September 29, 2015
With summer vacation over and school back in session, it’s time to help those extreme tax procrastinators get their returns filed. But what about the rest of your clients − the “good” ones whose taxes you completed way back in April?
September 28, 2015
Some taxpayers who have spent the last few years trying to avoid the alternative minimum tax (AMT) might try a novel approach in 2015: They might actually increase their AMT liability. This could be the optimal approach after you’ve conducted an ...
September 27, 2015
The main attraction is the maximum tax rate on long-term capital gains. Typically, an investor will pay a long-term capital gains tax of 15 percent on a securities transaction. For someone in the top ordinary income tax bracket of 39.6 percent, the ...
September 23, 2015
Because of the income ranges bracketing the marginal tax rates have increased, a single filer with taxable income of $50,000 should owe $22.50 less next year due to the adjustments to the income tax rate brackets between 2015 and 2016.
September 23, 2015
“The RRP test results show potential improvements in the IRS approach to prevent, detect, and resolve pre-refund tax fraud,” said J. Russell George, Treasury Inspector General for Tax Administration. “While these potential improvements are ..."
September 22, 2015
Oil and gas service provider, Halliburton, has agreed to pay $18,293,557 to 1,016 employees nationwide. The department’s Wage and Hour Division investigated Halliburton as part of an ongoing, multi-year compliance initiative in the oil and gas ...
September 21, 2015
The IRS issued more than 100.3 million refunds totaling more than $270.9 billion, compared to nearly 101.2 million refunds totaling more than $272.4 billion in 2014. The average refund increased slightly to $2,701 in 2015, compared with ...
September 18, 2015
The Tax Fundamentals Certificate Program provides practitioners with the basic knowledge and tools they need to understand and confidently expand their practices to tax planning, compliance with tax return preparation, and reporting requirements for ...
September 18, 2015
The AARP Fraud Watch Network lit up the phone lines today as part of an effort to warn thousands of consumers about two leading "imposter scams" that last year victimized more than 10,000 New Yorkers.
September 16, 2015
People whose income is the same compared to last year may enjoy a lower effective tax rate while taxpayers that fail to comply with return filing and tax payment requirements will face larger penalties in 2016 because of a combination of legislative ...
September 15, 2015
Paper checks are dangerous. They represent a serious fraud risk. Does this risk worry you? According to a survey of 540 accountants and bookkeeping professionals, the answer is probably yes.
September 14, 2015
Under the Internal Revenue Code, the rate of interest is determined on a quarterly basis. For taxpayers other than corporations, the overpayment and underpayment rate is the federal short-term rate plus 3 percentage points.