Income Tax

Accounting offices across the country have started transitioning to offices that allow staff to work anywhere, anytime. This has led to many professionals “burning the midnight oil” to get more done at a time when everything else slows down.

It's the day after, and for some American taxpayers, there may be a lingering question... What can they do if they missed yesterday's April 15 deadline to file their income tax return and also didn't file an extension.

By law, the IRS can assess penalties to taxpayers for failing to file a tax return and for failing to pay taxes. But the failure-to-file penalty is generally higher than the failure-to-pay penalty.

But with income tax refund identity theft rapidly becoming a scourge, is the less than 300 cases for 2014 keeping up or even putting a dent in the epidemic? After all, in 2013 alone, there were 33,000 claims of identity theft just in Florida, one of the hardest hit states because of the abundance of residents who are at higher risk, particularly the elderly and immigrants.

April 15 is a day away and for the millions of American taxpayers who expect or have already filed and received a refund there's some surprising news. More than two thirds have decided to save their refund.

Before student athletes begin celebrating the recent decision by the National Labor Relations Board (NLRB) that college football players should be classified as university employees, they might consider this extra point: Players could be hit with an unexpected tax bill on their scholarships.

The Internal Revenue Service has released the 2014 version of “The Truth about Frivolous Tax Arguments.” The document describes and responds to some of the common frivolous tax arguments made by those who oppose compliance with federal tax laws. The cases cited demonstrate how frivolous arguments are treated by the IRS and the courts. The 2014 version includes numerous recently-decided cases that demonstrate that the courts continue to regard such arguments as illegitimate.

The White House now says without equivocation that 7.1 million individuals signed up for Obamacare by March 31, the deadline for open enrollment in 2014. But how many of those people actually paid for health insurance coverage acquired through the marketplace? That’s where the “counting” gets a little trickier.