Taxes

August 10, 2016 

Suppose that your personal residence is substantially damaged and will cost you tens of thousands of dollars to fix. Is the repair cost deductible on your tax return as a casualty loss? It doesn’t always seem fair, but it depends on whether the ...

August 9, 2016 

Trying to reclaim some momentum in his presidential election campaign, Donald Trump, the Republican candidate, is tweaking his tax plan. In a far-ranging speech on economic policies on August 8, Trump proposed cuts in individual tax rates, although not as drastic as in previous proposals. The billionaire also advocated tax reforms in line with the...…

August 8, 2016 

Normally, you can deduct the full amount of mortgage interest you’re required to pay on your principal residence and one other home such as a vacation home. But sometimes you might bump up against these two tax law limits, especially if you’re a ...

August 8, 2016 

National Taxpayer Advocate Nina E. Olson and U.S. Rep. Jim Renacci, a member of the House Ways & Means Committee, will hold a public forum to discuss what taxpayers want and need from the IRS to comply with their tax obligations. Rep. Renacci is ...

August 4, 2016 

Generally, the tax exclusion applies to reimbursements covering costs that would have been deductible as job-related moving expenses paid or incurred by employees on their personal tax returns. And those requirements are somewhat convoluted.

August 3, 2016 

Tax compliance automation provider Avalara, Inc. has added new features to its CertCapture solution, enabling businesses to securely capture, manage, and analyze tax compliance documents in real-time. These new features include: A simplified user interface (UI), for use in point-of-sale systems, which was designed with feedback from one of the top “big box” home improvement chain...…

August 3, 2016 

For employees who live a fair distance from work, commuting can be costly and time-consuming, not to mention a hassle. At least employers may provide some relief by offering certain tax-free transportation benefits. The three main benefits are ...

August 3, 2016 

The latest topic added to Thomson Reuters Checkpoint Catalyst provides accounting professionals with a state-by-state analysis of the sales and use tax exemptions available for manufacturing-related purchases.

August 2, 2016 

The proposed ASU is part of the FASB’s broader disclosure framework project to improve the effectiveness of disclosures in notes to financial statements by clearly communicating the information that is most important to users of a reporting ...

August 2, 2016 

The Internal Revenue Service is warning taxpayers to stay vigilant against an increase of IRS impersonation scams in the form of automated calls and new tactics from scammers demanding tax payments on iTunes and other gift cards.

July 31, 2016 

Lures aren’t the only way to spend real money in the Pokémon world. Although free to play, “Players can spend real money on PokéCoins, the in-game currency of Pokémon Go.” 99 cents gets you 100 PokéCoins; $99.99 buys you 14,500. According to developer ...

Gail Cole

July 31, 2016 

A provision for retirement planning services was added to the tax code back in 2001. As long as certain requirements are met, these benefits of such a program, which are usually reasonable in cost, are tax-free to employees and deductible by the ...