Congress appears poised to enact a major tax reform law that could potentially make fundamental changes in the way you and your family calculate your federal income tax bill, and the amount of federal tax you will pay.
The following is a summary of the most important tax developments that have occurred in the past three months that may affect you, your family, your investments, and your livelihood.
In the early morning hours of Jan. 1, 2013, the Senate, by a vote of 89-8, passed H.R.8, the “American Taxpayer Relief Act” (the 2012 Taxpayer Relief Act).
Year-end planning is a bigger challenge this year than in past years because, unless Congress acts, tax rates will go up next year, many more individuals will be snared by the alternative minimum tax (AMT), and various deductions and other tax breaks will be unavailable.
Last month, the U.S. Supreme Court held that the Affordable Care Act's individual mandate, which requires all Americans to purchase health care insurance, was constitutional.
Are you a small business owner? Find out how you can get your investment income at a tax rate of zero.
The Foreign Account Tax Compliance Act (FATCA) is an important development in U.S. efforts to improve tax compliance involving foreign financial assets and offshore accounts. But, will it impact you? Find out.
Converting a traditional individual retirement account (IRA) to a Roth IRA can offer greater flexibility in retirement. So, should you convert? Ryan Losi, CPA, offers advice for this year's tax return.
In this video, VSCPA member Ryan Losi, CPA, discusses the IRS's letter-writing campaign targeted at paid tax return preparers who complete types of returns in which the agency often sees errors.
VSCPA member Ryan Losi, CPA, discusses the Interest Charge Domestic International Sales Corporation (IC-DISC) tax incentive.
In this video, VSCPA member Ryan Losi, CPA, discusses the ramifications of the use of a single-factor corporate apportionment in Virginia.
In this video, VSCPA member Ryan Losi, CPA, discusses recent final rules from the IRS on deducting startup expenses and organizational expenditures for individuals, corporations and partnerships.
Year-end tax planning is especially challenging this year because of uncertainty over whether Congress will enact sweeping tax reform that could have a major impact in 2012 and beyond.
In this video, VSCPA member Ryan Losi, CPA, discusses his accounting career and why he enjoys his job so much.
In this video, VSCPA member Ryan Losi, CPA, discusses the IRS's Preparer Tax Identification Number program.
In this video, VSCPA member Ryan Losi, CPA, on a tax credit for companies who perform research & development activities in Virginia
In this video, VSCPA member Ryan Losi, CPA, explains how businesses can use the Work Opportunity Tax Credit to their advantage.
As a parent with college-bound children, you are concerned with setting up a financial plan to fund future college costs. If your children are already college age, your goal is to pay for current or imminent college bills.
In addition to extending the Bush tax cuts, providing relief from the AMT, and cutting the payroll tax by two percentage points, the recently enacted “Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010” (Tax Relief Act) extends a host of other important tax breaks fo