October 7, 2015
South Carolina flood victims, including individuals and businesses that previously received a tax-filing extension to Oct. 15, will have until Feb. 16, 2016, to file their returns and pay any taxes due, the Internal Revenue Service has announced.
October 5, 2015
Taxpayers whose tax-filing extension runs out on Oct. 15 are being urged to double check their returns for often-overlooked tax benefits and then file their returns electronically. It's also not too late to seek professional tax guidance from a CPA or EA.
October 5, 2015
With a focus on enforcing FATCA, the Foreign Account Tax Compliance Act, the Internal Revenue Service is now exchanging financial account information with the taxing authorities in selected countries.
October 5, 2015
More than fifty provisions in the Internal Revenue Code, commonly referred to as “tax extenders,” expired at the end of 2014 or will expire at the end of this year.
October 4, 2015
The latest Blackbaud Index shows that overall charitable giving to nonprofits increased 1.3% and online giving increased 5.9% for the three months ending August 2015 as compared to the same period in 2014.
October 4, 2015
With income tax planning now on the minds of many taxpayers and tax professionals, our year-end tax planning series looks at several methods to lower tax liability in the current year.
October 2, 2015
The IRS is running into problems as it struggles to get control over the wave of identity theft tax refund fraud that has engulfed the Tampa, Florida, area and spread to other parts of the country over the last three years.
October 1, 2015
More than 1,200 Certified Public Accountants in Illinois got out of their offices on Sept. 25 and participated in a coordinated effort to give back to their communities. The CPA Day of Service was sponsored by the Illinois CPA Society (www.icpas.org).
September 29, 2015
New York’s latest tax system overhaul has brought about substantial changes and complex transitional rules. They affect New York-based corporations as well as companies that conduct business with New York corporations or have customers in the state.
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 ...