Tax planning

Clients may face unexpected tax consequences from transactions with these digital assets.

The Illinois CPA Society has some advice for taxpayers who are betting on the March Madness tournament and manage to win money on their picks for the brackets.

Congressional Republicans created a juicy new break for business owners when they rewrote the U.S. tax code late last year. Three months later, hundreds of thousands of U.S. employers still don’t know if they can claim it.

The Internal Revenue Service has tweaked some of its previously released brackets and limits.

A provision in the budget act could eliminate tax on their excess business holdings.

The Tax Cuts and Jobs Act removed a number of provisions that benefited companies.

Highly paid professionals including accountants, investment managers, doctors and lawyers are eyeing a loophole in what’s supposed to be a mom-and-pop benefit of the new tax law as a way to supersize their savings.

Treasury Secretary Steven Mnuchin’s plan to fix a gaping loophole for hedge funds in President Donald Trump’s new tax law could face legal challenges.

The Internal Revenue Service wants taxpayers to make sure they have the proper amount of taxes taken out of their paychecks.

What does it take to get into the 1 percent? The price of admission is an adjusted gross income—basically, what you make before deductions—of $480,930.

Preparers find themselves explaining the difference between 2017 and 2018.

President Trump signed into law H.R. 1892, the Bipartisan Budget Act of 2018, just hours after the Senate passed the bill by a vote of 71-28 and the House by a margin of 240-186 this month.

Noyes, a 110-year-old wealth management and investment banking firm, intends to acquire more accounting and tax firms after buying Kiely & Associates, LLC, a 25-year-old Chicago tax and accounting practice, last month.

Bloomberg Tax released a new line of corporate tax software Wednesday known as Advantage, providing technology for handling fixed assets, federal and state tax, net operating losses, provision analysis, and sales and use tax rates.

With the season underway, preparers are still fine-tuning software, workflow and clients’ ability to realize that reform generally doesn’t affect the returns worked on now.

The National Association of Enrolled Agents asked its tax experts the best practices clients should follow when working with a tax professional, and gave some helpful advice from an online survey whose results were released Monday.

Ever since the passage of the Tax Cuts and Jobs Act, the headlines have been buzzing about the resulting income tax consequences for individuals and businesses, but what about the intersection with estate planning?

If exploiting a tax loophole is as much an art as a science, then the tax planning profession is poised for a creative renaissance.

The Minnesota Society of CPAs recently surveyed its members about the most outrageous tax deductions clients tried to claim on their tax returns. The list shows taxpayers often don't know which deductions are allowed or not.

With the new tax law now a reality, the upcoming tax season is the perfect time to showcase your value as a true trusted advisor to your clients.