December 9, 2015
Congress to Tax Debtors: Let Me See Your Passport
Are your federal income taxes overdue? You could lose your passport if you try to leave the country – even if you’re just taking a vacation or business trip abroad.
December 9, 2015
AICPA Objects to New Bill to Regulate Income Tax Preparers
The new bill was proposed after a prior regulatory program was successfully challenged in court by unlicensed tax return preparers (Loving, et. al. v. IRS, CA- D.C., No. 13-5061, 2/11/14). Subsequently, the IRS instituted a voluntary program.
December 8, 2015
Congress Considers Regulating Tax Preparers
The bill follows close on the heels of the IRS’ release of the Dirty Dozen list of tax scams for 2015 warning of of “dishonest preparers who set up shop each filing season to perpetrate refund fraud, identity theft and other scams that hurt taxpayers.”
December 3, 2015
How To Dodge A Tax Hit When Selling a Rental Property
All types of commercial properties can be considered “like-kind,” including apartment buildings, vacant land, farmland, office buildings and warehouses among other properties.
December 3, 2015
5 Ways to Differentiate Your Firm From The Pack This Tax Season
In differentiating your firm, you can speak in greater detail about the focused services you offer and the value of those solutions to clients. Furthermore, you no longer have to communicate to the masses, but rather can directly target to the ...
December 2, 2015
5 Tips to Avoid Online ID Theft
Nearly two-thirds of Americans have heard, read or seen something about online safety and security issues recently, according to StopThinkConnect.org. Yet consumers also say they don’t take steps to stay safe online because they lack information or ...
November 30, 2015
Report Says Enforcing Payment Card Reporting Could Narrow Tax Gap
The IRS received 2,933 Forms 1099-K with gross transactions totaling $543.9 million for which the payee TIN was that of a deceased individual. TIGTA identified that the TIN Matching Program, used by payers to verify a payee TIN, does not alert the ...
November 30, 2015
5 Tips to Avoid Identity Theft During the Holidays
Statistics show approximately 15 million Americans have their identities used fraudulently each year, with financial losses totaling upwards of $50 billion.
November 30, 2015
National Accounting Group Offers Year-End Tax Tips
As your time runs out, the National Society of Accountants (NSA) also offers this list of tax changes and strategies, courtesy of Wolters Kluwer.
November 29, 2015
Stopping Taxpayer ID Theft: The IRS Means Business
The three main partners in the program – the IRS, the states and other tax industry sources –will also be releasing additional YouTube videos highlighting these tips as the tax filing season approaches. The first video in the series is now available ...
November 29, 2015
Rubio Offers Unique Tax Reform Plan
Rubio’s proposed tax plan includes a dramatic change in the way capital gains are treated. With this little-noticed proposal, holders of capital assets – including securities, real estate and small business interests – would calculate their potential ...
November 24, 2015
IRS Raises Safe Harbor Threshold for Tangible Property Expensing to $2,500
The Internal Revenue Service has reduced the paperwork and recordkeeping requirements for small businesses by raising from the safe harbor threshold for deducting certain capital items $500 to $2,500.