October 3, 2014
Normally, a taxpayer may deduct travel expenses, including the cost of lodging, only when he or she is “away from home” on business. For this purpose, home means your tax home, usually the area surrounding your principal place of business ...
October 1, 2014
A new analysis of how Americans and Canadians donate to nonprofit organizations shows the greatest overall increase since 2008.
October 1, 2014
[This is the last in a series of articles on maximizingdeductions for travel and entertainment (T&E) expenses.] In the not-so-distant past, the IRS often suspected that deductions for travel and entertainment (T&E) were being inflated or, even worse, being claimed when no legitimate expenses existed. Eventually, it carved out a strict set of recordkeeping requirements for...…
September 30, 2014
While most Americans are thinking about football season, the MLB baseball playoffs, the coming NBA season, hockey or the upcoming holidays, savvy financial professionals are advising taxpayers to think about their taxes.
September 29, 2014
The Internal Revenue Service (IRS) may be missing opportunities to collect delinquent taxes because it is not always completely researching cases before closing them as uncollectible. That is the finding of a new report publicly released today by the...
September 25, 2014
Thomson Reuters confirmed today that UltraTax CS will provide an eSignature offering for the upcoming tax season.
September 24, 2014
The American Institute of CPAs has submitted comments to the Internal Revenue Service (IRS) and Department of the Treasury relating to the issue of material participation by a trust or estate in a trade or business for purposes of section 469 of the Internal Revenue Code. The AICPA explained that section 469, which was enacted...…
September 24, 2014
The IRS has decided it won’t appeal a recent court ruling handed down in favor of Ryan, a global tax preparation services firm, that invalidates and permanently enjoins the IRS from prohibiting such arrangements for refund claims and amended returns.
September 21, 2014
There’s nothing new about taxpayers mixing business with pleasure. For instance, a business executive might paint the town red after he or she signs a six-figure contract with a client or customer. Is the cost of entertaining the client or customer ...
September 21, 2014
On September 18, the IRS released an advanced copy of Rev. Proc. 2014-54, which provides guidance on certain changes in method of accounting for dispositions of tangible depreciable property. One of the most notable changes in this 93-page document is tha
September 18, 2014
The latest report from Wolters Kluwer, CCH offers estimated ranges for each 2015 tax bracket as well as projections for a growing number of inflation-sensitive tax figures, such as the personal exemption and the standard deduction.
September 18, 2014
Suppose one of your clients receives a postcard or email heralding a business convention at a lush tropical paradise this winter. It’s hard to pass up and your client may jump at the opportunity. After the early presentations and round-table discussions,