March 31, 2014
Tax Implications of 2015 Presidential Budget Proposal
Report reveals direction of tax reform debate and how companies can prepare for potential changes.
March 31, 2014
How Does Your Firm Handle Inept Clients?
After working with clients for (mumble) decades, I still don’t know how to resolve this. Unless you think your clients would be receptive to sitting through a course (live or webinar) on “How to be a Tax Client”?
March 28, 2014
10 Income Tax Moves That Can Turn a Tax Pro into a Hero
With about two weeks to go in tax filing season, the procrastinators are finally starting to contact your office. Usually, they’ve postponed the inevitable because they fear they’ll be entitled to only a miniscule refund or they will have to ante up to Uncle Sam.
March 28, 2014
Move Over Fido – The Tax Filing Extension is a Taxpayer’s Best Friend
One could say that the automatic tax filing extension is the taxpayer’s best friend – besides being a bosom buddy to tax return preparers – as the tax filing season rushes to a close. And this BFF may be able to do more for you than you think. However, just like most good friends, it’s…
March 28, 2014
For Seniors: April 1 is Deadline to Take Required Retirement Plan Distributions
The Internal Revenue Service today reminded taxpayers who turned 70½ during 2013 that in most cases they must start receiving required minimum distributions (RMDs) from Individual Retirement Accounts (IRAs) and workplace retirement plans by Tuesday, April 1, 2014.
March 26, 2014
California Exploring Special Tax Credits to Lure New Businesses
After enduring several rounds of Texas Governor Rick Perry's radio ads and visits to the Golden State to persuade businesses to move to Texas, California is fighting back with financially focused programs to keep and attract companies.
March 26, 2014
Marjiuana Tax Revenues Drop in Pueblo, Colorado
The second month of legal recreational marijuana sales in Pueblo saw three more stores open and $4,000 less in sales tax revenues collected by the county.
March 26, 2014
Treasury Offers Quick Fix on Another Obamacare Glitch
The government seems to have worked out most of the kinks in www.healthcare.gov, the online site used to sign up for Obamacare. But it has yet to address another glitch that surfaced almost two years ago: Language in the law that prevents married taxpayers who file separate tax returns from qualifying for special tax subsidies.
March 26, 2014
Supreme Court: Severance Payments are Taxable Wages for FICA Purposes
The Court ruled that severance packages and payments that are given to involuntarily laid-off workers are taxable not only as individual income, but also with regard to FICA employment taxes. It was a unanimous 8-0 ruling, with Justice Elena Kagan recusing herself from the case. Oral arguments were heard by the court last October.
March 25, 2014
IRS Says Bitcoin is Considered Property, Not Currency
The question has lingered for about two years, but the IRS has finally decided how to treat Bitcoins and other virtual currencies when it comes to taxes.
March 25, 2014
How Accounting Firms Can Become Their Clients’ Most Trusted Advisors
If you could plant a seed this busy season that would help you grow your business the rest of the year, would you do it?
March 25, 2014
L.A. Accounting Firm Helps Indian Film Fest
As a part of it's annual charitable giving campaign, an L.A.-area accounting firm is helping fund an annual film festival that helps bridge the gap between the two largest entertainment capitals in the world: Hollywood and Bollywood.