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April 2014

The only constant in life is change. That's also the case with taxes. Just ask anyone/everyone who's ever had to deal with new laws. Now big change is coming to the House panel charged with originating all U.S. tax measures. Ways and Means Chairman Dave Camp (R-Mich.) announced Monday, March 31, that he will not seek reelection. That, along with the 2015 Republican budget proposal, likely means that there won't be any major changes to the tax code any time soon. Already planning to go: Camp already was set to relinquish his chairmanship of the tax-writing panel. But given his... Read more →

This is not an April Fools' Day joke. Some investors will not owe the Internal Revenue Service a cent of tax when they sell their assets. But as today's Daily Tax Tip notes -- and there usually is a "but" when you're talking taxes -- there are some limits. Let's start with some good news. There is no time limit on the life of this tax break. It was a temporary part of the Bush-era tax laws and technically expired at the end of 2012. But it was made permanent on Jan. 2, 2013, when the American Taxpayer Relief Act... Read more →