The Internal Revenue Service has released the spring 2014 issue of the Statistics of Income Bulletin, which provides information on high-income individual income tax returns filed for tax year 2011.
Drake Software is a tax software solution designed for quick data entry and return processing. A unique aspect to Drake Software is the all-inclusive pricing model. This allows tax practitioners to process unlimited federal, state and electronic filing at a known, fixed rate with no additional function modules to purchase. Drake’s software system includes built-in free modules for client write-up, payroll and practice management.
The IRS isn’t backing off on its tough stance involving the “once-a-year-IRA rollover” rule. In the aftermath of a new case tightening the restriction for IRA owners (Bobrow, TC Memo 2014-21), it recently announced it intends the follow the Tax Court’s lead on this issue. However, showing some leniency, the IRS now says it won’t implement the new rule until 2015, providing clients with leeway for the rest of this year (Announcement 2014-15)
An income tax preparer in the Miami, Florida suburb of Plantation has pleaded guilty to filing $22 million in false refund claims with the federal government.
Internal Revenue Service investigators have charged a Northeast Portland woman of filing as many as 173 fraudulent tax returns claiming more than a $1 million in refunds.
It’s a common practice during the summer: After a spring cleaning, people try to sell the household items they no longer need or want in a “garage sale” (known as a “lawn sale, “tag sale” or some other name in parts of the country). But what do they do with those items that are left over at the end of the day? Instead of simply discarding them, they may be able to donate them to charity and take a tax deduction for their troubles.
The ITC is not simply a deduction, explained Parker. It is a tax credit good for up to 30% of the cost of the project, and is often an incentive that can only be enjoyed by entities with substantial passive income and a large tax appetite. Passive losses can only be offset by passive income.
Sales tax compliance is one of the most volatile issues that many businesses have to deal with, with more than 8,000 taxing jurisdictions across the country. From the state and county-level, to cities and special purpose zones like metro transit authorities.