September 9, 2014
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
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
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.
September 3, 2014
The latest charitable giving trends report from Blackbaud shows that overall charitable giving to nonprofits increased 3.1% and online giving increased 8.0% for the three months ending July 2014 as compared to the same period in 2013.
September 1, 2014
What often sets business taxpayers apart from individuals is the potential for deducting expenses relating to business driving. For virtually everyone else, the cost associated with operating a car or other vehicle is a nondeductible personal expense. However, if you use your own vehicle for business trips, you’re usually entitled to deductions on your federal…
September 1, 2014
Recent legislation in thirteen states to raise the minimum wage, various increases in some cities across the country, and news that an executive order may soon mandate an increase on federal contracts, means small business owners will face yet another challenge to build, sustain and grow their business in a difficult economic environment.
August 28, 2014
The Internal Revenue Service continues to warn taxpayers across the country of a series of scam phone calls from people pretending to be IRS officials in order to get sensitive personal information. On Thursday, the agency issued a new consumer alert to provide taxpayers with additional tips to protect themselves.
August 27, 2014
Two Miami-Dade women have been charged with preparing dozens of phony income-tax returns and pocketing a chunk of the multimillion-dollar refunds, the U.S. attorney's office said Tuesday.
August 27, 2014
Currently over 50 million individuals own nearly $178 billion worth of U.S. Savings Bonds. Many don’t realize that savings bonds are subject to federal income taxes when they are either cashed in or reach final maturity, whichever comes first. The difference between the purchase price and the cash-in value is considered reportable interest. When savings…
August 26, 2014
An airline is looking into coming to Idaho to set up a maintenance facility in Boise that would create 100 new jobs with salaries of close to $50,000 a year, Idaho's state commerce chief says, in part because of a new tax incentive law.
August 26, 2014
As with domestic travel (i.e., travel within the 50 U.S. states and the District of Columbia), you can deduct all of your travel expenses if the trip is entirely for business purposes. Otherwise, you’re entitled to travel deductions only if the primary purpose of the trip is business-related. Again, the days spent on business versus…
August 25, 2014
Hey truckers, "got your ears on?" The Internal Revenue Service is reminding truckers and other owners of heavy highway vehicles that in most cases, their next federal highway use tax return is due on Tuesday, Sept. 2, 2014.