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December Newsletter

Annemarie Aguanno discusses, “Information reporting deadlines coming up fast”. Elias Koumniotes takes a look at, “Year-end tax planning for capital gains and losses”.

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Wayne Naegele

Tax debate touches every individual, business

Tax debate touches every individual, business Small business taxation, corporate tax rates, and changes to popular deductions are just some of the many complex changes to the Tax Code being debated in Congress. At the time this article was posted, the Senate is expected to approve, along party-lines, a sweeping overhaul of the Tax Code […]

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Elias Koumniotes

Year-end planning for capital gains and losses

Year-end planning for capital gains and losses As an economic incentive for individuals to save and invest, gains from the sale of capital assets held for at least one year unless offset by losses, as well qualified dividends received during the year, may be taxed at rates lower than ordinary income tax rates. The tax […]

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Annemarie Aguanno

Information reporting deadlines coming up fast

Information reporting deadlines coming up fast Information reporting has become a growing part of IRS’s enforcement and compliance strategy. Data matching, or even the inference that the IRS has the data to do so, statistically has increased overall income reporting nine-fold. Use of information returns, either in the form of Forms W-2, 1098s or 1099s, […]

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Wayne Naegele

How Do I? Compute taxable life insurance benefits

How Do I? Compute taxable life insurance benefits Life insurance proceeds are received tax-free. However, any interest earned on life insurance proceeds, usually referred to as its cash value, is subject to tax. Special rules apply to transfers of ownership in a life insurance policy, accelerated death benefits, and viatical settlements. An insurance policyholder might […]

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Wayne Naegele

FAQ: What is a change-of-accounting for IRS purposes?

FAQ: What is a change-of-accounting for IRS purposes? The method and systems by which a taxpayer calculates the amount of income, gains, losses, deductions, and credits and determines when these items must be reported, constitute the taxpayer’s method of tax accounting. Although the Tax Code and the regulations authorize the use of several accounting methods, […]

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Wayne Naegele

December 2017 tax compliance calendar

December 2017 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 federal tax reporting and filing data for individuals, businesses and other taxpayers for the month of December 2017. December 1 Employers. Semi-weekly depositors must deposit employment taxes […]

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November Newsletter

Don Sager discusses, “IRS Reminds taxpayers of ACA requirements”. Lisa Varela discusses, “Year-end tax planning for 2017”.

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Andrew Presti

Tax reform takes on new momentum as year-end approaches

Tax reform takes on new momentum as year-end approaches Tax reform discussions continue on Capitol Hill with legislation expected to be released very soon. GOP lawmakers in the House and Senate appear to be aiming for a comprehensive overhaul of the Tax Code. President Trump and Republicans in Congress have set out an ambitious schedule […]

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Lisa Varela

Year-end tax planning for 2017: challenges/opportunities

Year-end tax planning for 2017: challenges/opportunities Year-end tax planning can provide most taxpayers with a good way to lower a tax bill that will otherwise be waiting for them when they file their 2017 tax return in 2018. Since tax liability is primarily keyed to each calendar tax year, once December 31, 2017 passes, your […]

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