Income Tax

January 25, 2016 

Are any of your small business clients in need of a cash influx? Thanks to the new tax law -- the Protecting Americans from Tax Hikes (PATH) Act – small business owners can offer a unique tax incentive to investors: A 100 percent tax exclusion on the ...

January 24, 2016 

As tax professionals, we all have stories to tell about the dubious items our clients want to “write off” on their tax returns ─ and after many years of hearing the same questions, many of our answers are quite well-rehearsed.

January 24, 2016 

The tax relief postpones various tax filing and payment deadlines that occurred starting on Dec. 23, 2015. As a result, affected individuals and businesses will have until May 16, 2016 to file their returns and pay any taxes due.

January 20, 2016 

How many returns can your firm prepare during tax season? Adding staff hours during busy season is problematic for the firm and filing extensions is problematic for customers. In the absence of these two options, what else can you do?

January 20, 2016 

Although the PATH Act doesn’t include the numerous proposals to change how the RTC is calculated or increase its credit rate, it does expand its availability to two kinds of small businesses.

January 20, 2016 

Asking the right questions can make a big difference when hiring a tax preparer. It helps ensure that you are getting a qualified professional who knows the tax code and will act ethically and responsibly in filing your tax return.

January 19, 2016 

The deduction is available for more than just art supplies, videos and the like. The definition of “qualified expenses” also encompasses other supplies, books, computer equipment (including related software and services), other equipment and ...

January 19, 2016 

The figure that is likely to grab your attention is 52 percent. That is the top tax bracket proposed by Sanders, a plateau that hasn’t been reached since a watershed 70 percent rate was scaled back in the 1980s. The top tax bracket peaked at 91 percent...

January 16, 2016 

The Intuit ACA Resource Center, a part of the Intuit Tax Pro Center, includes easy-to-use guides and tools designed to make it easy for tax professionals to stay updated on changes in ACA compliance and requirements for reporting client health ...

January 15, 2016 

Thomson Reuters has released a special report highlighting key tax developments in 2015 to aid practitioners in 2015 tax return preparation and support 2016 planning.

January 15, 2016 

The Internal Revenue Service will open the nation’s 2016 individual income tax filing season on Jan. 19, with more than 150 million tax returns expected to be filed this year. People will have several extra days to file their tax returns this year. Taxpayers have until Monday, April 18, to file their 2015 tax returns...…

January 12, 2016 

How do you know if someone has filed a tax return using your Social Security number? And what do you do then? This is happening more and more—the latest General Accounting Office (GAO) report says that IRS paid out over $5.8 billion in fraudulent returns.