Income Tax October 24, 2026
A Corrected Tax Document Arrived After Review. What Needs to Reopen?
The operational question is not whether the upload succeeded. It is whether the change reached the person responsible for deciding what happens next.
August 18, 2016
Back to School Tax Tips for 2016
As the final weeks of summer tick away, back-to-school sales are ramping up and it's time to think about getting those kids back in the classroom. It's also a good time to think about a variety of tax breaks and deductions available for qualifying ...
August 18, 2016
Economy Ranks as Top Election Issue for Small Biz Owners
After the economy, the other issues cited by small business owners as most important follow in order as health care reform (10%), tax reform (9%), jobs and employment (6%), and immigration (6%).
August 18, 2016
Clinton Refines Tax Proposal, Focuses on Closing Loopholes
Clinton also favors an expanded credit for child care expenses, although not quite as expansive as the proposals made by Trump. She also expects to hold the line on tax increases for the vast majority of Americans. There was no mention in her speech ...
August 17, 2016
Congress Considers Bill Banning Online Sales Taxes By States
Tired of Congressional inactivity on internet sales tax, a growing number of states have enacted legislation enabling them to tax sales made by out-of-state sellers. The majority of these laws maintain that a connection between a state and seller is ...
August 16, 2016
Sales Tax Rates Rise Across U.S.
The U.S. average combined sales tax rate rose slightly in the second quarter due to minimal tax changes in most jurisdictions, according to the latest ONESOURCE Indirect Tax Report from Thomson Reuters.
August 16, 2016
Dependent Care Assistance Plans: A Fringe Benefit With Tax Benefits
To help ease the burden of hard-working parents, employers may institute a dependent care assistance plan for employees. Under such a plan, payments made to third parties like babysitters and day care centers are excluded from income if the costs ...
August 16, 2016
Scammers Target Tax Pros with Fake Software Update Email
The email scheme is the latest in a series of attempts by fraudsters to use the IRS or other tax issues as a cover to trick people into giving up sensitive information such as passwords, Social Security numbers or credit card numbers or to make ...
August 16, 2016
TaxWise Online Gives Tax Pros A New Cloud Option
Currently available as a free trial version, the cloud-based system offers early access to the brand-new TaxWise Online interface, the comprehensive bilingual TaxWise forms library, and complete calculations so that preview users can prepare sample ...
August 10, 2016
IRS Changes ITIN Program
If taxpayers have an expired ITIN and don’t renew before filing a tax return next year, they could face a refund delay and may be ineligible for certain tax credits, such as the Child Tax Credit and the American Opportunity Tax Credit, until the ITIN is r
August 10, 2016
Fringe Benefit Bonus: 401(k) Plans: Play the Match Game
One of the biggest and best fringe benefits often isn’t technically thought of as a “fringe benefit.” It’s the matching contributions made to a 401(k) plan account by an employer on behalf of participating employees. Witt this add-on, an employee’s ...
August 10, 2016
Casualty Loss Deduction Collapses in Tax Court
Suppose that your personal residence is substantially damaged and will cost you tens of thousands of dollars to fix. Is the repair cost deductible on your tax return as a casualty loss? It doesn’t always seem fair, but it depends on whether the ...
August 9, 2016
Donald Trump Revises IRS Tax Reform Plan
Trying to reclaim some momentum in his presidential election campaign, Donald Trump, the Republican candidate, is tweaking his tax plan. In a far-ranging speech on economic policies on August 8, Trump proposed cuts in individual tax rates, although not as drastic as in previous proposals. The billionaire also advocated tax reforms in line with the...…