Tweet The Beltway view that a relatively high corporate income tax puts the United States at a competitive disadvantage is false, contend the authors of “The Sorry State of Corporate Taxes,” a study released Tuesday. Many U.S.-based companies doing a lot of business abroad pay a good deal more taxes overseas than they do here, [...]
Tweet Some tax deadlines are carved in stone, but others may be written in pencil and can be changed under the right circumstances. If you need more time to file your 2013 income tax return, all you have to do is ask for it. It’s easy; just submit an extension request on Form 4868 no [...]
Tweet The income that the tax law exempts is the best type to receive. This income becomes more valuable as your tax bracket increases. The following is a list of tax-free income that you may be entitled to. Be sure to note that eligibility for tax-free treatment in some case hinges on the amount of [...]
Tweet When is an itemized deduction high enough to catch the attention of IRS auditors? The tables below give you an idea. Many things can make a tax return look suspicious, but outsized deductions are easy for a computer to catch. The tables show the average deductions claimed by taxpayers. A deduction that is well [...]
Tweet Almost all business owners use their personal vehicle for business purposes. And there’s nothing wrong with that, as long as they keep proper records. If your business is chosen for an audit, you can bet the auditor will take a good look at the business vehicle deduction. And to be frank, this is sometimes [...]
Tweet People have worried for decades that home office deductions flag their returns for audit. Yet more than half of working Americans work for a small business or own one. 52% are home-based and many have home office space. Besides, with improved technology, some businesses are going virtual and recruiting employees from across the country, [...]
Tweet If an employee is sued on the job, the employer will be too. Say a delivery driver has an accident on his route. The company and the driver will be sued. But what if a supervisor sexually harasses an employee? This conduct may be personal, but it arises out of a working relationship and may [...]
Tweet In two decisions in 2013, Endicott, T.C. Memo. 2013-199, and Nelson, T.C. Memo. 2013-259, the Tax Court maintained a high hurdle that taxpayers must clear to show they are in the trade or business of trading in marketable securities rather than acting as investors. Aside from dealers in securities (those who regularly buy securities and resell [...]
Tweet WASHINGTON — The Internal Revenue Service today issued its annual “Dirty Dozen” list of tax scams, reminding taxpayers to use caution during tax season to protect themselves against a wide range of schemes ranging from identity theft to return Preparer fraud. The Dirty Dozen listing, compiled by the IRS each year, lists a variety [...]
Tweet The IRS is off to a strong start to the tax season. Through early February, millions of refunds worth billions of dollars have already been issued. There are no major issues with tax refunds or processing at this time. Early February 1121 Information A very small percentage of taxpayers may see an 1121 reference [...]
Tweet Some sort of last-ditch effort to satisfy revenue targets, the Income tax Department will always be sending out text letters to 23 lakh assessees that have not filed returns. “We have discovered 23 lakh those who have invested their income, but have certainly not filed returns. I will be sending out letters for them [...]
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