Taxes September 2, 2026
Tax Court Penalizes ‘Pretty Sophisticated’ Taxpayer
Depending on the situation, the IRS may have discretion to hand out some of these penalties or to cut unknowing taxpayers some slack.
September 18, 2014
Indiana CPAs Plan Day of Service to Local Communities
The Indiana CPA Society is planning its 12th annual "CPA Day of Service," to be held Sept. 26, 2014. The event is a day of volunteer service that reflects the CPA profession's ongoing commitment to serving the communities where its professionals live ...
September 17, 2014
Good Tax News? Many Americans May See Lower Federal Taxes in 2015
Sit back and brace yourself for some good tax news? A new report from financial and legal information company Bloomberg BNA points to lower upcoming tax bills for many U.S. taxpayers as a result of adjustments based on the higher Consumer Price Index.
September 17, 2014
Back to School is a Good Time to Look at Education Tax Credits and Deductions
With students now back to school or college, tnow is a good time to see if they will qualify for either of two college tax credits or any of several other education-related tax benefits when they file their 2014 federal income tax returns.
September 16, 2014
AICPA Urges Congress to Act on Tax Extenders
The American Institute of CPAs (AICPA) is urging Congress “to immediately address the fifty-seven tax provisions that expired at the end of 2013 and the six tax provisions that expire at the end of 2014.” Congress began consideration of extenders legislation earlier this year, the AICPA wrote in its September 15 letter, but “America’s businesses...…
September 16, 2014
IRS Videos Focus on Taxpayer Bill of Rights
The Internal Revenue Service has released a new YouTube video encouraging taxpayers to learn about the Taxpayer Bill of Rights.
September 16, 2014
Order Up: Clarifying Tax Deductions for Business Meals
Where the IRS is concerned, there’s no such thing as a free lunch. However, your clients may be able to deduct costs of certain meals, including lunches, if they meet the tax law requirements. Generally, write-offs for such meals are limited to 50% of the
September 14, 2014
Report Says IRS Needs to Improve Handling of Complaints Against Tax Preparers
The Internal Revenue Service (IRS) is not processing complaints against tax preparers in a timely manner, according to the latest report publicly from the Treasury Inspector General for Tax Administration (TIGTA).
September 14, 2014
Travel & Entertainment: How to Stay Within Tax Boundaries for Temporary Assignments
[This is part of a series of articles on maximizing deductions for travel and entertainment (T&E) expenses.] Normally, you can’t deduct the cost of traveling between your home and your job, even though the travel is, in reality, business-related. The IRS considers “commuting” to be a nondeductible personal expense. However, if you qualify under the IRS’...…
September 12, 2014
Stagnant Salaries a Lingering Weak Spot for Job Market
The U.S. job market has steadily improved by pretty much every gauge except the one Americans probably care about most: Pay.
September 11, 2014
Bipartisan Representatives Urge Congressional Leaders to Save Cash Method of Accounting
A bipartisan majority of the U.S. House of Representatives – 233 members – have signed a letter urging the House leadership to preserve the cash method of accounting for tax purposes, writing that proposals requiring a transition to the accrual method ...
September 11, 2014
CPAs Challenge the IRS on PTIN Fees
First, a federal appeals court invalidated most of the regulations imposing continuing education and other regulatory requirements imposed by the IRS on tax return preparers (Loving, et al v. IRS, Civil Action 12-385 (JEB), U.S. Dist. Ct. DC, 1/18/13). .
September 10, 2014
IRS Direct Pay System Passes One Million Payments Made
With more than one million tax payments already processed this year through IRS Direct Pay, the Internal Revenue Service is encouraging taxpayers with upcoming tax payment deadlines to consider choosing this free online system to quickly and easily pay what they owe.