With about two weeks to go in tax filing season, the procrastinators are finally starting to contact your office. Usually, they’ve postponed the inevitable because they fear they’ll be entitled to only a miniscule refund or they will have to ante up to Uncle Sam.
The new IRS "Repair" regulations too effect on January 2014, but many businesses and accounting professionals may still need some guidance on how the new changes effect them or their clients. The national tax, consulting and forensic accounting firm Gettry Marcus has issued its interpretation and made the information available.
One could say that the automatic tax filing extension is the taxpayer’s best friend – besides being a bosom buddy to tax return preparers – as the tax filing season rushes to a close. And this BFF may be able to do more for you than you think. However, just like most good friends, it’s not without fault.
The Internal Revenue Service today reminded taxpayers who turned 70½ during 2013 that in most cases they must start receiving required minimum distributions (RMDs) from Individual Retirement Accounts (IRAs) and workplace retirement plans by Tuesday, April 1, 2014.
Despite recent claims that the deadline for signing up for Obamacare would not be postponed beyond the initial March 31 deadline – the day before April Fool’s Day – the White House has finally caved into the pressure. According to a report in the Washington Post on March 25, the Obama administration is extending the open enrollment period for two to three weeks in three dozen states around the country.
The question has lingered for about two years, but the IRS has finally decided how to treat Bitcoins and other virtual currencies when it comes to taxes.
Taxpayers in Colorado who suffered property damage during last year's flooding are being given additional time to decide on when they will claim those losses against their taxes.
View business due dates with the IRS's online tax calendar.