August 27, 2014
Two Miami-Dade women have been charged with preparing dozens of phony income-tax returns and pocketing a chunk of the multimillion-dollar refunds, the U.S. attorney's office said Tuesday.
August 27, 2014
Currently over 50 million individuals own nearly $178 billion worth of U.S. Savings Bonds. Many don’t realize that savings bonds are subject to federal income taxes when they are either cashed in or reach final maturity, whichever comes first. The difference between the purchase price and the cash-in value is considered reportable interest. When savings…
August 26, 2014
An airline is looking into coming to Idaho to set up a maintenance facility in Boise that would create 100 new jobs with salaries of close to $50,000 a year, Idaho's state commerce chief says, in part because of a new tax incentive law.
August 26, 2014
As with domestic travel (i.e., travel within the 50 U.S. states and the District of Columbia), you can deduct all of your travel expenses if the trip is entirely for business purposes. Otherwise, you’re entitled to travel deductions only if the primary purpose of the trip is business-related. Again, the days spent on business versus…
August 25, 2014
Hey truckers, "got your ears on?" The Internal Revenue Service is reminding truckers and other owners of heavy highway vehicles that in most cases, their next federal highway use tax return is due on Tuesday, Sept. 2, 2014.
August 25, 2014
It is well-known in tax circles that taxpayers can deduct the cost of traveling “away from home” on business. For this purpose, your tax home is usually your principal place of business. As an example, if you live and work in New York and fly to L.A. for a two-day whirlwind of business negotiations, the…
August 25, 2014
Tobias Elsass built a booming business capitalizing on the economic misfortune of others.
August 22, 2014
For the 10th year in a row, Wolters Kluwer, CCH has been selected by the Internal Revenue Service (IRS) for its comprehensive sales tax rate and taxability tables to help millions of taxpayers across the country prepare their tax returns. With access to updated information from thousands of tax jurisdictions provided by Wolters Kluwer, CCH,…
August 21, 2014
Business taxes account for 44.9% of all state and local taxes.
August 21, 2014
Frequently, the IRS challenges deductions for business-related driving expenses, especially when they involve local travel. Start with this basic premise: To qualify for transportation deductions, you must be traveling away from your tax home to a business location. For this purpose, your tax home is generally your principal place of business, not the place where…
August 21, 2014
The more things change, the more they stay the same. Despite the thousands of revisions to the tax code that are made each year, the IRS continues to focus on travel and entertainment (T&E) deductions in audits of business taxpayers.
August 20, 2014
UltraTax CS, the professional tax compliance system from Thomson Reuters, recently received a NASS Medallion Award from Kansas Secretary of State Kris Kobach. The award was presented in honor of a new state-of-the-art innovation in electronic tax preparation for business customers. It was presented on August 18 during a press conference in Leawood, Kansas.