Congress takes first steps to tax reform
Tax reform continues to be highly touted in Congress as lawmakers
from both parties call for simplification of countless complex
rules, overhaul of tax rates, and more. At times this year,
IRS focuses on new partnership audit rules
Legislation enacted in 2015 provides new rules for IRS partnership
audits. The new rules are a drastic departure from current rules
and the IRS is hopeful that the rules will simplify the audit
How do I? Set up a like-kind exchange
Under Code Sec. 1031, a taxpayer can make a tax-free exchange of
property held for productive use in a trade or business or for
investment. The exchange must be made for other property that the
April 2016 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
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...
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
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