August 21, 2014
Frequently, the IRS challenges deductions for business-related driving expenses, especially when they involve local travel. Start with this basic premise: To qualify for transportation deductions, you must be traveling away from your tax home to a business location. For this purpose, your tax home is generally your principal place of business, not the place where…
August 21, 2014
The more things change, the more they stay the same. Despite the thousands of revisions to the tax code that are made each year, the IRS continues to focus on travel and entertainment (T&E) deductions in audits of business taxpayers.
August 20, 2014
UltraTax CS, the professional tax compliance system from Thomson Reuters, recently received a NASS Medallion Award from Kansas Secretary of State Kris Kobach. The award was presented in honor of a new state-of-the-art innovation in electronic tax preparation for business customers. It was presented on August 18 during a press conference in Leawood, Kansas.
August 18, 2014
People are living longer due to medical advances and other factors. So it only stands to reason that outliving your retirement savings is becoming a greater concern. Nevertheless, the IRS continues to insist that elderly taxpayers make “required minimum distributions” (RMDs) from their qualified retirement plans and IRAs each and every year.
August 17, 2014
The Internal Revenue Service and the Treasury Inspector General for Tax Administration continue to hear from taxpayers who have received unsolicited calls from individuals demanding payment while fraudulently claiming to be from the IRS.
August 17, 2014
A former used-car salesman was arrested on federal charges of filing nearly 700 fraudulent tax returns using stolen identities and cashing refund checks totaling more than $2.2 million.
August 12, 2014
When you’re running a business and someone works for you or provides a service, you pay them. That’s easy. What isn’t always so easy is determining how you should treat those payments. Before you enter into a business relationship, it’s important to establish the type of relationship – is this person providing services as an…
August 12, 2014
The Internal Revenue Service says that fishermen in the Northeast U.S. who received fishery disaster funds may have to pay federal tax on that relief assistance if it's used to replace lost income.
August 12, 2014
The first thing you should do NOW, and the one thing you should not do, at least not yet.
August 11, 2014
The accounting and advisory firm CohnReznick LLP recently raised more than $105,000 at its 13th annual employee Bowl-A-Thon, which benefits Make-A-Wish New Jersey. This brings the total raised for Make-A-Wish by the Firm over the last 13 years through employee fundraising, donations, and raffles to more than $1.45 million.
August 11, 2014
A new tax snag that has hit marijuana stores could cause delays in new openings, higher product prices, and even closures of newly opened stores.
August 11, 2014
A little-noticed tax case the Michigan Supreme Court decided in July could have huge financial implications for the state -- costing it more than $1 billion.