Congress returns and takes up some tax bills
After a five week recess, lawmakers returned to work in September
and took up several tax bills. While some tax bills moved out of
committee, their ultimate passage by both the House and Senate
First look at year-end tax planning
The approach of year-end 2015 makes it tax planning season. Tax law
developments in 2015 can affect, for example, the deduction of
costs and expenses, the treatment of contributions to tax-favored
FAQ: Can a taxpayer assign income to someone else?
Gross income is taxed to the person who earns it by performing
services, or who owns the property that generates the income. Under
the assignment of income doctrine, a taxpayer cannot avoid tax
October 2015 tax compliance calendar
As an individual or business, it is your responsibility to be aware
of and to meet your tax filing/reporting deadlines. This calendar
summarizes important tax reporting and filing data for
FAQs: What are AFRs for tax purposes?
The applicable federal rates (AFRs) are used for a number of
federal tax provisions. For example, Code Sec. 1274 uses AFRs to
determine whether a debt instrument has original issue discount
(OID or im...
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