May 18, 2014
Florida Creates Sales Tax Holiday for Hurricane Supplies
Florida Governor Rick Scott has signed a state law that establishes a sales tax holiday for purchases of a hurricane supplies such as batteries, tarps and portable generators.
May 13, 2014
Summertime Tax Tip #3: Tax Credits for Summer Camp
Are your clients making plans to send their kids off to camp this summer? Depending on the arrangements, they may be entitled to claim a healthy tax credit – the dependent care credit (also known as the “child care credit” ) – for the daily expenses. However, there are no tax benefits available for overnight…
May 13, 2014
What are the Tax Implications of ObamaCare?
Most people have heard the endless political arguments about the Affordable Care Act, aka ObamaCare, but many still don't really know the full extent of what the law is. The Affordable Care Act was enacted by Congress and signed into law by President Obama in 2010, becoming the biggest healthcare reform measure since the implementation…
May 13, 2014
Bitcoin Users: IRS Throws Monkey Wrench Into the Works
After several years of head-scratching, the IRS has finally offered guidance on the tax treatment for virtual currencies like Bitcoin (IRS Notice 2014-21). In brief, taxpayers have been advised to treat Bitcoin as property for U.S. tax purposes. But accountants, particularly those with small business clients, are still struggling to get a better handle on…
May 12, 2014
California Small Business Owners Expect Growth
Eighty-six percent of California small business operators believe their businesses are moving in the right direction, and 87 percent expect growth in 2014, according to the third annual small business survey by San Diego-based California Bank & Trust.
May 12, 2014
Looking Back at TY 2013 and a Look at What Lies Ahead
Intuit takes a look back at Tax Year 2013 and projects what changes lie ahead for the tax profession and its products.
May 12, 2014
How to Make Next Busy Season Less Busy
Late nights of tax filings and days dispensing client advice are easily worth your fees. But how about valueless hours spent tracking down documents, exchanging e-mails, or educating staff? Compounded across all your clients, engagements, and staff, imagine how it adds up. Is this what’s (literally) keeping you up at night?
May 11, 2014
AICPA Applauds Passage of DATA Act by Congress
“This is an important day for the American taxpayer,” said AICPA President and CEO Barry C. Melancon, CPA, CGMA. “By signing the DATA Act into law, President Obama has paved the way for implementation of a system that will allow each and every one of us to more easily track federal spending data.”
May 11, 2014
R.I. Senate Considers Cutting Corporate Tax Rate
The state Senate will take up discussion of a multi-part bill that would change the way the state taxes corporations.
May 11, 2014
Summertime Tax Tip #2: Pocket Key Tax Breaks for Vacation Home Rentals
If a client owns a “vacation home” in a resort area – say, a seaside cottage or a mountaintop cabin – the family may enjoy getaways there during the summer months. But when the kids grow up and the trip becomes a hassle, the place may lie dormant for much of the season. It could…
May 7, 2014
Understanding Compliance and Disclosure of Overseas Bank Accounts
Without a firm deadline in place from the IRS, U.S. citizens and resident aliens need to comply as soon as possible with the Offshore Voluntary Disclosure Program to avoid significant penalties and criminal prosecution.
May 5, 2014
Most Tax-Exempt Entities Face May 15 IRS Deadline Or Could Lose Status
May 15 is the filing deadline for most tax-exempt organizations, and those who miss filing may risk the loss of their tax-exempt status.