As you probably realize, tax laws change constantly. Most changes come through rulings and court cases, not through Congress. In this year of budget and debt upheaval, one of our students, Charles, has the following question about upcoming changes from Congress.

Q: Have you been hearing anything about possible changes to the tax code that would change the general assumptions under which we have been approaching business--i.e., capital gains tax, depreciation, etc.?

A: No. Nothing major in the normal business and investing tax areas. There has been some additional guidance recently on reporting payments to offshore bank accounts. We have not seen any signs of serious tax legislation, though, since last December's massive changes. I'll keep everyone posted on my blog whenever I hear something coming down the pike.

Warmest regards,

Tom