April 19, 2016
The Obamas claimed claiming more than $145,000 in itemized deductions on their 2015 return, including donations to charity such as the Fisher House Foundation, a longtime favorite. The couple is in line for a refund of almost $23,000.
April 18, 2016
The “Tax Filing Simplification Act of 2016” requires the IRS to develop a free service for filing tax returns directly with the federal government and prohibits the nation’s tax collection agency from entering into agreements restricting the use of ...
April 17, 2016
The basic rules are as follows: The income you realize from a vacation home rental is generally taxable, but you can offset the tax liability with deductions for expenses attributable to rentals, including mortgage interest, property taxes, insurance ...
April 14, 2016
We can’t go back in time and start doing our taxes earlier, but perhaps we can look forward to the passing of the recently introduced Tax Filing Simplification Act of 2016, which promises to simplify and decrease the cost of filing our tax returns.
April 13, 2016
The home stretch of tax season means heavy workloads and long hours for accountants. This time of year, nerves are frayed and tensions are high. It’s no walk in the park for managers either. In addition to your client load, you’ve got to keep your ...
April 12, 2016
Wouldn’t it be nice if our clients contacted us before making any type of financial transaction with a tax consequence? Unfortunately, many of us as tax advisors are out of sight, out of mind, and out of the loop most of the year, leaving our ...
April 12, 2016
OSCPA joined esteemed company including fellow nominees Abercrombie & Fitch, Cardinal Health, the BRIGHT Program, Deloitte, Nationwide and Procter & Gamble.
April 12, 2016
According to Office Depot’s monthly Personal Shopper Index, only 44 percent shred paper during tax season. Improper disposal of documents that contain personal information can increase the risk of identity theft. At Office Depot and OfficeMax retail ...
April 12, 2016
Although taxpayers have a few extra days to file their returns this year, by midnight on April 18th instead of the usual April 15th deadline, the clock is ticking for those waiting till the last minute.
April 12, 2016
The TAP provides a forum for taxpayers to raise concerns about IRS service and offer suggestions for improvement. The TAP reports annually to the Secretary of the Treasury, the IRS Commissioner and the National Taxpayer Advocate.
April 6, 2016
Because PayNearMe involves a three-step process, the IRS urges taxpayers choosing this option to start the process well ahead of the tax deadline to avoid interest and penalty charges.
April 6, 2016
Pop star Iggy Azalea has not been getting a lot of good news in the audit area lately. Not only did her Twitter Audit score land at 93 percent – meaning that only 7 percent of her followers are actually real people – but the IRS determined that she owes n