September 17, 2014
Sit back and brace yourself for some good tax news? A new report from financial and legal information company Bloomberg BNA points to lower upcoming tax bills for many U.S. taxpayers as a result of adjustments based on the higher Consumer Price Index.
September 16, 2014
The American Institute of CPAs (AICPA) is urging Congress “to immediately address the fifty-seven tax provisions that expired at the end of 2013 and the six tax provisions that expire at the end of 2014.” Congress began consideration of extenders legislation earlier this year, the AICPA wrote in its September 15 letter, but “America’s businesses...…
September 16, 2014
The Internal Revenue Service has released a new YouTube video encouraging taxpayers to learn about the Taxpayer Bill of Rights.
September 16, 2014
The accounting firm of McGladrey LLP will acquire the assets of Battelle Rippe Kingston LLP, a Certified Public Accounting firm offering services in the fields of assurance, tax and consulting in Southwest Ohio. The closing is expected to occur on Nov. 1,
September 12, 2014
Historically, a business' gross revenues follow seasonal patterns and even a small change in gross revenue should result in a small change in the associated accounts. In an attempt to discover why one established contractor was selected for audit, I reviewed their sales tax filings and created the below table.
September 12, 2014
Bloomberg BNA has made significant enhancements to its Premier International Tax Library, a comprehensive resource for international tax research that helps practitioners make more informed business decisions and provide value-added tax guidance.
September 11, 2014
First, a federal appeals court invalidated most of the regulations imposing continuing education and other regulatory requirements imposed by the IRS on tax return preparers (Loving, et al v. IRS, Civil Action 12-385 (JEB), U.S. Dist. Ct. DC, 1/18/13). .
September 9, 2014
A pair of Certified Public Accountants has filed suit against the Internal Revenue Service and the Treasury Department in an effort to stop the government from imposing fees on tax preparers (Preparer Tax Identification Number) and to recover fees, plus interest, that they and other preparers have paid in past years.
September 9, 2014
Thomson Reuters has released a new white paper for tax professionals, Unlocking the Limits of the Keyword: 5 Ways to be a Better Tax Researcher. The paper addresses key challenges practitioners face when answering complex tax questions — exploring the evolution of the tax research process from print to digital and examining the viability of…
September 7, 2014
The IRS strictly limits deductions for vehicles used for business driving under the so-called luxury car rules. But that’s not the most upsetting part to many taxpayers. It’s the notion that the “luxury car” limits apply to vehicles costing well under $20,000. This is hardly what the average person considers to be a luxury car.
September 5, 2014
Recently, one of my clients saved some very important picture files to the hard drive on their local computer. They thought they were saving these picture files to the corporate network drive. This computer was on the upgrade list and was upgraded a few weeks later with the requirement of having the hard drive formatted....…
September 2, 2014
A majority of the nation’s state treasurers are expressing their concerns about an imminent vote by the Board of Governors of the Federal Reserve System, the FDIC and the OCC that treasurers believe will negatively impact the finances of state governments across the country.