August 11, 2014
Corporate Tax Case Could Cost Michigan $1 Billion
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.
August 11, 2014
How to Maximize Home Office Deductions
It is well-established that you can deduct home office expenses only if certain tax law requirements are met. Notably, no deduction is allowed unless the taxpayer uses the home office regularly and exclusively for business purposes.
August 8, 2014
Nearly 80% of Taxpayers Worried About Scams, ID Theft
A new study shows that 78 percent of Americans feel vulnerable to tax scams and 57 percent do not know how to prevent or protect themselves from falling victim to one.
August 1, 2014
Latest Income Tax, IRS Scam Targets Retirees
An Austin, Texas, man may have been the target of scammers pretending to be IRS agents that have bilked at least one elderly woman of $2,500.
July 31, 2014
IRS to Hold Next Tax Forum in Maryland
The next 2014 IRS Nationwide Tax Forum will be held at National Harbor in Maryland near Washington, D.C., and the IRS invites enrolled agents, certified public accountants, certified financial planners and other tax professionals to attend. Those who sign up by the pre-registration date of Aug. 5 will save $130 off the on-site price.
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
IRS Warns Taxpayers of Fake Employee Scams
The Internal Revenue Service is warning of scammers posing as IRS employees to get personal information from victims.
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 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 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.
July 15, 2014
AICPA Sues the IRS Over Voluntary Income Tax Preparer Program
America's largest professional organization of tax and accounting professionals has had enough with the IRS.