March 18, 2014
State income taxes are often overlooked by the general public, but professional tax return preparers should not make the same mistake. Nevertheless, it is easy to miss tax benefits or liabilities associated with state income taxes, especially as they relate to federal Form 1040.
March 18, 2014
There are strategies that these business owners can take to help alleviate many of these tax time woes, and a big one is by staying in more frequent contact with their accountant. That's according to a new nationwide survey of accounting professionals.
March 17, 2014
After the Japan earthquake three years ago, the Santa Monica, Calif., accounting firm Gumbiner Savett decided to help raise funds to support the victims of that disaster, as well as some of the firm’s affiliates and former staff in the country.
March 17, 2014
New legislation passed by the House tying the “doc fix” to Obamacare is expected to meet its demise on the Senate floor. Thus, a once-promising solution to a long-term problem is likely to turn into another victim of bipartisan politics.
March 17, 2014
This topic has been coming up a lot in the past week or so. And it’s a bit disconcerting to tax professionals who invest time with new clients like this.
March 13, 2014
With the announcement by the IRS that it will now allow electronic signatures on Form 8879, which authorizes electronic filing of tax returns, a cumbersome, time-consuming step in the tax preparation process has been eliminated.
March 11, 2014
The Internal Revenue Service seeks civic-minded volunteers to serve on the Taxpayer Advocacy Panel (TAP), a federal advisory committee that listens to taxpayers, identifies major taxpayer concerns, and makes recommendations for improving IRS services.
March 10, 2014
Income tax filing deadlines for most small business are coming up soon, and the Internal Revenue Service is reminding small employers who offer health insurance to their employees to check out the small business health care tax credit and then claim it if they qualify.
March 10, 2014
The Obama administration is relying on various federal agencies and organizations to help implement the complex rules under the Patient Protection and Affordable Care Act (PPACA), the comprehensive health care legislation otherwise known as “Obamacare.” Naturally, the IRS is expected to play a major role, including enforcement of the penalties for failing to obtain minimum…
March 10, 2014
After a divorce, if both spouses stay on title, they can both take advantage of their full personal residence exclusion of $250,000 – as long as one of them continue to use it as a personal residence AND this is specified in the divorce decree (a good reason to get along during the divorce negotiations).
March 7, 2014
A former Waterbury, Connecticut police detective was sentenced on Thursday to five months in prison and five months of home confinement for trying to mislead a federal Internal Revenue Service investigation of charitable contributions he claimed as deductions on his tax returns in 2007 and 2008, according to the U.S. Attorney's office.
March 7, 2014
President Obama has just released a new 2015 budget designed to raise more than $1 trillion in revenue over the next ten years by boosting income taxes for upper-income individuals, closing or tightening tax loopholes and scaling back estate tax benefits.