Income Tax

Normally, a taxpayer may deduct travel expenses, including the cost of lodging, only when he or she is “away from home” on business. For this purpose, home means your tax home, usually the area surrounding your principal place of business ...

A new analysis of how Americans and Canadians donate to nonprofit organizations shows the greatest overall increase since 2008.

[This is the last in a series of articles on maximizingdeductions for travel and entertainment (T&E) expenses.] In the not-so-distant past, the IRS often suspected that deductions for travel and entertainment (T&E) were being inflated or, even worse, being claimed when no legitimate expenses existed. Eventually, it carved out a strict set of recordkeeping requirements for […]

While most Americans are thinking about football season, the MLB baseball playoffs, the coming NBA season, hockey or the upcoming holidays, savvy financial professionals are advising taxpayers to think about their taxes.

The Internal Revenue Service (IRS) may be missing opportunities to collect delinquent taxes because it is not always completely researching cases before closing them as uncollectible. That is the finding of a new report publicly released today by the...

Thomson Reuters confirmed today that UltraTax CS will provide an eSignature offering for the upcoming tax season.

The American Institute of CPAs has submitted comments to the Internal Revenue Service (IRS) and Department of the Treasury relating to the issue of material participation by a trust or estate in a trade or business for purposes of section 469 of the Internal Revenue Code. The AICPA explained that section 469, which was enacted […]

The IRS has decided it won’t appeal a recent court ruling handed down in favor of Ryan, a global tax preparation services firm, that invalidates and permanently enjoins the IRS from prohibiting such arrangements for refund claims and amended returns.