June 3, 2014
Connecticut Bookkeeper Charged with Embezzling $800K from Veterans Organization
A Connecticut bookkeeper has been accused of embezzling more than $830,000 from a nonprofit veterans' organization, police said.
June 3, 2014
IRS Says Interest Rates to Remain Unchanged for Q3
The Internal Revenue Service says that interest rates will remain the same for the third calendar quarter of this year, which begins July 1, 2014.
June 3, 2014
Summer Time Tax Tip #8: Deductions for Medical Expenses: When a Swimming Pool is Deductible
However, there’s a silver tax lining if the pool is needed by a family member to alleviate arthritis or some other specific illness. For a medically-necessary improvement made by a homeowner, the deductible amount is equal to the cost above the corresponding increase in the home's value. In addition, the annual maintenance costs associated with…
June 2, 2014
Pennsylvania Lawmakers to Consider Medical Mariijuana, Other Issues
June's arrival for many Pennsylvanians signifies the start of summer fun -- beaches, sun and outdoor activities. But at the state Capitol, it's crunch time.
June 2, 2014
IRS Releases Spring ‘Statistics of Income’ Bulletin
The Internal Revenue Service has released the spring 2014 issue of the Statistics of Income Bulletin, which provides information on high-income individual income tax returns filed for tax year 2011.
June 2, 2014
2014 Review of Drake Tax
Drake Software is a tax software solution designed for quick data entry and return processing. A unique aspect to Drake Software is the all-inclusive pricing model. This allows tax practitioners to process unlimited federal, state and electronic filing at a known, fixed rate with no additional function modules to purchase. Drake’s software system includes built-in…
June 2, 2014
IRS Gives an Inch on Once-A-Year IRA Rollover Rule
The IRS isn’t backing off on its tough stance involving the “once-a-year-IRA rollover” rule. In the aftermath of a new case tightening the restriction for IRA owners (Bobrow, TC Memo 2014-21), it recently announced it intends the follow the Tax Court’s lead on this issue. However, showing some leniency, the IRS now says it won’t…
May 30, 2014
Unlicensed Florida Tax Preparer Pleads Guilty in $22 Million Tax Fraud
An income tax preparer in the Miami, Florida suburb of Plantation has pleaded guilty to filing $22 million in false refund claims with the federal government.
May 30, 2014
Oregon Woman Charged with 173 Counts of Filing Bogus Tax Returns, $1 Million in Refunds
Internal Revenue Service investigators have charged a Northeast Portland woman of filing as many as 173 fraudulent tax returns claiming more than a $1 million in refunds.
May 30, 2014
Summertime Tax Tip #7: Salvage Tax Deductions by Donating Household Items
It’s a common practice during the summer: After a spring cleaning, people try to sell the household items they no longer need or want in a “garage sale” (known as a “lawn sale, “tag sale” or some other name in parts of the country). But what do they do with those items that are left…
May 29, 2014
Energy Tax Specialist Explains Clean Energy Tax Incentives
The ITC is not simply a deduction, explained Parker. It is a tax credit good for up to 30% of the cost of the project, and is often an incentive that can only be enjoyed by entities with substantial passive income and a large tax appetite. Passive losses can only be offset by passive income.
May 27, 2014
Summertime Tax Tip #6: Climb Over Tax Obstacles for Business Vehicles
Congress keeps threatening to close some of the long-standing loopholes in the tax law. But one key tax break for business people has remained on the books despite numerous efforts to repeal it. It’s the special tax provision for certain heavy-duty vehicles.