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According to Treasury Department statistics published in the Federal Register, a record 5,411 U.S. taxpayers gave up their passports or their green cards in 2016 — over 26 percent more than the previous record of 4,279 set in 2015. The...

source: Tax-News

The dollar rose to a recent high against a basket of currencies, lifted by hopes of U.S. tax cuts to stoke corporate profits and investments as well as bets on whether the Federal Reserve might raise interest rates more quickly. The greenback recently booked its strongest...

source: Reuters

Some people search high and low for tax deductions. But making them up — or artificially enhancing the ones you have — isn't exactly keeping to the straight and narrow. Indeed, the IRS this year has specifically warned people about what it calls padding of deductions....

source: Forbes

A top administration official is leading the charge to craft the president's tax plan even as House Ways and Means Committee Chairman Kevin Brady, R-Texas, touts the House Republican Party's plan on TV and around the country. President Donald Trump has been talking up a...

source: Bloomberg BNA

Tax professionals who are discovering that they can't use their e-Services accounts apparently didn't get the memo — IRS Letter 5903, that is. The IRS mailed the letter in December to e-Services users who had access to sensitive information, used their accounts...

source: AccountingWEB

Can your clients deduct their legal expenses? There's no cut-and-dried answer. Generally, it depends on the nature of the expense. As a new case shows, legal fees may be deductible under certain business provisions of the tax law or be recharacterized as other types of expenses.

source: CPA Practice Advisor

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