Change In IRS Tax Withholding Rules A Change For The Bettor

By Teresa Genaro

While U.S. taxpayers debate the merits (or lack thereof) of proposed tax reforms, there’s one part of the population that received long overdue and very welcome news about the amount of taxes they’ll now be paying.

Horseplayers rejoiced this week when, after decades of being subject to frustrating and outdated tax regulations, the National Thoroughbred Racing Association (NTRA) announced updated regulations that finally reflect the reality of 21st century betting on horse races…

Read the full article at Forbes.

Trump prepares to appoint new IRS chief to run agency that’s auditing his tax returns

By Geoff Earle
Deputy U.s. Political Editor For

The White House has already begun fielding candidates as President Trump weighs whom to select to lead the Internal Revenue Service – an agency currently auditing his taxes and assisting special counsel Robert Mueller’s Russia probe.

Current IRS commissioner John Koskinen’s term expires Nov. 12th, and reappointment seems unlikely, as he is reviled by some powerful Republicans on Capitol Hill.

‘He should not keep him on,’ Sen. Richard Burr (R-N.C.), a Senate Finance Committee member, told ‘Listen, if you judge him based upon performance, he shouldn’t have his job right now they should replace him immediately.’

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Here’s How IRS Taxes Severance Pay

By Robert W. Wood

You may get severance pay when you quit your job, are laid off, or fired. You also might get severance later if you sue and settle. Whether or not your pay is labeled “severance,” and regardless of when it is paid, the IRS generally views severance like any other pay. It’s taxed as wages, so is subject to withholding and employment taxes. If your employer hands you a severance check as you walk out the door, you may well expect it to have all the payroll deductions you’re used to seeing on your regular paycheck..

Read the full article at Forbes.

How To Reduce Your Taxes With Smarter Trades

By Bruce McCain

As we approach year end, investors will again start harvesting losses to reduce their taxes. Too bad those trades are not as profitable as they could be. Like most market transactions, tax-loss selling works best when you avoid trading with the crowd, so timing can make a big difference.

Tax-Loss Rules at a Glance

Under current tax law, you can write off the loss on an investment if you do not buy a “substantially similar” security within 30 days before or after the sale that generates the loss. For example, you cannot buy 100 shares of a stock and then sell the 100 you already own within 30 days of the purchase, nor can you sell the original 100 shares of a stock and buy shares back within 30 days.

Read the full article at Forbes.

IRS fines Toronto man $165,000 for not filing forms; CRA helped collect

By Patrick Cain
National Online Journalist, News Global News

A U.S. federal court has upheld a $165,000 penalty against a Toronto man for not filing forms reporting his Canadian business on his U.S. tax returns.

Donald Dewees, a 76-year-old U.S. citizen, has been living in Canada since 1971. He had been paying taxes in Canada, but not filing U.S. tax returns, which U.S. law required him to do.

His lawyer, Mark Feigenbaum, calls it “a rule that a lot of people don’t know about”.

Read the full article at Global News.