October 4, 2015
The Easiest Way to Lower Income Tax Liability
With income tax planning now on the minds of many taxpayers and tax professionals, our year-end tax planning series looks at several methods to lower tax liability in the current year.
October 2, 2015
IRS failing in efforts to curb ID theft tax fraud
The IRS is running into problems as it struggles to get control over the wave of identity theft tax refund fraud that has engulfed the Tampa, Florida, area and spread to other parts of the country over the last three years.
September 29, 2015
IRS Gives Tax Relief to Farmers and Ranchers in 48 States and Puerto Rico
The one-year extension of the replacement period announced today generally applies to capital gains realized by eligible farmers and ranchers on sales of livestock held for draft, dairy or breeding purposes due to drought.
September 29, 2015
Thomson Reuters Adds Content on New York’s Corporate Tax Overhaul
New York’s latest tax system overhaul has brought about substantial changes and complex transitional rules. They affect New York-based corporations as well as companies that conduct business with New York corporations or have customers in the state.
September 29, 2015
AICPA Says It Supports Disaster Tax Relief Proposal
The American Institute of CPAs (AICPA) is endorsing the permanent disaster tax relief provisions in Title III of the proposed National Disaster Tax Relief Act of 2015.
September 27, 2015
Harvest Time: Pick Up a Bushel of Capital Gains Tax Savings
The main attraction is the maximum tax rate on long-term capital gains. Typically, an investor will pay a long-term capital gains tax of 15 percent on a securities transaction. For someone in the top ordinary income tax bracket of 39.6 percent, the ...
September 24, 2015
Program Helps Tax Professionals Educate Clients On Latest Tax Changes
Thomson Reuters has released its Checkpoint Learning 2015 Tax Update program, which helps tax professionals and accounting firms educate their clients, prospects and client service teams on the latest developments in the field.
September 23, 2015
New Inflation Estimates Give First Look at 2016 Tax Rates and Brackets
Because of the income ranges bracketing the marginal tax rates have increased, a single filer with taxable income of $50,000 should owe $22.50 less next year due to the adjustments to the income tax rate brackets between 2015 and 2016.
September 22, 2015
IRS Needs to Better Verify Claims for Exemption from Social Security Taxes, Says Report
In an effort to eliminate dual taxation with respect to Social Security taxes, the United States entered into international agreements, called Totalization Agreements, with 24 foreign countries.
September 21, 2015
Lies, Damned Lies, and Statistics – The Tax Myth About Red States and Blue States
I was intrigued when a blog boldly declared that IRS statistics show that states that attempt to tax the wealthy to pay for social programs only serve to drive the wealthy to states that offer lower taxes. Anyone who follows the ...
September 21, 2015
Average Income Tax Refund for 2015 Increased to $2,701 – IRS Caught $908 Million in Fraudulent Refunds
The IRS issued more than 100.3 million refunds totaling more than $270.9 billion, compared to nearly 101.2 million refunds totaling more than $272.4 billion in 2014. The average refund increased slightly to $2,701 in 2015, compared with ...
September 20, 2015
IRS Issues New Per Diem Rates for 2016
In addition to the standard rates for specific destinations, certain high-cost areas are specified. All the other destinations are treated as low-cost areas if the high-low alternative is used.