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House Passes Health Care Bill by Slim Margin
House Passes Health Care Bill by Slim Margin; Senate Hints That It Will Rewrite the Bill On May 4, 2017, the House passed The American Health Care Act of 2017...
Changes in the Section 179 -Depreciation of Assets
In a new revenue procedure addressing certain provisions enacted in 2015, the IRS provides rules for making a Code Sec. 179 election on an amended return, clarifies how the Code...
Changes in Tax Law
IRS Changes Position on Claiming Childless EIC; Amended Returns May be in Order The IRS issued proposed regulations which reflect a change in the IRS’s position on the interaction of...
Republican Victory in November Sets the Stage for Major Tax Changes in 2017
By winning the White House and holding on to their majorities in the House and Senate, Republicans put themselves in a position to fulfill campaign promises to reduce individual and...
Combat-Injured Veterans Tax Fairness Act of 2016 Extends Statute for Veterans to Collect Refunds
In early December, Congress voted unanimously to approve the Combat-Injured Veterans Tax Fairness Act of 2016, which was signed into law by President Obama on December 16. The Act extends...
IRS’s Own Evidence Supports Taxpayer’s Mortgage Interest Deductions; Home Office Deduction Denied
The Tax Court determined that a taxpayer was entitled to a mortgage interest deduction for his residence, but denied his home office expense deductions. The court noted that a Form...
De Minimis Safe Harbor
The tangible property regulations allow taxpayers that pay or incur amounts to acquire, produce, or improve tangible or personal property to elect to apply a de minimis safe-harbor expensing for amounts that...
Getting Married This Year? Here’s Your Tax Tip Sheet
While most couples go to great lengths to ensure that their wedding day is perfect, far fewer think about how their nuptials will impact their tax liability. The truth is,...
Home Office Deduction
Getting Comfortable With The Home Office Deduction One of the great things about setting up a home office is that you can make it as comfy as possible. Assuming you’ve done...
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