Now that we’re well into the New Year, taxpayers should know 2017’s inflation adjustments for several tax provisions set forth in Rev. Proc. 2016-55. These adjustments apply to tax years beginning in 2017 and transactions or events occurring during the 2017…
At the end of 2016, as part of a concerted, continuous effort to gather feedback from the tax community and partner groups, the Internal Revenue Service announced that tax professionals attending the Nationwide Tax Forums provided valuable guidance to Future…
The U.S. has a progressive income tax system. Therefore, the rate of tax increases as taxable income increases. The purpose of imposing progressive taxes is to reduce the tax incidence of people with a lower ability to pay taxes, as these taxes shift…
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