Income Tax
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Report Says Undocumented Immigrants in U.S. Pay Nearly $100 Billion in Taxes
Emburse and Finexio Partner for B2B Payments
How Generative AI Will Disrupt Accounting
Mid-Market Optimism Hits Pre-Covid Record Highs
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The Obamacare Tax Glitch Fallout Continues
About 20 percent of those who bought a health care marketplace plan in 2014 and used tax credits to lower their premiums received faulty information, due to a miscalculation of the premium benchmark amount. Government officials say that these taxpayers wi
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Same-Sex Marriage and Joint Tax Returns – How These Couples Should File
For federal tax purposes, the IRS recognizes a marriage of same-sex individuals if the marriage occurs in a state that has legalized same-sex marriage, even if the couple resides in a state that considers it unlawful.
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New IRS 8879 Rules Make E-Filing Easier
New guidelines issued by the IRS authorize electronic signatures on Form 8878 (IRS e-file Signature Authorization for Form 4868 or Form 2350) and Form 8879 (IRS e-file Signature Authorization).
AICPA Wants Additional Guidance from IRS on Deferral of Stock Advance Payments
In a February 13 comment letter from the American Institute of CPAs (AICPA) to the Internal Revenue Service (IRS), the organization addresses two interpretive issues related to the treatment of advance payments deferred under Rev. Proc. 2004-34 ...
The Best Tax Return is One Prepared by a Professional, Not a Seasonal Worker
It’s that time of year for part-time help at the local tax-preparation location, when drivers can see seasonal staff standing at busy intersections wearing costumes of the Statue of Liberty or Uncle Sam. But they’re not the only ones who are hired part ti
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IRS Changes Procedures on Tangible Property Regulations, Simplifies Process for Small Businesses
The Internal Revenue Service has changed some procedures that it says will make it easier for small business owners to comply with the final tangible property regulations.
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Puerto Rico Is Turning Into a Tax Haven for Americans and Businesses
If you move to Puerto Rico, you can retain your U.S. citizenship while saving taxes, not an option in some other so-called tax havens. Although the tropical island is just a little more than 1,000 miles from Florida, it might as well be halfway around ...
TurboTax Update: FBI Investigating Fake Income Tax Returns
It appears that it’s too soon to close the books on the recent spate of fraudulent tax refunds filed through TurboTax, the country’s leading provider of tax preparation software. According to the Wall Street Journal, the Washington Post and various oth