Month: July 2016

Due date for filing ITR for AY 2016- 2017 Extended

As per provisions of Section 139(1) of Income-tax Act 1961, Central Board of Direct Taxes extends the due date for filing returns of Income for Assessment Year [...]

4 Payroll Considerations for Nonprofits

When people receive their paychecks, be it weekly, bi-weekly or some other, they may notice the litany of deductions indicated on the pay stubs. They often [...]

Tax Court Sides With Hair Stylist In Hobby Loss Case

To qualify for loss deductions for an activity presumed by the IRS to be a hobby, a taxpayer must operate in a business-like fashion. A new case involving the [...]

About Your IRS Notice or Letter

The IRS normally sends correspondence in the mail. We mail millions of letters to taxpayers every year. Keep these important points in mind if you get a letter [...]

IRS implements new Sec. 501(c)(4) registration requirement

The IRS issued final and temporary regulations (T.D. 9775) and a revenue procedure (Rev. Proc. 2016-41) Friday providing guidance and methods by which [...]

Treasury Dept.’s Never-Ending Fight to Combat Tax Cheats

Benjamin Franklin once pointed out that “in this world nothing can be said to be certain, except death and taxes.” Evading taxes and shielding ill-gotten [...]

America’s Offshore Tax Cheats Are Feeling the Heat Once Again

U.S. taxpayers who entered into an IRS program that made it easier to disclose their hidden offshore bank accounts may have thought they put their legal [...]

IRS Offers Tips on Filing an Amended Tax Return

You may discover you made a mistake on your tax return. You can file an amended return if you need to fix an error. You can also amend your tax return to claim [...]

Reducing IRS Penalties

Each year the IRS assesses over 40 million penalties against taxpayers. Of the total number of assessed penalties over 5 million of them are eventually abated [...]