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Debunking Common Income Tax Myths
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.
7 Reasons People Haven’t Paid For Obamacare
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.
The Worst Countries for Inheritance Taxes
According to a new study conducted by the UK-based accounting firm network UHY International, “Old” world economies charge higher inheritance and estate taxes than “New” world economies.
IRS May Lack Resources to Enforce ObamaCare Insurance Mandate
The IRS has been struggling in its efforts to close an estimated $385 billion “tax gap” between the amount that taxpayers owe and the amount they’ve actually paid. Now, to add another crushing weight, it has to ramp up Obamacare activities despite recent budget cutbacks.
10 Ways to Still Beat the Obamacare Insurance Deadline
Despite reports of a formal extension circulating in the media, March 31 was the last day that individuals could sign up for health insurance coverage for 2014 under the Obamacare mandate without risking a hefty financial penalty. Or was it?
Report: IRS Software Management Practices Don’t Meet Government Requirements
The IRS Isn't maintaining its computer infrastructure adequately, according to a new report by the Treasury Inspector General for Tax Administration (TIGTA), a part of the Department of the Treasury that is tasked with overseeing the nation's tax agency.
IRS Extends Income Tax Filing for Washington Mudslide Victims
The Internal Revenue Service has automatically extended the tax return filing and payment deadlines for victims of last month’s mudslides and flooding in Washington state. As a result, those taxpayers will have until Oct. 15 to file their returns and pay any taxes due, with no penalties or interest applied.
Have Last-Minute Tax Questions? CPAs Can Help
Have questions about your income taxes? With April 15 only two weeks away and new tax laws like Obamacare, many Americans do, the American Institute of CPAs has some answers.