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December 2015 Archives

A married couple's tax debt: Not always yours, mine and ours

As we head into the new year, we trust everyone has taken a few minutes to work out a tax strategy for 2016. Planning for deductions and tax credits, looking at pre-tax contributions to employer-sponsored retirement plans and other benefits -- everything should be in place by now, and we should all be able to sit back and enjoy the long weekend.

Taxpayers breathe a sigh of tax relief with PATH Act of 2015

With the passage of the Protecting Americans from Tax Hikes Act of 2015, the U.S. House of Representatives has ended what some consider a tradition. Some of us will miss the annual end-of-year suspense, the "will they or won't they" final moments of each December that we have all become used to as lawmakers deliberate the fate of dozens of tax extenders.

PATH Act should make tax planning easier for businesses

The House has approved a tax package, the Protecting Americans from Tax Hikes Act of 2015, that will make some tax extenders permanent. Both the Senate and the White House have indicated support for the bill, and news analysts expect it to become law before Christmas. As a result, for the first time in a long time, businesses will not have to cross their fingers that their tax strategies will actually work out.

Do tax laws make it better to receive than to give?

The holidays may not be the most wonderful time of the year for a business that is unfamiliar with corporate gift laws. The IRS has tried to make the rules about business gifts straightforward, but there are other laws, like the foreign Corrupt Practices Act, that make it all more complicated. Some tax professionals suggest steering clear of corporate gifts, whether given or received, altogether. There are businesses, though, that believe the rewards outweigh other consideration.

Everything old is new again when it comes to tax extenders

Here's a surprise: Congress is ready to debate the so-called tax extenders that expired at the end of 2014. Accounting Today reports that the IRS has issued its annual warning that the tax season could start late if Congress does not act soon. If the past few years are any indication, the bill will be passed at the latest possible hour, the extenders will be enacted for 2015 only, and we will be right back where we started. Second verse, same as the first.

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