Income Tax
Latest News
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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Fraud Prevention for Financial Institutions
E. Michael Thomas, CFE, CPA, CIA, a partner with Crowe Horwath, LLP, discusses fraud prevention for financial institutions.
Report: Businesses Losing 5% of Revenue to Fraud
Organizations around the world lose an estimated five percent of their annual revenues to occupational fraud, according to a survey of Certified Fraud Examiners (CFEs) who investigated cases between January 2012 and December 2013. Applied to the estimated 2013 Gross World Product, this figure translates to a potential total fraud loss of more than $3.5 trillion (U.S.).
AICPA Says IRS Voluntary Preparer Regulation System Doesn’t Protect Taxpayers
The nation's largest professional association for accounting professionals, the American Institute of CPAs (AICPA), has come out opposed to the new voluntary tax return preparer regulation program that the Internal Revenue Service (IRS) is planning.
AICPA Supports Effort in Congress to Enhance Financial Transparency Act
The nation's largest association of accounting professionals, the American Institute of Certified Public Accountants (AICPA), is commending Congress for recent efforts to strengthen the pending Federal Financial Statement Transparency Act.
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Summertime Tax Tip #5: Hot Dog! Get a Tax Break for Having a Company Picnic
Summer is the time for grilling burgers and hot dogs, escaping to the beach or woods or just relaxing and enjoying the warm weather. Of course, there’s nothing to prevent you from mixing in a little business with the pleasure. If your clients handle things the right way, and keep detailed records, they can write off a portion of their business entertainment expenses.
IRS Gives Up On Tax Preparer Licensing, RTRP Lawsuit
For many years, states and local governments have been trying to rein in unlicensed income tax preparers, and the Internal Revenue Service joined a few years ago with the idea of a national testing and regulatory system that the agency would oversee. So, it created one.
Summertime Tax Tip #4: Harvest a Bumper Crop of Tax Breaks
For many farmers, harvest time comes at the end of the summer. The same thing is true for your clients who are active traders in the stock market. But you must caution them that the tax landscape has changed in recent years.
IRS Still Improperly Handling EITC Payments
The Earned Income Tax Credit (EITC) is one of the most widely-used credits by U.S. taxpayers, it's also often mis-used and even thought the Internal Revenue Service has been scolded for its poor management of the EITC, the agency is still lacking.