Taxes February 6, 2026
IRS Issues Proposed Rules on Clean Fuel Tax Credit
The Treasury Department and the IRS released proposed regulations Feb. 3 on the clean fuel production credit under the One Big Beautiful Bill Act.
March 31, 2016
Medical Tax Deduction for Seniors Rising to 10% Threshold
They may not know it, but this may be the last year that some of your older clients will be able to claim a medical expense deduction.
March 31, 2016
Cloud System Simplifies Form 8621 PFIC Compliance
A new online tool from Expat Tax Tools is aimed at simplifying Form 8621: Information Return by a Shareholder of a Passive Foreign Investment Company or Qualifying Electing Fund. The cloud-based Form 8621 Calculator is designed for smaller companies ...
March 31, 2016
New Guidance Focuses on Puerto Rico VAT
This coverage comes at a crucial time. On June 1, 2016, Puerto Rico will become the first U.S. jurisdiction to adopt a VAT to replace its sales and use tax regime. The transition to this new scheme began in 2015 and has been controversial.
March 30, 2016
Don’t Even Try These Income Tax Deductions
Pets were a recurring theme: “I had a client this year tell me his last preparer let him write off the cost of his pet care on Schedule C because he took his dog to work with him every day, so it was considered a work-related expense."
March 30, 2016
STEM Grads Starting Salaries Top List At $64K
Business majors land in the fourth spot, with a projected starting average of $52,236, an increase from the projected $51,508 for Class of 2015 graduates.
March 30, 2016
73% of U.S. Companies Report Payment Fraud Attempts in 2015
BEC scams, short for business email compromise, are an increasingly common type of fraud which greatly impacts wire fraud. In 2015, 64 percent of organizations were exposed to BEC scams. Though checks continue to be the payment method most targeted by ...
March 30, 2016
IRS To Hold Technology Crowdsourcing Contest
The nation's taxing agency is trying to step up its game when it comes to using technology to improve customer (aka taxpayer) interactions. The IRS wiill be hosting its first Tax Design Challenge crowdsourcing competition to encourage innovative ideas ...
March 29, 2016
Midsized Businesses Struggling With Tax Compliance
The research revealed that nearly half of business owners do not know how many fines they incurred in the past 12 months or how much they cost their organizations.
March 29, 2016
Report Says IRS Should Do Better With W-2 Penalties
No doubt, 2016 will be the most challenging year-end season in a long time. With all W-2 forms due to the Social Security Administration (SSA) by Jan. 31, 2017, and the ability to request only one for-cause filing extension from the IRS, the ...
March 25, 2016
It’s Easy To File An Income Tax Extension: All You Have To Do Is Ask
The red-letter due date for filing for individual tax returns – April 18 for most taxpayers around the country – is rapidly approaching. When it’s needed or preferred, you can obtain a six-month extension for filing Form 1040, merely by asking the IRS.
March 25, 2016
Congress Approves Taxpayer Bill of Rights
With considerably less fanfare than the Bill of Rights ratified as the first amendments to the U.S. Constitution, the 114th Congress quietly approved the “Taxpayer Bill of Rights” as part of the Protecting Americans from Tax Hikes (PATH) Act of 2015.
March 24, 2016
U.S. Mortgage Rates Drop Slightly; 30-Year At 3.9%
Mortgage rates declined modestly this week breaking a three-week string of increases, with the benchmark 30-year fixed mortgage rate slipping to 3.90 percent, according to Bankrate.com's weekly national survey. The 30-year fixed mortgage has an average of