Taxes July 15, 2026
Make the IRS an Offer It Can’t Refuse
The IRS won’t agree to an offer-in-compromise unless the amount offered is equal to or greater than the reasonable collection potential.
June 25, 2014
Tax Experts Explain New E-Signature Rules in Free CPE Webcast
On Tuesday, July 15, CPA Practice Advisor is hosting a free webcast titled, "Electronic Signatures and the IRS ... Everything You Need to Know." Sponsored by Wolters Kluwer CCH, the CPE-eligible webcast will cover the latest changes to electronic filing, including topics that are especially important for tax professionals and their clients.
June 24, 2014
AICPA Says Proposed IRS Tax Preparer Program is Unlawful, Improper
The Internal Revenue Service’s proposed voluntary certification program for tax return preparers “would cause significant legal problems that may ultimately frustrate the IRS’s goals, confuse the public, and lead to litigation,” according to the American Institute of CPAs (AICPA).
June 24, 2014
Congress and Senate Consider Section 179 Extension – Keep Your Fingers Crossed
Are those generous Section 179 deductions for business clients a thing of the past? Under current law, the maximum deduction is just a fraction of the high-water mark that was allowed prior to its expiration after 2013.
June 23, 2014
IRS Trashes Circular 230 Disclaimers
The IRS Office of Professional Responsibility will be sending out letters asking practitioners to stop using disclaimers required under Circular 230 (Regulations Governing Practice Before the Internal Revenue Service).
June 19, 2014
New Fixed Asset System Boosts Transparency and Compliance
New version allows tax and accounting professionals to effectively track fixed asset repairs under the final tangible property regulations, issued by the Internal Revenue Service and U.S. Department of the Treasury.
June 18, 2014
Report: IRS Meeting Requirements of Spending Cuts
The part of the U.S. Treasury Department that is tasked with overseeing the Internal Revenue Service has issue the findings of a recent audit of the taxing agency when it comes to its compliance with the budget cuts imposed on the agency's budget as a result of sequestration.
June 18, 2014
Taxpayers Offered New Options in Offshore Voluntary Disclosure Program
The Internal Revenue Service has made significant changes to its offshore voluntary compliance programs, with the intent of providing new options to help both taxpayers residing overseas and those residing in the United States. The agency says the changes are anticipated to provide thousands of people a new avenue to come into compliance with their…
June 15, 2014
Tax Evasion Defense: Resident of Heaven
A Twin Cities woman has pleaded guilty to dodging income taxes for many years in connection with her family excavation and sewage treatment business, when she claimed she and her husband were not U.S. citizens but permanent residents of the "Kingdom of Heaven."
June 12, 2014
How to Determine Reasonable S-Corp Shareholder Compensation
Income from an S corporation, which flows through to its shareholders and is taxed at the individual level, is normally not subject to self-employment tax. Most S corporations, however, have shareholders performing substantial services for the corporation as officers and otherwise.
June 10, 2014
IRS Commissioner to Keynote National Society of Accountants Meeting
The National Society of Accountants has announced that Internal Revenue Service Commissioner John Koskinen will deliver the keynote address at the organization's 69th Annual Meeting, which will be August 20-23, 2014 at the Hyatt Regency Inner Harbor in Baltimore, Maryland.
June 10, 2014
IRS Adopts Taxpayer Bill of Rights
The Internal Revenue Service has created a "Taxpayer Bill of Rights" that will become a cornerstone document to provide the nation's taxpayers with a better understanding of their rights.
June 5, 2014
Summertime Tax Tip #10: Taking Business Clients to the Country Club? That’s Entertainment!
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…