New Proposal to Tax Unrealized Capital Gains

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An occasionally-discussed income tax concept relating to capital gains is being revived by the top-ranking Democrat on the Senate Finance Committee, Oregon Senator Ron Wyden. Wyden is proposing that certain wealthy taxpayers ante up each year for the value growth in their investment accounts rather than waiting for those investment assets to be liquidated and/or […]

IRS Reform Package Offered by Bipartisan Members of the House Ways and Means Committee

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This week a bipartisan measure was passed by House Ways and Means Committee members.  The bill includes  measures designed to protect taxpayers from unfair practices and improve Internal Revenue Service (IRS) operations. The bill, HR 1957, is intended to redesign the operational structure of the IRS with the intent of making the agency more efficient […]

IRS Issues Guidance Clarifying the Treatment of Refunds with New State and Local Tax (SALT) Limitations

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Historically, individual taxpayers have been allowed an itemized income tax deduction for one hundred (100) percent of all state and local income taxes paid in a calendar year.  The amounts paid were generally based on estimates and rarely matched the actual liabilities due to various nuances in the tax laws for each jurisdiction and fluid […]