September 16, 2014
IRS Videos Focus on Taxpayer Bill of Rights
The Internal Revenue Service has released a new YouTube video encouraging taxpayers to learn about the Taxpayer Bill of Rights.
September 16, 2014
Order Up: Clarifying Tax Deductions for Business Meals
Where the IRS is concerned, there’s no such thing as a free lunch. However, your clients may be able to deduct costs of certain meals, including lunches, if they meet the tax law requirements. Generally, write-offs for such meals are limited to 50% of the
September 14, 2014
Report Says IRS Needs to Improve Handling of Complaints Against Tax Preparers
The Internal Revenue Service (IRS) is not processing complaints against tax preparers in a timely manner, according to the latest report publicly from the Treasury Inspector General for Tax Administration (TIGTA).
September 14, 2014
Travel & Entertainment: How to Stay Within Tax Boundaries for Temporary Assignments
[This is part of a series of articles on maximizing deductions for travel and entertainment (T&E) expenses.] Normally, you can’t deduct the cost of traveling between your home and your job, even though the travel is, in reality, business-related. The IRS considers “commuting” to be a nondeductible personal expense. However, if you qualify under the IRS’...…
September 12, 2014
Stagnant Salaries a Lingering Weak Spot for Job Market
The U.S. job market has steadily improved by pretty much every gauge except the one Americans probably care about most: Pay.
September 11, 2014
Bipartisan Representatives Urge Congressional Leaders to Save Cash Method of Accounting
A bipartisan majority of the U.S. House of Representatives – 233 members – have signed a letter urging the House leadership to preserve the cash method of accounting for tax purposes, writing that proposals requiring a transition to the accrual method ...
September 11, 2014
CPAs Challenge the IRS on PTIN Fees
First, a federal appeals court invalidated most of the regulations imposing continuing education and other regulatory requirements imposed by the IRS on tax return preparers (Loving, et al v. IRS, Civil Action 12-385 (JEB), U.S. Dist. Ct. DC, 1/18/13). .
September 10, 2014
IRS Direct Pay System Passes One Million Payments Made
With more than one million tax payments already processed this year through IRS Direct Pay, the Internal Revenue Service is encouraging taxpayers with upcoming tax payment deadlines to consider choosing this free online system to quickly and easily pay what they owe.
September 9, 2014
New IRS YouTube Videos Focus on Healthcare Reform, Tax Form Changes
The Internal Revenue Service has released several new YouTube videos to help taxpayers get important information about the Affordable Care Act and tax return filing.
September 9, 2014
Tax Professionals Sue the IRS to End PTIN Fees
A pair of Certified Public Accountants has filed suit against the Internal Revenue Service and the Treasury Department in an effort to stop the government from imposing fees on tax preparers (Preparer Tax Identification Number) and to recover fees, plus interest, that they and other preparers have paid in past years.
September 9, 2014
White Paper Explores 5 Ways to be a Better Tax Researcher
Thomson Reuters has released a new white paper for tax professionals, Unlocking the Limits of the Keyword: 5 Ways to be a Better Tax Researcher. The paper addresses key challenges practitioners face when answering complex tax questions — exploring the evolution of the tax research process from print to digital and examining the viability of…
September 7, 2014
IRS Puts Up Roadblocks for Business Car Deductions
The IRS strictly limits deductions for vehicles used for business driving under the so-called luxury car rules. But that’s not the most upsetting part to many taxpayers. It’s the notion that the “luxury car” limits apply to vehicles costing well under $20,000. This is hardly what the average person considers to be a luxury car.