May 232017

Wash. D.C. With the tax deduction in question, millions of taxpayers who deduct medical expenses each year are right to be concerned. Congress is attempting to make massive changes to both America’s health care system and tax code. With those changes in mind, worried readers of Tax Report have written to ask what the […]

May 222017

Omaha, Ne. If you want tax relief, concentrate on healthcare. “The tax system is not crippling our business around the world.” That was Warren Buffett, the chairman and CIP of Berkshire Hathaway, over the weekend at the company’w annaul meeting, know as the “Wodstock of Capitalism.” Mr. Buffett, in a remarkably blunt and pointed […]

May 212017

Wash. D.C. President Trumps plan where he offered corporate America a sweeping tax vision whose ultimate promise of lower rates and more global competiveness depends on one thing:longevity. Given the plan’s uncertain costs, longevity may be one thing the proposal can’t deliver. Trumps plan released by economic advisor Gary Cohn and Treasury Secreatary Steven […]

May 202017

Wash. D.C. U.S. Treasury Secretary Steven Mnuchin has taken pains to stress that the Trump plan isn’t out to kill Americans beloved mortgage interest tax deduction–but a side effect of the plan could turn it into a perk for only the wealthy. Predisent Donald Trump has proposed rewriting the tax code to raise the […]

May 172017

Wash. D.C. The Comey firing “diminishes our confidence in the administration’s ability to tackle tax reform” wrote Brian Gardner, Washington analyst for Keefe, Bruyette & Woods, in a note to investors. He described a “pattern in which the White House ricochets from controversy to controversy, does not lay the groundwork for major announcements and […]

May 142017

Wash. D.C. Tax professionals who offer irs tax help for audits may be increasing in the future. The IRS may be auditing fewer tax returns these days, but that doesn’t mean you’re home free. The low audit rate is likely to reverse, now that the currently low audit rates have the Treasury Department’s attention. […]

May 132017

India. Taxpayers across the country breathed a sigh of relief after the arrest of Sagar Thakkar, a 24 year old Indian man accused of running an irs scam. Indian police arrested Thakkar, but according to local police, the lack of response from American Law Enforcement authorities familiar with the investigation has been deafening. The […]

May 112017

Wash. D.C. President Trump plans to mark National Day of Prayer issuing an executive order that makes it easier for churches and other religious groups to actively participate in politics without risking their tax exempt status several administration officials said. Taking action as he hosts conservative religious leaders, Mr. Trump’s executive order would attempt […]

May 072017

Los Angeles. If you’re still laboring over your irs  tax forms, here’s a comforting thought: Unless you made well over $1 million–and unless your financial life is as complicated as, say, Donald Trump’s–your chances of being audited are getting closer to zero. The IRS says it will process 152 million individual tax returns this […]