July 28, 2014
Latest Version of TaxWorkFlow Offers New Features, Enhanced Interface
TaxWorkFlow, LLC has launched TaxWorkFlow Version 2.0, the latest release of the company’s TaxWorkFlow practice management solution.
July 28, 2014
Forensic Accounting Case Study Spotlights CFO Fraud
A client requested an initial audit to satisfy bank requirements of a wholesale/distributor of office products. The experienced team at Gettry Marcus performed the required audit procedures, but as it does with all clients, Gettry Marcus looked beyond the required steps.
July 28, 2014
California Man Fights Tax Officials Over Granddaughter’s $6 Tax Refund
Never before in California history has someone battled the state Franchise Tax Board to make sure his young grandchild didn't hold on to her first-ever tax refund.
July 26, 2014
Congress Votes to Increase Child Tax Credit
More families with higher incomes could claim the popular child tax credit under a bill that won approval Friday in the House. But in a dispute that divides Republicans and Democrats, millions of the poorest low-income families would still lose the credit in 2018, when enhancements championed by President Barack Obama are set to expire.
July 22, 2014
Michigan Supreme Court Allows Three-Factor Apportionment for Business Tax
On July 14, 2014, the Michigan Supreme Court ruled that the Multistate Tax Compact (MTC) election applies to both the modified gross receipts and net income tax bases in International Business Machines v. Michigan Department of Treasury.
July 21, 2014
Thomson Reuters Offers New IRS Response Library
According to the IRS, a large part of the tax gap is caused by individuals under reporting their income tax by omitting taxable income or claiming erroneous or inflated deductions or credits.
July 21, 2014
Former Director of Georgia State Fair Convicted of Embezzlement
Jurors deliberated about 90 minutes before finding the former Georgia State Fair director guilty of fiduciary theft. The trial began Monday in Bibb County Superior Court.
July 21, 2014
Fire Commissioner, Tax Preparer Pleads Guilty to 280 Fraud Counts
On his Facebook page, Kyle Baxter advertised that he would complete and file tax returns for $40. According to a post in January 2012: "I am a licensed tax preparer and more than happy to take the task (and the headache!) off your hands."
July 21, 2014
Are Marijuana Vending Machines the Next Step? Doctors are Asking for Them
Are vending machines the next step for marijuana distribution and sales?
July 17, 2014
Thomson Reuters Releases 2014-2015 Tax Planning Guide
Thomson Reuters has released the 2014-2015 edition of the Tax Planning Guide, which accountants, lawyers, tax professionals, and financial advisors distribute to clients and prospects.
July 16, 2014
To Fight ID Theft, IRS Expands Use of Truncated TINs
As part of its ongoing efforts to deter identity theft, the Internal Revenue Service has issued final regulations on use of truncated Taxpayer Identification Numbers (TINs). The new regulations, which apply to those who furnish and receive payee statements and tax-related documents, generally follow proposed regulations issued last year, albeit with some modifications.
July 16, 2014
Top 10 Tax Tips for Active and Reserve Military
For active and reserve members of the U.S. military, the Internal Revenue Service has released a list of tax tips that cover the tax issues and benefits specific to those in uniform.