Income Tax

March 17, 2014 

New legislation passed by the House tying the “doc fix” to Obamacare is expected to meet its demise on the Senate floor. Thus, a once-promising solution to a long-term problem is likely to turn into another victim of bipartisan politics.

Ken Berry, JD

March 17, 2014 

This topic has been coming up a lot in the past week or so. And it’s a bit disconcerting to tax professionals who invest time with new clients like this.

Eva Rosenberg

March 13, 2014 

With the announcement by the IRS that it will now allow electronic signatures on Form 8879, which authorizes electronic filing of tax returns, a cumbersome, time-consuming step in the tax preparation process has been eliminated.

March 11, 2014 

The Internal Revenue Service seeks civic-minded volunteers to serve on the Taxpayer Advocacy Panel (TAP), a federal advisory committee that listens to taxpayers, identifies major taxpayer concerns, and makes recommendations for improving IRS services.

March 10, 2014 

Income tax filing deadlines for most small business are coming up soon, and the Internal Revenue Service is reminding small employers who offer health insurance to their employees to check out the small business health care tax credit and then claim it if they qualify.

March 10, 2014 

The Obama administration is relying on various federal agencies and organizations to help implement the complex rules under the Patient Protection and Affordable Care Act (PPACA), the comprehensive health care legislation otherwise known as “Obamacare.” Naturally, the IRS is expected to play a major role, including enforcement of the penalties for failing to obtain minimum…

Ken Berry, JD

March 10, 2014 

After a divorce, if both spouses stay on title, they can both take advantage of their full personal residence exclusion of $250,000 – as long as one of them continue to use it as a personal residence AND this is specified in the divorce decree (a good reason to get along during the divorce negotiations).

Eva Rosenberg

March 7, 2014 

A former Waterbury, Connecticut police detective was sentenced on Thursday to five months in prison and five months of home confinement for trying to mislead a federal Internal Revenue Service investigation of charitable contributions he claimed as deductions on his tax returns in 2007 and 2008, according to the U.S. Attorney's office.

March 7, 2014 

President Obama has just released a new 2015 budget designed to raise more than $1 trillion in revenue over the next ten years by boosting income taxes for upper-income individuals, closing or tightening tax loopholes and scaling back estate tax benefits.

Ken Berry, JD

March 5, 2014 

A tale of sexting, blackmail and embezzlement involving two couples in Ohio and West Virginia reached a head last week when one of the parties, a former Bethany College cashier, admitted to stealing $1 million from the school to keep an online affair secret from her husband.

March 5, 2014 

Could you ski for 24 hours straight, even for a great cause? An accounting firm in Maine has accepted the challenge.

March 4, 2014 

Nine out of ten times, when a client complains about a price, the price is not the real problem, the problem is some aspect of the service, but the client may not know how to articulate their real complaint, so they focus on price. If you ask why, you can find out the real problem.