It is well-known in tax circles that taxpayers can deduct the cost of traveling “away from home” on business. For this purpose, your tax home is usually your principal place of business. As an example, if you live and work in New York and fly to L.A. for a two-day whirlwind of business negotiations, the round-trip airfare is clearly deductible.
Tobias Elsass built a booming business capitalizing on the economic misfortune of others.
For the 10th year in a row, Wolters Kluwer, CCH has been selected by the Internal Revenue Service (IRS) for its comprehensive sales tax rate and taxability tables to help millions of taxpayers across the country prepare their tax returns. With access to updated information from thousands of tax jurisdictions provided by Wolters Kluwer, CCH, tax filers can determine whether they'll save more by deducting state and local sales taxes they've accrued during the year instead of taking standard or itemized tax deductions.
Business taxes account for 44.9% of all state and local taxes.
Frequently, the IRS challenges deductions for business-related driving expenses, especially when they involve local travel. Start with this basic premise: To qualify for transportation deductions, you must be traveling away from your tax home to a business location. For this purpose, your tax home is generally your principal place of business, not the place where you live, eat and sleep.
The more things change, the more they stay the same. Despite the thousands of revisions to the tax code that are made each year, the IRS continues to focus on travel and entertainment (T&E) deductions in audits of business taxpayers.
UltraTax CS, the professional tax compliance system from Thomson Reuters, recently received a NASS Medallion Award from Kansas Secretary of State Kris Kobach. The award was presented in honor of a new state-of-the-art innovation in electronic tax preparation for business customers. It was presented on August 18 during a press conference in Leawood, Kansas.
The Internal Revenue Service (IRS) needs to improve its strategy to ensure accurate reporting and payment of the Medical Device Excise Tax, according to a new report publicly released today by the Treasury Inspector General for Tax Administration (TIGTA).