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 [...]
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 [...]
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, [...]
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 [...]
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 [...]
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 [...]
Tweet Too many Americans have a bad habit of using their tax refund to splurge on a big purchase, like a new TV or a shopping spree at the mall. The problem is that too many of us look at a tax refund as “extra money,” when in reality it’s money we have worked hard [...]
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” [...]
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 [...]
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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