IRS January 17, 2025
IRS Chief Danny Werfel to Resign on Jan. 20
Werfel took over as chief of the tax agency in March 2023 and is stepping down on Inauguration Day with more than two years left in his term.
November 10, 2022
Some Tuition Costs Can Qualify for Medical Tax Deduction
If you have children in college, you may be able to claim one of two higher education credits for qualified expenses, although these tax benefits are phased out for upper-income taxpayers.
Taxes November 10, 2022
House Panel Urges Supreme Court to Allow Access to Trump Tax Returns
Ways and Means Chair Richard Neal urged justices to reject Donald Trump’s request to pause lower court rulings.
Taxes November 9, 2022
N. Carolina County Elects College Student as Tax Collector
Haywood County, N.C., Tax Collector-Elect Cothran is pursuing a double major in accounting and political science at UNC-Asheville. He will oversee a $40 million budget.
Accounting November 9, 2022
Wolters Kluwer Introduces State Legislative Information to CCH Axcess iQ
Tax and accounting firm professionals who participated in the Wolters Kluwer annual industry trends survey indicated that responding to constantly evolving federal and...
November 9, 2022
Home Health Costs Can Be Tax Deductible
If the aide performs other household chores like cooking and cleaning, you must apportion their wages. Only the part allocable to medical care is deductible as a medical expense.
Accounting November 8, 2022
Feds: Bookkeeper Stole $2.2M Then Fled to Utah as an ‘Amish Widower’
Jody Russell Trapp, 58, was sentenced to 90 months in federal prison on Nov. 8.
November 8, 2022
Good Documentation Helps Small Business Clients Prepare For Audits
Unfortunate as it may be, you know that small business clients too often neglect their bookkeeping, expense documentation, and other tax-related responsibilities.
November 8, 2022
Home Improvements May Qualify as Medical Expenses on Taxes
In certain limited situations, you may realize a tax break for a home improvement that is deemed to be medically necessary. If you qualify, a portion of the expense is deductible as a medical expense as...
Accounting November 8, 2022
Wolters Kluwer Launches Business Tax Return Workflow in CCH Axcess
New functionality available in CCH Axcess Client Collaboration addresses this challenge head on, by making it possible for firms and their clients to ...
Taxes November 7, 2022
IRS Seeks Public Comment on Draft Changes to UTP Form
The IRS believes the draft changes to Schedule UTP and instructions will improve the form’s usefulness.
Taxes November 7, 2022
Treasury, IRS Expand Program for Approving Retirement Plans
The IRS will now allow 403(b) retirement plans to be covered by the program, it was announced today.
Taxes November 7, 2022
IRS Appeals Office Sets Priorities for the Coming Year
The IRS Independent Office of Appeals has outlined taxpayer service initiative expected in 2023.