May 1, 2015
The Internal Revenue Service (IRS) has taken significant actions to improve the processing of tax-exempt applications involving political intervention, according to a new report from the Treasury Inspector General for Tax Administration (TIGTA).
April 24, 2015
The American Institute of CPAs (AICPA) has sent written testimony to Congress saying the need for small business tax reform is urgent.
April 22, 2015
AICPA says the de minimis safe harbor threshold amount under the tangible property regulations for small business taxpayers without an applicable financial statement (AFS) be increased from $500 to $2,500.
April 17, 2015
Victims of identity theft continue to experience delays and errors in receiving refunds, according to a report publicly released today by the Treasury Inspector General for Tax Administration (TIGTA).
April 17, 2015
The filing season, defined as the period from January 1 through mid-April, is critical for the IRS because it is during this time that most individuals file their income tax returns and contact the IRS if they have questions about specific laws or filing
April 15, 2015
So, what can a taxpayer do if they didn't file in time, but they also don't want to keep their head buried in the sand? For most Americans who are owed a tax refund by the IRS, there's no need to panic. The tax agency doesn't assess penalties when a ...
April 15, 2015
Millennials are about to get millions of dollars from the IRS. What they plan on doing with it may tell us whether they will be the frugal types they are sometimes credited with, or will follow in the free-spending footsteps of the generation before them.
April 15, 2015
Court nullifies $37,000 deduction for donations of used property to charities, then adds 20% penalty.
April 14, 2015
The new Pub. 590-B applies to 2014 tax returns filed in 2015. Two aspects that have often befuddled taxpayers in the past are the RMD rules for Roth IRAs and the options available when inheriting traditional IRAs.
April 14, 2015
In his sixth year in office, President Obama’s taxable income has continued to decline, according to his 2014 tax return.
April 9, 2015
Generally, your deduction for an IRA contribution is phased out if you are an active participant in an employer-sponsored retirement plan (or your spouse is an active participant, if married) and your modified adjusted gross income (MAGI) exceeds an ...
April 6, 2015
During the announcement of his candidacy for president last month, Cruz kicked off another controversy by advocating the elimination of the IRS. He said that the U.S. could impose a “simple flat tax that lets every American fill out his or her taxes ...