Month: July 2015

Cost inflation index for financial year 2015-16

The Income tax department has notified cost inflation index(CII) for the financial year 2015-16. Cost inflation index is the calculation tool with which [...]

Return due dates changed in highway funding bill

The short-term highway funding extension passed by the Senate on Thursday contains several important tax provisions (H.R. 3236). The bill was passed by the [...]

Federal Tax Deposit Penalties – Form 940, Form 941, or Form 944

Failure to Deposit Penalty Percentage Rates:   At a Glance Failure to Deposit Penalty Rates for Unpaid Tax:   1-5 days late: 2% 6-15 [...]

Regulations provide guidance on proper place to file refund claims

The IRS issued final regulations on the correct place for taxpayers to file claims for refund or credit (T.D. 9727). The new rules generally require [...]

IRS Tax Lien Notices Didn’t Reach Taxpayers or Their Representatives

An estimated 24,237 taxpayers may have been adversely affected because the Internal Revenue Service did not follow requirements to notify the taxpayers’ [...]

Tax season by the numbers

The IRS processed more than 126 million tax returns this year from individual filers. A look at the numbers: ___ — Refunds: 92 million. — Average [...]

5 questions to ask clients with international ties

With the tremendous amount of wealth transferring into and out of the United States, more and more CPAs are encountering clients with international ties. [...]

7 Tax Tips On Vacation Home Rentals

This summer, you may be sticking close to home or traveling out and about. Either way, if you have a vacation home, it pays to think about taxes now, long [...]

IRS Watchdog Cites Failures, Concerns over 2015 Tax Filing Season

On July 15, National Taxpayer Advocate (NTA) Nina E. Olson released a midyear report on the state of affairs at the IRS, as mandated by federal law. The NTA [...]

New Tax Penalty on Small Business Health Insurance

Small business groups are sounding a warning about an obscure Internal Revenue Service rule that takes effect imposing heavy fines on small businesses for [...]