Small Business June 26, 2026
Tax Court Doesn’t Horse Around in New Hobby Loss Case
After examining all the evidence, the Tax Court ruled that the activity doesn’t rise to the level of a business. Result: All the loss deductions are denied.
July 22, 2014
Michigan Supreme Court Allows Three-Factor Apportionment for Business Tax
On July 14, 2014, the Michigan Supreme Court ruled that the Multistate Tax Compact (MTC) election applies to both the modified gross receipts and net income tax bases in International Business Machines v. Michigan Department of Treasury.
July 21, 2014
Thomson Reuters Offers New IRS Response Library
According to the IRS, a large part of the tax gap is caused by individuals under reporting their income tax by omitting taxable income or claiming erroneous or inflated deductions or credits.
July 21, 2014
Former Director of Georgia State Fair Convicted of Embezzlement
Jurors deliberated about 90 minutes before finding the former Georgia State Fair director guilty of fiduciary theft. The trial began Monday in Bibb County Superior Court.
July 21, 2014
Fire Commissioner, Tax Preparer Pleads Guilty to 280 Fraud Counts
On his Facebook page, Kyle Baxter advertised that he would complete and file tax returns for $40. According to a post in January 2012: "I am a licensed tax preparer and more than happy to take the task (and the headache!) off your hands."
July 21, 2014
Are Marijuana Vending Machines the Next Step? Doctors are Asking for Them
Are vending machines the next step for marijuana distribution and sales?
July 18, 2014
California Sees Increase in Productivity, Decrease in Jobs
Manufacturing jobs in California have decreased dramatically -- 40% of them gone in less than 25 years -- but productivity in the state is leading the nation.
July 17, 2014
Thomson Reuters Releases 2014-2015 Tax Planning Guide
Thomson Reuters has released the 2014-2015 edition of the Tax Planning Guide, which accountants, lawyers, tax professionals, and financial advisors distribute to clients and prospects.
July 16, 2014
To Fight ID Theft, IRS Expands Use of Truncated TINs
As part of its ongoing efforts to deter identity theft, the Internal Revenue Service has issued final regulations on use of truncated Taxpayer Identification Numbers (TINs). The new regulations, which apply to those who furnish and receive payee statements and tax-related documents, generally follow proposed regulations issued last year, albeit with some modifications.
July 16, 2014
Top 10 Tax Tips for Active and Reserve Military
For active and reserve members of the U.S. military, the Internal Revenue Service has released a list of tax tips that cover the tax issues and benefits specific to those in uniform.
July 15, 2014
AICPA Sues the IRS Over Voluntary Income Tax Preparer Program
America's largest professional organization of tax and accounting professionals has had enough with the IRS.
July 15, 2014
IRS Says University President’s House Is Taxable
When Roderick J. McDavis became Ohio University's president a decade ago, he moved into 29 Park Place, a 7,000-square-foot, 2 1/2-story home at the heart of OU's campus in Athens.
July 12, 2014
Texas Back-to-School Sales Tax Holiday Has Strange List of Exempt Items
Earlier this year, the Texas state legislature voted to create a sales tax holiday that will coincide with the back-to-school time frame. The state has had a back-to-school sales tax holiday each year since 1999.