Income Tax

The Court ruled that severance packages and payments that are given to involuntarily laid-off workers are taxable not only as individual income, but also with regard to FICA employment taxes. It was a unanimous 8-0 ruling, with Justice Elena Kagan recusing herself from the case. Oral arguments were heard by the court last October.

The question has lingered for about two years, but the IRS has finally decided how to treat Bitcoins and other virtual currencies when it comes to taxes.

If you could plant a seed this busy season that would help you grow your business the rest of the year, would you do it?

As a part of it's annual charitable giving campaign, an L.A.-area accounting firm is helping fund an annual film festival that helps bridge the gap between the two largest entertainment capitals in the world: Hollywood and Bollywood.

Taxpayers in Colorado who suffered property damage during last year's flooding are being given additional time to decide on when they will claim those losses against their taxes.

In open hearings of the House Financial Services Committee, representatives are putting a renewed focus on the dangers of America's increasing debt.

When it first became clear that tax preparers – including CPAs – would have to be the front line in implementation of the Affordable Care Act, I voiced a lot of concerns. I doubted it would be possible for accounting professionals to serve as both trusted advisors and health insurance sales people.

Both houses of the Legislature passed a bill Friday to cut income and sales taxes by $443 million over the next 15 months. Gov. Mark Dayton signed it as soon as it reached his desk Friday evening.