Tag Archives: tax 2015

President signs Highway Bill revising return due dates, making other compliance change

President Obama signed the Surface Transportation and Veterans Health Care Choice Improvement Act of 2015 on July 31. The Act revises some important return due dates, overrules a Supreme Court tax decision, revises the employer shared responsibility requirements in the Affordable Care Act (ACA), and includes other tax compliance measures. Although the highway...
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Developments continue to impact the mortgage interest deduction

The mortgage interest deduction is widely used by the majority of individuals who itemize their deductions. In fact, the size of the average mortgage interest deduction alone persuades many taxpayers to itemize their deductions. It is not without cause, therefore, that two recent developments impacting the mortgage interest deserve being...
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FAQ: When must individuals pay estimated taxes?

Many federal income taxes are paid from amounts that are withheld from payments to the taxpayer. For instance, amounts roughly equal to an employee’s estimated tax liability are generally withheld from the employee’s wages and paid over to the government by the employer. In contrast, estimated taxes are taxes that...
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How do I? Compute withholding using the part-year employment method

Employers generally withhold from wages by way of the wage-bracket or percentage method (Code Sec. 3402(b) and Code Sec. 3402(c)). However, an employee may request that the amount of tax withheld by the employer from the employee’s wages be computed on the basis of the part-year employment method (Reg. §31.3402(h)(4)-1(c)(1))....
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