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Learn MoreSome people do their taxes themselves and often-times they leave money on the table via missed deductions etc. There are lots of great software to help with that, but no software will reveal all of the possible deductions that maybe available.
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Learn Moredocument.createElement(‘aside’); http://www.accountingtoday.com Print Email Reprints Farmers and ranchers who were forced to sell livestock due to drought now have more time to replace the livestock and defer tax on any gains from the forced sales, the IRS said. To qualify, the taxpayers must be selling more stock due to drought than they normally would, and […]
document.createElement(‘aside’); http://www.accountingtoday.com Print Email Reprints Highlights of some of our favorite tax-related blogs from the past week. The Beginning of the End Tax Vox: Five tax policy questions for the candidates in the first presidential debate. “Secretary Clinton, do you see any downside to increasing taxes only on the rich?” “Mr. Trump, how specifically would […]
Despite years of cuts to the Internal Revenue Service budget and its employee count, the agency is nonetheless collecting more tax revenue, according to a new report. The report on IRS compliance activities, from the Treasury Inspector General for Tax Administration, noted that in fiscal year 2015, the IRS continued to lose employees who could […]
(Bloomberg) The very rich are different from you and me. They even have their own IRS audit squad. Saturday marks the start of the fourth quarter, a time of financial reckoning, of crashing toward quotas and scrambling to reach year-end targets. Corporations and individuals alike rush to cut the income tax they’ll need to pay […]
document.createElement(‘aside’); http://www.accountingtoday.com Print Email Reprints The Internal Revenue Service has released new procedures that help a taxpayer make the decision on whether to opt for a qualified terminable interest property election to reduce estate taxes. The new procedures mean the IRS may disregard and treat as null and void for transfer tax purposes a qualified […]
document.createElement(‘aside’); http://www.accountingtoday.com Print Email Reprints The Internal Revenue Service is lowering its user fees for issuing letter rulings on tax matters when the rulings are practically identical. The IRS issued Notice 2016-59 on Tuesday outlining a set of revisions to the requirements for the reduced user fee for substantially identical letter rulings. The reduced fee […]
The Internal Revenue Service has chosen four private debt collection agencies to help collect unpaid tax debts as the IRS gears up to resurrect the controversial program. The three agencies are CBE Group of Cedar Falls, Iowa, Conserve of Fairport, N.Y., Performant of Livermore, Calif., and Pioneer of Horseheads, N.Y. The IRS is required to […]
document.createElement(‘aside’); http://www.accountingtoday.com Print Email Reprints The Internal Revenue Service has issued a notice outlining the special diem rates that taxpayers can use to substantiate the amounts they are claiming for lodging, meals and incidental expenses when traveling away from home. Notice 2016-58 announces the new per diem rates for travel expenses, which take effect Oct. […]
(Bloomberg) Democratic presidential nominee Hillary Clinton called out Republican Donald Trump Monday night for paying no federal income taxes on some of his returns from decades ago. Donald Trump and Hillary Clinton (Photo: Andrew Harrer/Bloomberg) Trump responded: “That makes me smart.” The exchange centered on an issue that has dogged Trump throughout the campaign. He […]
The deadlines for filing the Form W-2 with the Social Security Administration and the Form 1099-MISC with the Internal Revenue Service are changing next year. Starting in 2017, for the 2016 reporting year, both the W-2 and 1099-MISC recipient copies need to be submitted by January 31, whether by paper or electronic filing. That is […]
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