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Individual tax report

  • March 11, 2019

This semi-annual update from The Tax Adviser on individual tax topics discusses several cases on material participation, hobby losses, and charitable contributions; the Sec. 199A regulations; and many other developments. Continue Reading

Taxpayer Advocate Nina Olson to retire

  • March 4, 2019

National Taxpayer Advocate Nina Olson, who has headed the Taxpayer Advocate Service at the Internal Revenue Service for 18 years, announced March 1 that she will be retiring at the end of July 2019. Continue Reading

10.9 million taxpayers to feel sting of SALT cap

  • February 27, 2019

About 10.9 million Americans will pay more taxes because the Tax Cuts and Jobs Act has limited deductions on state and local taxes, according to a report by the Treasury Inspector General for Tax Administration. State and local taxes that cannot be deducted because of the change total $323 billion, the report says. Continue Reading

How the Sec. 199A deduction affects retirement planning

  • February 21, 2019

The Tax Cuts and Jobs Act has created the Sec. 199A deduction, which could affect retirement-planning strategies used by business owners. For example, those who have income that is too high to qualify for the full deduction might want to contribute to retirement accounts to lower taxable income. Continue Reading