FASB Rids Income Statements of ‘Extraordinary Items’

Tweet In accounting terms, could the effects of the terrorist attacks of Sept. 11, 2001 be called an “extraordinary and unusual” item, appropriate for separate reporting on corporate income statements? That question gave rise to identical ones concerning Hurricane Katrina (2005), the Japanese tsunami of 2011 and other climactic events. A source of annoyance to [...]

National Taxpayer Advocate Slams IRS Offshore Programs & FBAR Penalties, Demands Change

Tweet The National Taxpayer Advocate Nina Olson is a strong and vocal advocate for taxpayer rights. Her annual report to Congress castigates the IRS for its unfair application of offshore account penalties, and its disparate treatment of innocent Americans caught in reporting snafus. Some of the report asks the IRS to change, to stop viewing [...]

Identity Theft a Major Concern on the IRS Annual “Dirty Dozen” List of Tax Scams to Avoid

Tweet The Internal Revenue Service today issued a filing season alert warning taxpayers to watch out for identity theft at tax time, one of the year’s “Dirty Dozen” tax scams. The IRS continues to aggressively pursue the criminals that file fraudulent returns using someone else’s Social Security number. “We remain dedicated to stopping tax-related identity [...]

Phone Scams Continue to be Serious Threat, Remain on IRS “Dirty Dozen” List of Tax Scams for the 2015 Filing Season

Tweet Aggressive and threatening phone calls by criminals impersonating IRS agents remain near the top of the annual “Dirty Dozen” list of tax scams for the 2015 filing season, the Internal Revenue Service announced today. The IRS has seen a surge of these phone scams in recent months as scam artists threaten police arrest, deportation, [...]

How Do I Report My Health Insurance On My Tax Return For Obamacare?

Tweet If you believe the headlines, sorting out the Affordable Care Act (commonly referred to as “Obamacare”) is going to be the single worst moment of your 2015 tax filing season. That might be true for some taxpayers. But most taxpayers – about 130 million or so – aren’t going to feel any pain at [...]

Government to reach out, provide resources to ease health care tax filing burden

Tweet Taxpayers who are faced for the first time this tax season with complying with the health care law provisions will be able to get help from the government, the secretaries of the Treasury and of Health and Human Services announced. The announcement said that “in the coming weeks, consumer-friendly tools and resources will be [...]

Most Tax-Friendly States for Sales Taxes

Tweet The Tax and Accounting business of Thomson Reuters has released a list of states whose tax codes make it easiest for people to keep their New Year’s resolutions. The company found that Michigan, Maryland, Massachusetts, California, Nevada, Rhode Island and South Carolina are the friendliest states for resolution makers, thanks to the absence of [...]

IRS Cautions Preparers about Schedule C Mistakes

Tweet The Internal Revenue Service reportedly sent over 2,500 letters last month to tax preparers warning about potential errors that the IRS spotted on the Schedule C they filed for their sole proprietor business clients. The warning letters, originally reported by the Kiplinger Tax Letter, follow up on earlier warning letters that the IRS mailed [...]

How to Take Advantage of Employment Tax Credits

Tweet As you’re probably well aware of by now, Congress passed a “tax extenders” bill late in 2014 preserving dozen of expired tax provisions. Among other tax breaks, the Tax Increase Prevention Act of 2014 (TIPA) – signed by the president on December 19 — authorizes employers to claim tax credits for hiring certain disadvantaged [...]

IRS Says Income Tax Season to Start January 20

Tweet Following the passage of the extenders legislation, the Internal Revenue Service announced today it anticipates opening the 2015 filing season as scheduled in January. The IRS will begin accepting tax returns electronically on Jan. 20. Paper tax returns will begin processing at the same time. The decision follows Congress renewing a number of “extender” [...]

6 Common Income Tax Myths

Tweet While millions of American taxpayers wait for their W-2, 1099 and other important tax documents to arrive in the mail, their thoughts turn to the often-dreaded prospect of filing their 2014 tax returns. With all the annual changes to the tax rules and its complexity, it’s not surprising that millions of Americans hire a [...]

FASB issues private company alternative for certain intangible assets

Tweet FASB issued a new GAAP alternative Tuesday that is designed to make accounting for certain intangible assets acquired in a business combination less costly and less complicated for private companies. Accounting Standards Update No. 2014-18, Business Combinations (Topic 805): Accounting for Identifiable Intangible Assets in a Business Combination, describes the alternative, which was designed [...]

How capital gains and losses are taxed

Tweet Here’s how individuals treat gains and losses from dispositions of capital assets. While most taxpayers don’t think about it, almost everything they own and use for personal or investment purposes is considered a capital asset. When any of these capital assets are sold (or exchanged), the difference between the asset’s basis and the amount [...]

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