June 16, 2015
IRS Extends All Tax Incentive Empowerment Zones
Congress created Empowerment Zones in 1993. Most zones had an expiration date of Dec. 31, 2009. This is the third extension of the expiration date.
June 11, 2015
IRS Offers New YouTube Videos and Online Resources for Ex-Pat Taxpayers
By law, Americans living abroad, as well as many non-U.S. citizens, must file a U.S. income tax return. In addition, key tax benefits, such as the foreign earned income exclusion, are only available to those who file a U.S. return.
June 11, 2015
Accounting Firms Armanino & RBZ to Merge
The combined firm will be named Armanino, and will keep its RBZ Los Angeles office location at 11766 Wilshire Boulevard with partners and staff continuing to serve its clients without disruption of services.
June 11, 2015
IRS Works With Tax Software Makers and States to Fight Tax ID Theft
The IRS convened a Security Summit on March 19 with the chief executive officers and leaders of private sector firm and federal and state tax administrators to discuss emerging threats on identity theft and expand existing collaborative efforts ...
June 11, 2015
IRS Interest Rates to Remain Same for Q3 2015
Under the Internal Revenue Code, the rate of interest is determined on a quarterly basis. For taxpayers other than corporations, the overpayment and underpayment rate is the federal short-term rate plus 3 percentage points.
June 11, 2015
FBAR and FATCA Filings Due June 30 for Taxpayers with Overseas Assets
FBAR refers to Form 114, Report of Foreign Bank and Financial Accounts, that must be filed with the Financial Crimes Enforcement Network (FinCEN), which is a bureau of the Treasury Department. The form must be filed electronically and is ...
June 10, 2015
Congress Considers 7.7% Cut to IRS Budget
The fiscal year 2016 Financial Services and General Government Appropriations bill, which provides funding for the Treasury Department, the Judiciary, the Small Business Administration, the Securities and Exchange Commission, and several other agencies.
June 7, 2015
Nine Tips to Avoid Investment Scams
The world is full of ambitious people with big ideas. Unfortunately, often the big idea is to separate you from your money. Don't get scammed. If you're considering making a significant investment in a start-up or early stage company, follow these ...
June 3, 2015
Joseph Falbo, CPA Elected New President of New York CPA Society
Falbo is a partner and member of the executive committee at Tronconi Segarra & Associates LLP in Williamsville, N.Y. He has been a member of the Society since 1994 and is a member of its Buffalo Chapter.
May 28, 2015
Despite Recent Breach, Report Says IRS Getting Better At Detecting and Preventing Tax ID Theft
The extent of the IRS’s ability to stem this problem is still limited because it does not have access to third-party income and withholding information until well after tax return filing begins.
May 27, 2015
How Tax Professionals Can Avoid Getting Involved with Tax Frauds
A whopping 11 percent of Americans believe that it is okay to cheat on their taxes, according to the most recent IRS Oversight Board Survey of Taxpayer Attitudes. Unfortunately, successful fraud for many individuals will require either lying to their ...
May 27, 2015
Accounting Group Urges Better Safeguards to Protect Clients from Taxpayer Identity Theft
As the debate goes on about how to curb the increasing incidence of taxpayer identity theft in the U.S., members of BKR International discussed their experiences during the recent tax filing season, as well as ways to mitigate future risk and help clients