Tax deductions

The sweeping changes the Trump administration hopes to make to individual taxes will likely be a long time coming, Bank of America Merrill Lynch’s municipal research strategy team led by Philip Fischer writes in a report.

The Tax Court rules that a corporation doesn’t qualify as an ‘individual’ when it comes to tax troubles.

President Donald Trump won’t veto a tax bill even if it provides the wealthiest Americans with a tax cut, according to Treasury Secretary Steven Mnuchin.

Kate Barton, Americas vice chair of tax services for the Americas Tax practice at Ernst & Young, discusses the contrasting tax reform plans of House Republicans and President Trump, and what’s likely to be in the final bill.

A pledge not to give the wealthiest Americans an absolute tax cut is coming back to haunt Treasury Secretary Steven Mnuchin.

U.S. Treasury Secretary Steven Mnuchin has taken pains to stress that the Trump administration isn’t out to kill Americans’ beloved mortgage-interest tax deduction—but a side effect of the plan could turn it into a perk for only the wealthy.

The president is leaning toward preserving a trillion-dollar tax break for corporate borrowers—a move that economists say could jeopardize his goal of robust economic growth.

President Donald Trump’s pledge to repeal Obamacare ran into a Republican buzz saw. Now, his ambitious proposal to cut taxes is again encountering GOP opposition—from lawmakers in Democratic-leaning states.

There are two different programs to help taxpayers with the cost, and more may be on the way.

As taxpayers and tax professionals race to finish up their tax returns by April 18, or opt to file for an extension, there are still a few last-minute things they can do, along with plenty to think about for next year.

The traditional family is no longer so traditional. Increasingly children are living in blended families, bringing complex tax issues to their parents’ accountants.

Sen. Jack Reed, D-R.I., and Chuck Grassley, R-Iowa, have introduced bipartisan legislation that would prevent businesses from deducting the money they pay to government agencies like the Securities and Exchange Commission to settle allegations of company wrongdoing.

Taxpayers often have radically different opinions of the Internal Revenue Service than tax professionals — which offers practitioners some opportunities.

Republicans are looking at limiting a tax exclusion used by employers that’s worth hundreds of billions of dollars a year, as a way to pay for changes to the health care system.

There are a number of reasons taxpayers hire professionals to file their taxes – and one of the best is to prevent them from trying to claim truly ridiculous things in their filings.

Some tax deductions and credits may be traded for lower overall rates in the reform plans of the Trump administration and the Republic congressional leadership, so taxpayers may want to make the most of them now.

Some deductions and credits may be traded for lower overall rates in the Trump administration’s reform plans, so tax preparers may want to make sure their clients make the most of them now.

On Dec. 31, 2016, Code Section 457A put to an end to the strategy of deferring compensation in tax-advantaged jurisdictions offshore.

Tax columnists George Jones and Mark Luscombe of Wolters Kluwer put together a list of important changes from this year that will carry over into the next.

For 2017, carryover from 2016 not only includes the usual reporting and compliance issues related to the tax year just ending, but also those tax changes and issues begun in 2016 that are by no means finished at year's end.