Income Tax
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Lawmakers Want To Impeach IRS Commissioner
Like a bad penny, the IRS-Tea Party scandal won’t go away. Now some Republican lawmakers are calling for the impeachment of IRS Commissioner John Koskinen over his handling of the affair, accusing ...
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New Report Gives Tax Pros Guidance to Help Clients Facing ID Theft
Thomson Reuters has released a special report, What to Do If Your Client is a Victim of Tax-Related Identity Theft, which provides helpful guidance for tax professionals advising victims of tax-related identity theft.
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Tax-Exempt Filing Deadline is May 16
The IRS is reminding these groups not to include Social Security numbers (SSNs) or other unneeded personal information on their Forms 990, and consider taking advantage of the speed and convenience of electronic filing.
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Tax Court Sides With Hair Stylist In Hobby Loss Case
She reported gross receipts of only $325, while claiming $16,131 in expenses, consisting of $13,000 in rent, $590 of hair products, $909 for a landline phone service, $600 for website maintenance, $552 for cellphone expenses and $480 for supplies.
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Advancements in Technology Are Driving Risk of Tax Controversy
Controversy is also expected to increase due to international regulatory initiatives that demand country-by-country reporting. Countries adopting the OECD Base Erosion and Profit Shifting recommendations are not likely to be consistent.
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How to Calculate the Taxable Amount of an IRA Withdrawal
One of the issues that often causes a high degree of client confusion is whether or not a withdrawal from their IRA account will be taxable, and if so, to what extent.
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Now’s the Time to Tune-Up Estimated Taxes
It’s important to have your tax situation assessed and updated periodically, especially if you’re self employed or retired and paying quarterly estimated tax installments. Otherwise, you could be liable for penalties.
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Tax Gap Hits $458 Billion Per Year: Who’s Not Paying Their Tax Debt?
Estimating the gap requires a “major statistical effort,” according to the IRS, so the gap is only estimated every few years. The last full update reported showed that the compliance rate for tax year 2006 was basically unchanged from the report on ...