Tax changes are in the works, including expiration of Bush-era tax cuts and tax reform. Will traders be able to retain lower tax rates on futures (including forex in some cases), business expense treatment using trader tax status and Section 475 ordinary loss treatment? Will traders be able to continue excluding trading gains from social … Read more
A schedule of depreciation rates allowed for tax purposes introduced by the Economic Recovery Tax Act of 1981. The Modified ACRS (MACRS) replaced ACRS for property placed into service after 1986.
A limited partnership deemed by the IRS to be illegally claiming tax deductions.
A reduction or reprieve in the amount of taxation, debt or any other payment obligation faced by an individual or company. Abatement can include a tax decrease, a reduction in penalties, or a rebate.