March 19, 2015
First, to claim a charitable contribution deduction, donors must get a written acknowledgement from the charity for all contributions of $250 or more. This includes gifts of both cash and property.
March 19, 2015
For taxpayers who haven’t yet filed their taxes, the IRS has this advice: don’t panic. Taxpayers who need more time to complete their tax return can request an automatic six-month extension.
March 18, 2015
The IRS is reminding taxpayers that it’s easier than ever to pay their taxes electronically, and for those who can’t pay on time, quick and easy solutions are available.
March 18, 2015
To help taxpayers, the American Institute of CPAs (AICPA) has provided a list of the most commonly-asked questions about the health insurance information reporting required by the Affordable Care Act on 2014 federal income tax returns.
March 18, 2015
The American Institute of CPAs (AICPA) has sent 34 legislative proposals to the top tax lawmakers in the U.S. Congress and Senate. The AICPA believes these proposals promote simplicity and fairness in the tax code, are generally noncontroversial and ...
March 17, 2015
The sheer volume of paperwork generated during a sale of a principal residence can be intimating. Much of the vital information is summarized on Form HUD-1, but the resulting tax consequences may still leave both buyers and sellers scratching their ...
March 17, 2015
The Internal Revenue Service and Free File Inc., also known as the Free File Alliance,have made a five year agreement to provide free, federal tax preparation software products for 70 percent of all taxpayers.
March 16, 2015
Sloppy record keeping is costing many of the smallest small businesses and individuals a lot of money when it comes to their taxes. How much? It's in the billions.
March 14, 2015
Reports are popping up around the country that unlicensed and crooked income tax preparers are telling taxpayers that they need to make the Affordable Health Care Act's individual shared responsibility payments directly to the tax preparer. Obamacare is..
March 13, 2015
It’s the middle of income tax season and the last thing on most practitioners’ minds is how to engage even more with even more clients. Not that you don’t want to. But with the usual chaos surrounding this the busy season, plus the added stress of new laws, courtesy of the Affordable Care Act, time...…
March 10, 2015
The Internal Revenue Service says it is seeking 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 s
March 10, 2015
As a long-time tax practitioner, I’ve conducted thousands of client interviews over the years. I’ve learned that when a client comes prepared for their interview, it results in less need for post-meeting follow-up calls and document gathering, which ...