September 25, 2014
New UltraTax CS Features Support Electronic Signatures
Thomson Reuters confirmed today that UltraTax CS will provide an eSignature offering for the upcoming tax season.
September 24, 2014
AICPA Asks IRS for Improved Guidance on Estate and Trust Taxation, Net Investment Income Tax
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
IRS Concedes Defeat on Circular 230 Contingent Fees
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
3 Must-Know Tips for Deducting Business Entertainment
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
IRS Extends Deadline to Claim Retirement Loss Deductions
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
New IRS Data Suggests Taxpayers Will Pay Less in 2015
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
How to Enjoy the Tax Benefits of Business Convention Vacations
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,
September 18, 2014
Study: Wage Garnishments a Headache for Millions of Americans and Employers
More than 7 percent of U.S. workers are currently having their wages garnished, most of them for either child support payments or tax debts, according to a new study from payroll and human resources provider ADP.
September 18, 2014
Indiana CPAs Plan Day of Service to Local Communities
The Indiana CPA Society is planning its 12th annual "CPA Day of Service," to be held Sept. 26, 2014. The event is a day of volunteer service that reflects the CPA profession's ongoing commitment to serving the communities where its professionals live ...
September 17, 2014
Good Tax News? Many Americans May See Lower Federal Taxes in 2015
Sit back and brace yourself for some good tax news? A new report from financial and legal information company Bloomberg BNA points to lower upcoming tax bills for many U.S. taxpayers as a result of adjustments based on the higher Consumer Price Index.
September 17, 2014
Back to School is a Good Time to Look at Education Tax Credits and Deductions
With students now back to school or college, tnow is a good time to see if they will qualify for either of two college tax credits or any of several other education-related tax benefits when they file their 2014 federal income tax returns.
September 16, 2014
AICPA Urges Congress to Act on Tax Extenders
The American Institute of CPAs (AICPA) is urging Congress “to immediately address the fifty-seven tax provisions that expired at the end of 2013 and the six tax provisions that expire at the end of 2014.” Congress began consideration of extenders legislation earlier this year, the AICPA wrote in its September 15 letter, but “America’s businesses...…