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Top 10 Tax Tips for Active and Reserve Military
For active and reserve members of the U.S. military, the Internal Revenue Service has released a list of tax tips that cover the tax issues and benefits specific to those in uniform.
AICPA Sues the IRS Over Voluntary Income Tax Preparer Program
America's largest professional organization of tax and accounting professionals has had enough with the IRS.
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IRS Says University President’s House Is Taxable
When Roderick J. McDavis became Ohio University's president a decade ago, he moved into 29 Park Place, a 7,000-square-foot, 2 1/2-story home at the heart of OU's campus in Athens.
Report Says IRS Should Revise Form 1040
A new report by the agency that oversees the Internal Revenue Service says it's time to revise the ubiquitous Form 1040, the form used by individual taxpayers to report their annual income.
IRS Says that Idle ITINs Expire After 5 Years
The Internal Revenue Service announced on Tuesday that Individual Taxpayer Identification Numbers (ITINs) will expire if not used on a federal income tax return for five consecutive years. The IRS will not begin deactivating ITINs until 2016, however.
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New Form 1023-EZ Simplifies Small Charity Applications for Tax-Exempt Status
Small charities have a new, simpler process for applying for tax-exempt status. The Internal Revenue Service has introduced Form 1023-EZ, a shorter application form to help small charities apply for 501(c)(3) recognition.
Should Your Clients Join the Rush to Roth IRAs?
Although it’s been almost five years since the floodgates were opened, we’re still seeing a steady stream of conversions to Roth IRAs. As long as Congress doesn’t clamp down on the rules, you can expect for this trend to continue.
IRS Announces New Program for Uncredentialed Tax Return Preparers
The IRS has started a new voluntary program that it says is intended to encourage education and filing season readiness for paid tax return preparers who are not credentialed. The program will be in place to help taxpayers during the 2015 filing season.