Category Archives: news

Congress returns from extended summer recess to busy tax agenda

Every four years, Congress returns to work after a summer recess and is overshadowed by the looming presidential election. This year is no exception with taxpayers and lawmakers focused on Election Day, November 8. In the meantime, however, lawmakers have almost two months to take up legislation left pending when...
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Crowdfunding: a new resource with developing tax rules

IRS Chief Counsel recently examined the tax treatment of crowdfunding activities in a new information letter (Information Letter 2016-36). Crowdfunding is a relatively recent phenomenon, used by an individual or entity to raise funds through small individual contributions from a large number of people. The guidance notes that the income...
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Congress takes up tax bills before breaking for extended recess

The Democratic and Republican nominating conventions triggered an early recess for Congress. Lawmakers left Capitol Hill in mid-July and are not scheduled to return until September. Before recessing, the House voted to undo part of the Affordable Care Act (ACA) and approved a reduced budget for the IRS. Leading tax...
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75% Tax Rate On Wages?

French 75% Tax Rate on Wages clears courts And you thought your taxes were high!   Check this out.  France, for the next two years, will tax wages in excess of $1.4 million  at a 75% tax rate.  A 50% duty will be paid by the employers, with the balance...
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