August 8, 2018
IRS Issues Proposed Regs on New 20% Deduction for Passthrough Businesses
IRS issues proposed regulations on new 20 percent deduction for passthrough businesses
August 6, 2018
Manafort’s CPA Admits to Cooking the Books
Accountant Cindy Laporta testified that Gates had sent her backdated documents to reduce Manafort’s tax liability in support of the existence of such loans. In one instance, Laporta says that Manafort leaned on her to help when his bookkeeper wouldn’t.
August 3, 2018
Bill Would Allow IRS to License and Regulate Tax Preparers
The Protecting Taxpayers Act (S.3278) would "amend the Internal Revenue Code of 1986 to provide additional protections to taxpayers," according to the official description. The bill was referred to the Senate Finance Committee. The bill is still a ...
July 3, 2018
The New Postcard Size IRS Form 1040 for 2019
The Internal Revenue Service has released a prototype of the new Form 1040 that hundreds of millions of Americans use to file their annual taxes. The new "postcard sized" form will be used for the 2018 income tax year, which most Americans will file ...
June 4, 2018
A Lesson in Tax Basis Taught to us by Almond Trees, of All Things
I keep in touch with an ex-bookkeeper that I sort of mentored. She decided to take the Enrolled Agent Exam but ended up failing Part I and must take it again. When I asked her what she got wrong, she mentioned basis. Basis is a hard concept to ...
May 16, 2018
How to Really Thank Your Team After Tax Season
Many firms have a bonus structure in place to financially reward employees, but that’s not enough. More than a nice gesture, going above and beyond — much as your workers have done since at least January — when showing appreciation is a must to keep ...
Accounting May 15, 2018
Why Should You Choose an Accounting Career?
Insights on choosing accounting as your college major and career path. From the Illinois CPA Society.
April 24, 2018
32% of Self-Employed Workers Admit They Under Report Taxable Income
More than a quarter of self-employed workers think they will pay more in taxes as a result of the recent tax reform, and almost 10 percent of self-employed workers didn’t know about the recent tax reform at all.
April 24, 2018
Amazon Student Loans? Students Want Them
Amazon's growth and expansion into numerous verticals has been unparalleled in the American economy. Just last month, The Wall Street Journal reported that Amazon was in talks with the big banks, including JPMorgan Chase & Co., to develop a checking ...
April 23, 2018
Tax Deadline Has Passed, But It’s Not Too Late to Claim Missed Deductions
The deadline for millions of Americans to file their individual income taxes was April 17th (18th) this year, but it's not too late to claim deductions you may have missed. There are a couple of ways to do it, and it's not that hard.
April 18, 2018
IRS Extends Tax Day Deadline through April 18
The IRS announced on Tuesday that it has extended the tax deadline by one day to April 18, 2018. The move comes as many tax professionals and individuals encountered difficulties with the IRS website, particularly its Direct Pay system, which allows ...
April 17, 2018
IRS Adds One Day to Tax Deadline: Now April 18, 2018
The IRS announced on Tuesday that it has extended the tax deadline by one day to April 18, 2018. The move comes as many tax professionals and individuals encountered difficulties with the IRS website, particularly its Direct Pay system, which allows ...