Tax Reform Road Map for the Middle Market

Tweet As the pace of serious discussions on tax reform picks up, it is evident that small businesses and global multinationals are making their voices heard, while the middle market is getting lost in the shuffle. “The small business community has gotten very well organized over the years,” said Dave Kautter, partner in charge, Washington [...]

IRS Will Do More to Control Excess IRA Contributions

Tweet The Internal Revenue Service plans to take further steps to discourage taxpayers from exceeding the limits on contributions to individual retirement accounts within a single year. According to a new report from the Treasury Inspector General for Tax Administration, the IRS needs to take action to address the problem of excess contributions to IRAs. [...]

Best And Worst Tax Excuses To Fix IRS Penalties

Tweet If you cheat on your taxes, file late or commit some other offense, do you have a good explanation? Your dog ate your tax return or your receipts? Some excuses can be basic, perhaps too much so. Remember the “I forgot” defense popularized by Steve Martin on Saturday Night Live? It’s unlikely to be [...]

What Your Business Needs to Do After the Tax Deadline

Tweet Small business owners still need to think about taxes after the April 15 filing deadline. They need to do some tax and financial planning, especially if they owed the government much more than expected for 2014. It’s a good idea to make an appointment with a tax professional now, says Jeffrey Berdahl, a certified [...]

FASB Defers Revenue Recognition Standard for 1 Year

Tweet The Financial Accounting Standards Board has voted to propose to defer the effective date of the new revenue recognition standard by one year after hearing feedback from constituents. FASB met Wednesday to discuss the results of staff research and outreach regarding the effective date of Accounting Standards Update No. 2014-09, Revenue from Contracts with [...]

IRS Doing Fewer Business Audits Due to Budget Cuts

Tweet The Internal Revenue Service is auditing the taxes of fewer businesses as a result of budget cuts in recent years. IRS commissioner John Koskinen pointed to the impact of budget cuts on the agency’s ability to audit both individuals and businesses. “As with individual audit rates, we continue to see steep declines in corporate [...]

Don’t be Fooled, Phone Scams Continue to Be Serious Threat Nationwide

Tweet The IRS warns taxpayers not to be fooled by the tricks scammers use to take advantage of those they target. Scammers use fake names, provide bogus IRS badge numbers and alter caller ID numbers to make it look like the IRS is calling. With the final two weeks of the filing season about to [...]

Maintaining Health Insurance Coverage Documentation for the Tax Filing Season

Tweet Gathering documents and maintaining well-organized records make it easier to prepare a tax return. They can also help provide answers if the IRS needs to follow-up with you for more information. You will not need to send the IRS proof of your health coverage. However, you should keep any documentation with your other tax [...]

Obama Backs Tougher Rules for Brokers on Retirement Funds

Tweet President Barack Obama threw the weight of the White House behind an effort that would make it harder for brokers to push higher-fee mutual funds or other expensive products on people saving for retirement. The plan to be issued by the Labor Department would require brokers to act in a customer’s best interest, a [...]

Why Americans Should Never, Ever Own Shares in a Non-US Mutual Fund

Tweet If you are a U.S. citizen or a U.S. permanent resident who has been living and working outside the U.S. and investing your savings through a non-US financial institution, you need to learn what a Passive Foreign Investment Company (PFIC) is very quickly. Why? Because the passage of the Foreign Account Tax Compliance Act [...]

When a House Is a Tax Home

Tweet It takes a heap o’ living just to make a house a home, as the old poem teaches. In Joel Evans’ case, he did enough living in two houses in Louisiana to make the U.S. his tax home. Perhaps he should have joined the Sakhalin Island Chamber of Commerce or become active in the [...]

IRS Lists Ways to Avoid Common Errors for Millions of Taxpayers Meeting the April 15 Deadline

Tweet The tax filing deadline is less than two weeks away, and the Internal Revenue Service has already received 90 million individual tax returns – roughly three out of five returns expected to be received in 2015. For the millions of taxpayers who will file in the next few days, the IRS offers the following [...]

New IRS Procedure for Repair Regulations Reduces Burden (for Some)

Tweet The IRS released Revenue Procedure 2015-20, which lessens the requirements for certain companies to file a Form 3115 while adopting the new repair regulations. Prior to this new Revenue Procedure almost all corporate taxpayers were required to file a change in accounting method, form 3115, with their 2014 tax return (see IRS Eases Repair [...]

2015 IRS Average Tax Refund

Tweet As of March 1st, the Internal Revenue Service (IRS) has said it has received more than 50 million tax returns, with more than 95% of those returns filed electronically and over 80% of those returns resulting in refunds. The IRS generally receives over 140 million returns over the tax season. The IRS also recommends [...]

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