Shrinking staff takes a toll on the IRS’s criminal investigations. According to the fiscal year 2016 annual report from the Criminal Investigation (CI) unit, staffing levels for special agents have decreased by 19.1%, and professional staff declined 21.7% over the last five years due to budget cutbacks. As a result, between 2012 and 2016, CI’s […]
In his recent first address to a joint session of Congress, the President vowed to reduce corporate taxes. He said that U.S. companies are taxed at one of the highest rates in the world and that his economic team is developing tax reform that will reduce the tax rate on U.S. companies so that they […]
Congressional Republicans’ proposed border adjustment tax is facing opposition from some businesses, including Wal-Mart, Best Buy, Costco, Macy’s, Nike and Target. These retailers are members of Americans for Affordable Products, a business coalition working against border adjustment. Some Republicans are also concerned about the proposal. The main thrust of border adjustment is to exempt companies […]
When an IRA owner dies, how the IRA rollover to the new owner is categorized may lead to tax issues, and the need for required minimum distributions (RMDs). In a private letter ruling (PLR), the IRS let a taxpayer roll over her deceased spouse’s Roth IRAs and regular IRA from a trust into her own […]
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