tax

The National Association of Federally-Insured Credit Unions defended the credit union tax exemption and called for other financial reforms during a meeting Tuesday with Treasury Secretary Steven Mnuchin.

President Donald Trump made more than $150 million and paid $38.4 million in federal taxes in 2005, according to two pages of his federal income tax return for that year that were broadcast by MSNBC and posted online.

Do It Yourself projects can be terrifying — and satisfying too.   Sprucing up your home on your own, repairing the car, even doing your own tax returns can be challenging but helps save you money and makes you more independent.

By Eugene Kim

In re Majestic Star Casino, LLC, F.3d 736 (3rd Cir. 2013), the U.S. Court of Appeals for the Third Circuit broke from other courts by holding that S corporation status (or "qualified subchapter S subsidiary" or "QSub" status) is not property of the estate of the S corporation’s bankruptcy estate. Other Circuits have routinely held that entity tax status is property of the estate.

Debts discharged in bankruptcy do not trigger tax liability Most everyone knows that filing for bankruptcy eliminates credit card debt, medical bills and other unsecured loans. However, a significant benefit of filing, that is rarely discussed, are the tax benefits that result when the bankruptcy discharge is issued. The IRS treats canceled debt as income [...]