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Posts tagged "Tax Controversy"

Texas legislature acts to eliminate franchise tax

This week brought the Trump administration's one-page opening salvo in what is likely to be contentious debate over reform of federal tax system. A key part of the proposal is to reduce business taxes from 35 percent to 15 percent - even for small, unincorporated business whose owners pay taxes at the individual, not the corporate rate. It isn't only at the federal level, however, where changes to business taxes are in play.
In this post, we will a Q & A format to update you on the possible elimination of a state tax on Texas businesses called the franchise tax.

Landlords and ("passive") losses: What if expenses exceed income?

It isn't easy being a landlord. Trying to keep customer-tenants satisfied enough to renew their leases is often a frustrating and not necessarily lucrative endeavor.The tax code often isn't much help either, with arcane rules limiting the ability of real estate owners to deduct losses. These rules concern what the code calls "passive activity losses," also known as PALs.Given these rules, what happens if your expenses for rental activities exceed your income?

Clergy housing allowance: Will it survive another court challenge?

As a pastor or a church council member, you know very well how important the tax break on clergy housing benefits is. To be sure, many ministers would probably trade the break for a FICA payroll-tax match from their employers and not having to pay self-employment tax.Not taxing a pastor's housing allowance does help make ministry more financially feasible, however for smaller communities with limited resources for clergy compensation.

Taxes for military personnel: a Q & A

When active duty and reserve personnel are added together, Texas has more than 173,000 military personnel. This is the second most of any state, behind only California.There are of course also many veterans in Texas.If you are a service member or former service member, or are from a military family, there are some specific rules and benefits that apply to your taxes. Here is a Q & A on some useful things to know.

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.

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.

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