IRS

It all has to do with the current tax rules for business entertainment. To be deductible as entertainment that is “associated with” your business, the activity must take place immediately before or after a substantial business discussion. Usually, this means the discussion has to be on the same day as the entertainment, but it could occur either the preceding or following day if the clients are from out of town.

The Internal Revenue Service (IRS) has not made enough progress in reducing improper payments of Earned Income Tax Credits (EITC), according to a new report by the Treasury Department agency that oversees the nation's tax collectors.

Tax season has always been a tempting time for many unsavory people to try to scam others. The addition of online self-preparation and identity theft has only made the problem worse.

The Internal Revenue Service today announced plans to open the 2014 filing season on Jan. 31 and encouraged taxpayers to use e-file or Free File as the fastest way to receive refunds.

Anyone who has ever tried to call the Internal Revenue Service knows what to expect first ... a wait. Sometimes a really long one. For tax professionals who need to reach the IRS more frequently, this can be a waste of precious time and productivity.

Whether it's to a veterans group, a medical foundation, a faith-based organization or other charity, donating a used car can be both useful to the organization and its mission, as well as a potential tax-saving benefit to the giver

The Internal Revenue Service (IRS) needs to strengthen systems development controls for the Premium Tax Credit (PTC) Project, the Treasury Inspector General for Tax Administration (TIGTA) concludes in a new report publicly released today.

“Most members of the clergy are dual status, which means their church, synagogue or temple does not pay the employer part of their Social Security and Medicare taxes,” Medows told CPA Practice Advisor.