Income Tax

If there was a Letterman Top 10 list for the things that make small business owners have a migraine, the number one spot would be the U.S. tax structure.

On January 28, 2013, the Maryland Court of Appeals found an important element of the Maryland income tax unconstitutional. The controversy surrounds the state’s disallowance of credits against the Maryland county-level income tax for taxpayers who pay income tax to other states. The US Supreme Court has agreed to hear the state Comptroller’s appeal in its next term. The Case was Maryland State Comptroller of the Treasury v. Wynne, No. 107.

On Tuesday, July 15, CPA Practice Advisor is hosting a free webcast titled, "Electronic Signatures and the IRS ... Everything You Need to Know." Sponsored by Wolters Kluwer CCH, the CPE-eligible webcast will cover the latest changes to electronic filing, including topics that are especially important for tax professionals and their clients.

The Internal Revenue Service’s proposed voluntary certification program for tax return preparers “would cause significant legal problems that may ultimately frustrate the IRS’s goals, confuse the public, and lead to litigation,” according to the American Institute of CPAs (AICPA).

Are those generous Section 179 deductions for business clients a thing of the past? Under current law, the maximum deduction is just a fraction of the high-water mark that was allowed prior to its expiration after 2013.

For businesses on the search for a new accountant, selecting the right one shouldn’t be taken lightly. For a small business, an accountant can play a critical role in the company’s successes and can lessen an owner’s headaches and stresses.

The IRS Office of Professional Responsibility will be sending out letters asking practitioners to stop using disclaimers required under Circular 230 (Regulations Governing Practice Before the Internal Revenue Service).

While hospital executives from across Massachusetts meet in Chatham this week, a nurses union is running a radio ad that criticizes Massachusetts hospital chiefs' compensation packages and calls for greater transparency of hospital finances.