House Approves IRS Reform Package
The House on April 18 approved the two largest bills of a
bipartisan IRS reform package. On April 17, the House approved
seven other bills, by voice vote, which are also part of the larger
IRS Chief Outlines Tax Reform Implementation
The IRS is already working on implementing tax reform, according to
IRS Acting Commissioner David Kautter. Speaking at a Tax Executives
Institute event in Washington, D.C., Kautter discussed current I...
New Law Clarifies Partnership Audit Rules
Technical corrections to the partnership audit rules were included
in the bipartisan Consolidated Appropriations Act (CAA), 2018
( P.L. 115-141), which was signed by President Trump on March
FAQ: What is a family partnership?
The family partnership is a common device for reducing the overall
tax burden of family members. Family members who contribute
property or services to a partnership in exchange for partnership
Contemporaneous tax records: Are you keeping up?
Everybody knows that tax deductions aren't allowed without proof in
the form of documentation. What records are needed to "prove it" to
the IRS vary depending upon the type of deduction that you may w...
How do I… Guard against taxpayer identity theft?
The number of tax return-related identity theft incidents has
almost doubled in the past three years to well over half a million
reported during 2011, according to a recent report by the Treasury
Recordkeeping Basics: Business Taxpayers
Maintaining good financial records is an important part of running
a successful business. Not only will good records help you identify
strengths and weaknesses in your business' operations, but they
Recordkeeping Basics: Individual Taxpayers
After your tax returns have been filed, several questions arise:
What do you do with the stack of paperwork? What should you keep?
What should you throw away? Will you ever need any of these
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