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December 2016 Archives

Tax extenders: What happened with them this year?

In recent years, it's almost become an annual ritual, waiting to find out at the end of the year whether Congress will continue various temporary tax breaks known as "tax extenders."It happened last year and the year before that. This year, however, things are a bit different. Congress adjourned its lame-duck session after the election without passing an extender package.

Is your business ready for online sales tax collection in 2017?

The internet - and the burgeoning digital marketplace it has created - has broadened horizons and opened doors that wouldn't have been imagined just a generation ago. With just a few clicks of a mouse, you can do business with companies across town or across the globe. This brave new world of e-commerce had originally created difficulties for brick and mortar businesses and for taxing authorities alike.

Tax compliance, by any other name

"A rose by any other name would smell as sweet," goes Shakespeare's famous line from Romeo and Juliet. The idea is the essence of thing is what matters, apart from the name it is given.Still, names for things do contain important distinctions. In this post, let's consider the distinction between "tax evasion" and "tax avoidance."

Mediate with the IRS? Updates to fast-track settlement options

Sometimes tax litigation can't be avoided. When the IRS is being unreasonable, you need to protect your interests.In other situations, however, it may make sense for both sides to come to an agreement. The IRS seems to realize this too and recently made changes to its mediation procedures.
More specifically, it has added a new procedure called Fast Track Mediation-Collection (FTMC).

Washington offered Boeing prohibited tax breaks, says EU panel

A multinational World Trade Organization panel recently found that Washington State offered aviation company Boeing nearly $9 billion in "prohibited" tax breaks, benefits and subsidies to keep production of the massive 777x aircraft within its borders. The WTO panel investigated the arrangement as part of an ongoing business dispute between Boeing and fellow aviation giant Airbus. The feud began back in 2004, and the home countries of these avionics pioneers have become embroiled in the fighting as well. Relations between the 28-country European Union and the U.S. are tense where these companies are concerned, and competition for manufacturing rights, jobs, tax subsidies, development and distribution is fierce.

Tax deductions: changes in the law are likely in new Congress

Many changes await Americans next month when a new presidential administration and a new Congress take office.It's no secret that those changes are likely to include a tax cut. But it's also important to be aware that an overhaul of how deductions are handled is also under serious discussion.In this post, we will use a Q & A format to update you on some of the possible changes.

Texas banks help IRS fight money laundering and tax evasion

A conviction for criminal tax evasion carries serious penalties, including a stint in federal prison, hefty fines and the costs of government prosecution. Then there is the negative impact on business or individual reputation and the limitations that a criminal record can impose on future opportunity.

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