Income Tax
Latest News
AICPA & CIMA Launch Global Women to Watch Recognition to Celebrate and Honor Women in the Profession
PCAOB Debuts ‘Audit Focus’ Series for Auditors of Small Public Companies
Taxbit Unveils New Global Tax Reporting Platform
April Launches New Tax Filing Solution to Tackle Complex Financial Situations
New Law Increases Penalty for Not Filing Income Taxes
This penalty is equal to 5 percent of the additional taxes owed amount for every month (or fraction thereof) your return is late, up to a maximum of 25 percent. Previously, the minimum penalty for failing to file a return within 60 days of the due date ..
Millennials More Likely To File Paper Tax Returns … What?
They may have grown up with an always plugged-in and mobile world, but Millennials are actually more likely to turn to paper than any other age group, a new survey shows.
Tax Scams Increase 400% – IRS Issues New Alert
The emails are designed to trick taxpayers into thinking these are official communications from the IRS or others in the tax industry, including tax software companies. The phishing schemes can ask taxpayers about a wide range of topics.
8 Common Income Tax Myths
It's tax season, and that means a lot of confusion when it comes to many aspects of American's tax responsibilities. The National Association of Enrolled Agents has come up with a list of eight frequently-encountered tax myths that could affect your taxes
Americans Ignoring Risk of Tax Identity Theft
Americans are ignoring simple precautions and best practices this tax season that could easily lead to stolen identities and hacked personal information, according to a new national survey by IDT911, a data security and identity theft protection firm.
Labor Dept Targets Fast Food Franchises On Wages
Investigations completed in the last five quarters nationwide have resulted in fast food employers paying more than $6.7 million in back wages owed to nearly 18,000 employees.
Many Taxpayers Could Benefit from Saver’s Income Tax Credit
The credit is available to workers aged 18 years or older who have contributed to a company-sponsored retirement plan or IRA in the past year and meet the Adjusted Gross Income (AGI) requirements.
Frivolous Tax Arguments Won’t Win Against the IRS
Examples of frivolous arguments also include contentions that the only “employees” subject to federal income tax are employees of the federal government; and that only foreign-source income is taxable.