Federal Tax Updates Archive

Knowing the Fundamentals – Bankruptcy Laws

TweetShareSharePin0 SharesKnowing the Fundamentals – Bankruptcy Laws Bankruptcy laws generally protect distressed people and businesses that can no longer pay their creditors. In the United States, bankruptcy laws are placed under federal jurisdiction as stated in the United States Constitution (in Article1, Section8), allowing the Congress to enact “uniform laws on the subject of Bankruptcies

Lawmakers Could Pay for Reconciliation While Improving the Tax Code

TweetShareSharePin0 Shares With corporate and individual rate hikes potentially out of the Build Back Better (BBB) reconciliation package, lawmakers are weighing alternative options to raise revenue. Rather than come up with complicated changes to the tax base, or untested proposals such as mark-to-market for billionaires, they should prioritize options that raise revenue while improving the

Minimum Tax on Book Income Would Hit Stock Compensation

TweetShareSharePin0 Shares One way employees can be compensated for their work, in addition to wages, salaries, and benefits, is through awards of company stock. The tax treatment of stock-based compensation has received attention for contributing to the gap between corporate taxable income and book income reported on financial statements, which President Biden has proposed targeting

Looming R&D Capitalization Would Hit Manufacturing And Tech Sectors Hardest

TweetShareSharePin0 Shares US taxation of intellectual property (IP) is facing big changes. Starting next year, research and development (R&D) expenditures, now fully expensed (written off in the year in which they are acquired), must be capitalized and amortized over a period of 5 to 15 years. Additionally, President Biden would repeal a special tax deduction

Taxing Ebay Part Deux

TweetShareSharePin0 SharesTaxing Ebay Part Deux When my column on paying income tax on eBay profits ran it brought a wave of emails on whether you were required to report income earned from eBay sales to the IRS sparked a number of additional questions and comments from eBay sellers who were hoping that I could somehow

What To Do If You Didn’t Get a Form 1099

TweetShareSharePin0 SharesWhat To Do If You Didn’t Get a Form 1099 If you earned revenues as an independent contractor in 2005, you should have received a 1099 Form for the work. So, what if you haven’t received one? What To Do If You Didn’t Get a Form 1099 If you earned over $600 from one

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