Definitions — Taxing business

In September, just in time to celebrate the upcoming fiscal new year, the Joint Committee on Taxation released a report on the present US federal income tax law and data related to the taxation of business income.

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Definitions — The great depreciation

Section 179 depreciation, a tax provision that currently allows taxpayers to write-off up to $500,000 for 2016 ($510,000 for 2017), has been around long enough that you may think you're very familiar with the rules. Here's a quiz to check your knowledge.

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Definition — IRS Documents and Al Capone

Given the confidentiality provisions of Internal Revenue Code Section 6103, do you know why the IRS was able to release the records of the investigation of Al Capone? When you’re researching a tax question, you may choose to stick with standard sources, such as tax guides, the IRS web site, or even a simple Google search. But the IRS issues…

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