Income Tax

 AICPA Opposes Legislation That Would Limit Cash Accounting Methods

May 1, 2014 

AICPA Opposes Legislation That Would Limit Cash Accounting Methods

In a letter to House Ways and Means Committee Chairman Dave Camp, the American Institute of CPAs (AICPA) has voiced strong opposition to draft legislation that would limit the use of the cash method of accounting for pass-through entities and personal service corporations.

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April 28, 2014 

Proposed Illinois Soda Tax Losing Its Fizz

Two bills introduced in February call to impose a 1-cent-per-ounce excise tax on sugar-sweetened beverages. For a 12-ounce can of soda, the tax would add 12 more cents. The price of a twelve-pack would increase by $1.44 and another $2.88 would be added to the cost of a 24-pack.

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April 27, 2014 

10 Mid-Year Tax Tips for Individual Taxpayers

Now that this year’s tax filing season for individuals is over, it’s time to concentrate on saving taxes in 2014. All too often, professional tax advisors don’t reach out to their clients until the very end of the year when it might be too late for them to implement meaningful tax planning strategies. Break up…

 Strategic Mid-Year Business Tax Tips

April 27, 2014 

Strategic Mid-Year Business Tax Tips

Traditionally, tax planning is targeted to individual taxpayers, but small business owners can also benefit from such tax-saving techniques. Instead of waiting until the very end of the year to pitch ideas to clients, present them with the following ten strategies at midyear.

 Doctors in Maine Stung by Income Tax ID Theft

April 25, 2014 

Doctors in Maine Stung by Income Tax ID Theft

A fraud scheme that appears to target the federal tax returns of doctors and other health care professionals has affected several hundred people in several states, including at least 35 doctors in Maine.

 Senate Bill Aims to Fix IRS Farm Equipment Expense Change

April 23, 2014 

Senate Bill Aims to Fix IRS Farm Equipment Expense Change

United States Senators John Hoeven, R-N.D., and Maria Cantwell, D-Wash., have introduced a bill to modify new IRS rules they say make it too difficult for family farmers and small business owners to deduct equipment repair and supply expenses.

 Ranking the Best & Worst States for Local Taxes

April 21, 2014 

Ranking the Best & Worst States for Local Taxes

The tax season may be over now, with most Americans having filed their returns before last week's April 15 deadline, but federal and state income taxes are just one part of the myriad of taxes that people pay.

 Early Discount Offered for 2014 IRS Tax Forums

April 21, 2014 

Early Discount Offered for 2014 IRS Tax Forums

Registration for the 2014 IRS Nationwide Tax Forums is now open for enrolled agents, certified public accountants, certified financial planners and other tax professionals. Those who sign up by the pre-registration date will save $130 per attendee off the on-site price.