April 7, 2014
The Worst Countries for Inheritance Taxes
According to a new study conducted by the UK-based accounting firm network UHY International, “Old” world economies charge higher inheritance and estate taxes than “New” world economies.
April 6, 2014
IRS May Lack Resources to Enforce ObamaCare Insurance Mandate
The IRS has been struggling in its efforts to close an estimated $385 billion “tax gap” between the amount that taxpayers owe and the amount they’ve actually paid. Now, to add another crushing weight, it has to ramp up Obamacare activities despite recent budget cutbacks.
April 4, 2014
10 Ways to Still Beat the Obamacare Insurance Deadline
Despite reports of a formal extension circulating in the media, March 31 was the last day that individuals could sign up for health insurance coverage for 2014 under the Obamacare mandate without risking a hefty financial penalty. Or was it?
April 4, 2014
Report: IRS Software Management Practices Don’t Meet Government Requirements
The IRS Isn't maintaining its computer infrastructure adequately, according to a new report by the Treasury Inspector General for Tax Administration (TIGTA), a part of the Department of the Treasury that is tasked with overseeing the nation's tax agency.
April 4, 2014
IRS Extends Income Tax Filing for Washington Mudslide Victims
The Internal Revenue Service has automatically extended the tax return filing and payment deadlines for victims of last month’s mudslides and flooding in Washington state. As a result, those taxpayers will have until Oct. 15 to file their returns and pay any taxes due, with no penalties or interest applied.
April 1, 2014
Have Last-Minute Tax Questions? CPAs Can Help
Have questions about your income taxes? With April 15 only two weeks away and new tax laws like Obamacare, many Americans do, the American Institute of CPAs has some answers.
March 31, 2014
IRS Warns of New Email Scam
It's tax season, which is prime time for scammers who would rather be phishing.
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
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 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.