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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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