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Just because you have years of experience in an activity and have made an occasional profit at it doesn’t mean you have a profit motive, according to the Tax Court. And without a profit motive, you don’t get to deduct losses from the activity.
July 3 -
The push to change congressional budget rules and enact tax cuts for longer than 10 years even if they add to the deficit received more support Thursday as the top Senate tax writer endorsed it.
June 15 -
Sen. Chuck Grassley, R-Iowa, and a group of 14 other senators from both parties are asking the Internal Revenue Service and the Treasury Department to clarify their rules to enable more lenders to refinance student loans.
May 8 -
The omnibus appropriations bill passed by Congress includes a number of priorities and directives for the Internal Revenue Service.
May 5 -
The Internal Revenue Service released the 2018 inflation-adjusted limitations for health savings accounts Thursday.
May 4 -
The Internal Revenue Service may be on the verge of loosening recent restrictions on conservation easement tax breaks that were imposed at the end of the Obama administration.
May 1 -
Rep. Lloyd Doggett, D-Texas, and Sen. Sheldon Whitehouse, D-R.I., have introduced legislation to discourage the use of corporate tax havens.
April 5 -
The Internal Revenue Service has issued a notice outlining special procedures for handling the estates of same-sex couples.
January 19 -
Senate Democratic leader calls for nominee for White House budget director to withdraw from consideration after failing to pay more than $15,000 in payroll taxes—a call the transition team quickly rejected.
January 19 -
Regulations would cover withholding and reporting on money made from horseracing, dog races and jai alai pari-mutuel betting, along with reporting on bingo, keno and slot machine payouts.
December 30