One of America's Latest Tax Breaks

<b>By Jonathan Woloshin, Thomas McLoughlin, and Andrew Lee</b><p>One of the least publicized provisions of the Tax Cuts and Jobs Act was the creation of an …

IRS takes aim at California and other states trying to help residents avoid new tax-deduction limit

The Internal Revenue Service is preparing to block attempts by California and other states to help their residents avoid a new limit on the deductibility of state and local taxes included in the Republican tax overhaul.<p>The IRS and the Treasury Department said Wednesday they would issue proposed …

Finance

Yes, you can still deduct interest on home equity loans under the new tax law

While the new Tax Cuts and Jobs Act (TCJA) adversely shifts the playing field for home mortgage interest deductions, all is not necessarily lost. …

Personal Finance

IRS Computer System Crashes A Year After An Official Warning Was Issued

Right as people were filing their taxes, the IRS suffered a technical malfunction that did not allow online filing, but what happened? A look inside the crash — and how the agency has been hobbled and put at risk for this very thing.<p>Transcript<p>ARI SHAPIRO, HOST:<p>If you are one of the millions of …

The IRS just raised its interest rates -- here's what it means for you

It just got more expensive to owe the IRS money.<p>Tax Day is rapidly approaching, and the IRS just announced that the interest rates it charges on past-due taxes are increasing. Nobody likes to owe the IRS money, but it's not an uncommon situation -- even if you don't realize it until you fill out …

Retirement

The little-noticed tax change that could affect your return

For 2018–2025, the Tax Cuts and Jobs Act (TCJA) eliminates write-offs for miscellaneous itemized expenses that were previously subject to the …

Personal Finance

Coinbase Gives IRS More Than 10K Users’ Information

February 24, 2018 · 9:30 am<p><b>After fighting the IRS in court, popular digital currency marketplace Coinbase has been ordered by the Northern District</b> …

Here’s the Trump Tax Loophole Your Accountant Can Blow Wide Open

If exploiting a tax loophole is as much an art as a science, then the tax planning profession is poised for a creative renaissance.<p>The inspiration is …

IRS asks for extra cash: Are Americans more at risk of being audited?

Republicans are currently weighing the best ways to devote more resources to the Internal Revenue Service (IRS) after years of budget cuts at the agency, but that doesn’t necessarily mean the number of audits are set to increase, experts say.<p>“The number of audits for people with over $1 million in …

Finance

Study: New Tax Bill "Shafts" Working Entertainers But Stars Are Untouched

An exclusive analysis by Actors Equity shows taxes skyrocketing and may force actors, writers, directors, producers and crew to self-incorporate, …

Here's how Californians may be able to skirt SALT cap

A top lawmaker in California introduced a bill this week to protect state residents who will be hurt bya new $10,000 cap on how much they may deduct in state and local taxes on their federal returns.<p>The cap was one of the most controversial provisions included in a federal tax overhaul signed into …

Deductible

Companies in New York 'open' to new payroll tax system: state official

NEW YORK (Reuters) - Companies in New York state are “open to the idea” of moving the state income tax code to a payroll tax system, a senior state official told Reuters on Friday.<p>A U.S. Dollar note is seen in this June 22, 2017 illustration photo. REUTERS/Thomas White/Illustration<p>Governor Andrew …

Retirement

Accountants With Rich And Super-Rich Clients Should Have A Sensational 2018

For accounting firms catering to the wealthy, 2018 has all the makings of an amazingly profitable year. To begin with, the rich and super-rich are growing considerably in number and the wealth they control. Thus, the market for accounting and related services for these clients is booming.<p>Then the …

The U.S. Is Becoming the World’s New Tax Haven

Shuttering foreign tax shelters only to steal their business is a bad move.<p>Seven years ago, the U.S. led an effort to address a problem facing governments everywhere. Each year, people manage to avoid paying an estimated $2.5 trillion in income tax -- a giant sum that could be used to combat …

Loophole Allows Tax-Free Bitcoin Exchanges Into 2018

After December 31, 2017, it is clear that only real estate can be the subject of a tax-free 1031 exchange. A 1031 exchange is a swap of one like kind business or investment asset for another. The IRS treats most swaps are taxable as sales, so 1031 is an exception to the normal rule. The IRS says …

yearend

IRS cautions taxpayers on prepaying property taxes

WASHINGTON — The U.S. Internal Revenue Service on Wednesday advised homeowners who are rushing to prepay their 2018 property taxes before a law signed by President Donald Trump takes effect next year that the payment may not be tax-deductible.<p>The law signed by Trump last week imposes a $10,000 …

The Tax Bill Is Finalized: Who's Happy, And Who's Not?

Neither snow nor rain nor crippling deficits nor a monumental upset in Alabama stays these Republicans from the swift completion of passing a tax bill that few understand and even fewer seem to want.<p>That’s right; undeterred by nonpartisan proof from the Joint Committee of Taxation that the $1.5 …

Finance

Everything You Need to Know About the Latest GOP Tax Overhaul Bill

It drastically reduces taxes for corporations and the wealthy<p>Here are key changes to U.S. tax law for individuals and businesses that have emerged …

Finance

Why You’ll Want to Turn Yourself Into an LLC Under the Republican Tax Plan

There has been an a lot of discussion about how, under the Republican tax plan, highly paid professionals will want to turn themselves into LLCs in …

Income Tax

The Washington Post’s False Tax Narrative

News stories are portraying the Republican tax bills as favoring the rich, even though the opposite is true. The GOP cuts would make the tax code …

5 last-minute tax moves to make now before the GOP's tax reform plan passes

<i>Update: Republican leaders released their final version of the tax bill on Friday, December 15. We have an updated article with the most recent proposed 2018 tax brackets.</i><p>The Republicans' tax plan might be passed soon.<p>In case it does, there are some things you can do now to prepare for the looming …

DMX Pleads Guilty to Tax Evasion - XXL

After almost five months, the saga of DMX's tax evasion trial has come to an end. According to ABC News, the beleaguered rapper pleads guilty to tax …

8 smart tax moves to make before the end of the year

It’s time to think about making some moves to lower your personal 2017 federal income tax bill while also positioning yourself for tax savings in …

Retirement

How To Win Under The Proposed Republican Tax Plan

Here are the latest key points from the Trump administration’s tax plan for 2018 and beyond. The administration’s goal is to get the plan enacted …

Here's What Trump's Tax Plan Will Mean to Small Businesses

Small-business advocates say the new tax reform proposal leaves some small businesses behind.<p>Republicans have finally rolled out their plan for tax reform, and the reception has been a mixed bag.<p>The centerpieces of the GOP plan are a doubling of the federal standard deduction and a major cut to the …

Small Business

What Tax Breaks Can I Get as a First-Time Homebuyer?

In 2008, the U.S. housing market was already cratering as the Great Recession took hold. To try and stop the bleeding, Congress passed a series of …

A Stunning Blow to Obamacare

In the biggest attack on the health-care law yet, the administration will end payments that insurers use to help poor customers.<p>The Trump administration will end subsidies to insurers selling plans on the Obamacare marketplaces to help cover out-of-pocket costs for low-income customers, the White …

Deloitte hacked, compromising its clients' emails

The consulting firm Deloitte was hit with a cyberattack that may have revealed the emails of its government and corporate clients, The Guardian reported Monday.<p>Deloitte uncovered the hack in March, but hackers may have had access to the company's systems as far back as October.<p>The attack is among a …

James Martin