The IRS National Taxpayer Advocate—Nina Olson—is required to issue an annual report to Congress. The 2016 report was released 1/10/17. These reports are always a great read. The report lists the mots “serious issues” in the tax system and makes recommendations for improvement. The 2016 report focuses a lot on the IRS “Future State” project and tax reform.
National Taxpayer Advocate Nina E. Olson released her 2016 Annual Report to Congress, recommending that the IRS revamp its “Future State” plan to adopt a taxpayer-centric focus and urging Congress to simplify the tax code. The report presents a series of proposals to improve tax administration, placing particular emphasis on changing the culture of the IRS. Olson explains that “to create an environment that encourages taxpayer trust and confidence, the IRS must change its culture from one that is enforcement-oriented to one that is service-oriented.”
The IRS Mileage Rate 2016 is important for anybody looking for a driving-related deduction. Use this rate to determine how much your write-off can be for business-related drives, as well as charity driving and moving/medical trips.
TaxConnections is grateful to all of our Tax Bloggers/Tax Writers for their hard work and effort during this calendar year. As our way of saying thank you, we have arranged special awards for your contributions through TaxConnections. These special awards are given to TaxConnections Members who have made the most significant contributions and also include special gifts we have arranged specifically for you.
There is a lot of attention these days on big companies (Apple, Google, General Electric, Facebook and others) stashing their earnings overseas in what are considered tax havens to avoid paying U.S. taxes on their corporate income. Some international tax reform proposals have been suggested as to how to get the corporation to either bring this stash back into the U.S. by way of a “repatriation holiday” or “deemed repatriation” or ending the system of tax deferrals. Read More
When that first leaf changes color, there’s a nip in the air, and the sunshine starts to fall into corners it did not before, you know the year is coming to an end. Typically that is when I start getting phone calls for year-end tax planning.
This year has been tumultuous, to say the least, as we recover from all the pre- and post-election trauma or elation depending on which candidate you favored. We need to put our tax plans in place based on what we know about likely tax changes for 2017 and 2018.
Unless Congress passes legislation to extend them, the following provisions are set to expire on December 31:
Whatever the result of the Presidential Election 2016, it is apparent that we all love the United States. For the record, many of my closest friends represent all parties in this year’s election and I respect all the views. The question is what direction will this country take on taxes with either candidate?
A 2016 Happy New Years From TaxConnections! Enjoy This New Year’s Video: