Month: January 2015

FASB Rids Income Statements of ‘Extraordinary Items’

In accounting terms, could the effects of the terrorist attacks of Sept. 11, 2001 be called an “extraordinary and unusual” item, appropriate for separate [...]

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

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 [...]

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

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 [...]

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

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 [...]

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

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 [...]

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

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, [...]

Most Tax-Friendly States for Sales Taxes

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 [...]

IRS Cautions Preparers about Schedule C Mistakes

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 [...]

How to Take Advantage of Employment Tax Credits

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 [...]