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  • +6

    Business Entertainment: What Can You Deduct?

    Business Entertainment: What Can You Deduct?
    NEW YORK – Taking a client out for lunch is one of the most basic business activities there is. And it's one that can run a small business owner afoul of the IRS. There has been a tug of war for years between the government and businesses over entertainment expenses. The agency is on the lookout for companies that take excessive ...
    Rated: +6
  • +3

    IRS Debunks Frivolous Tax Arguments

    IRS Debunks Frivolous Tax Arguments
    WASHINGTON — The Internal Revenue Service today released the 2010 version of its discussion and rebuttal of many of the more common frivolous arguments made by individuals and groups that oppose compliance with federal tax laws. Anyone who contemplates arguing on legal grounds against paying their fair share of taxes should first read the 80-page document, The Truth about Frivolous Tax ...
    Rated: +3
  • +4

    Proposed New Requirements for Tax Return Preparers: Frequently Asked Questions

    Proposed New Requirements for Tax Return Preparers: Frequently Asked Questions
    Posted 2/2/2010 If an employee of a business prepares the business’ tax returns as part of their job responsibilities, will the recommendations affect them? No. An employee who prepares his employer’s returns is not required to sign as a paid preparer. Accordingly, unless the employee prepares other federal tax returns for compensation, he or she will not be required to register ...
    Rated: +4
  • +4

    Series LLCs: Pros and Cons of a Growing Trend

    Series LLCs: Pros and Cons of a Growing Trend
    Eight states allow the formation of series LLCs (Delaware, Illinois, Iowa, Nevada, Oklahoma, Tennessee, Texas and Utah). A series LLC consists of a “master” LLC with one or more series of members, managers, interests or assets. Although contained within the master LLC, each series can have separate rights, powers and duties with respect to specific property and liabilities and can have ...
    Rated: +4
  • +4

    Tax Court Allows Deduction for Woman's Sex Change

    Tax Court Allows Deduction for Woman's Sex Change
    By Denise Lavoie, AP Legal Affairs Writer BOSTON — The U.S. Tax Court ruled Tuesday that a Massachusetts woman should be allowed to deduct the costs of her sex-change operation, a decision that could have broad implications for transgender people. Rhiannon O'Donnabhain (oh-DON'-oh-vin), who was born a man, sued the IRS after the agency rejected a $5,000 deduction for approximately $25,000 ...
    Rated: +4
  • +5

    New Deductions, Credits for 2009 Taxes

    New Deductions, Credits for 2009 Taxes
    WASHINGTON – More forms to file. New and expanded credits and deductions. When taxpayers sit down to file their 2009 returns, they will find plenty new — some the result of adjusting for inflation, and others changes passed by Congress last year to try to bring the country out of recession. "Depending on their individual situation, there could be good news ...
    Rated: +5
  • +4

    IRS Updates Method Thresholds for Vehicle Fringe Benefits

    IRS Updates Method Thresholds for Vehicle Fringe Benefits
    The IRS has updated for 2010 (Revenue Procedure 2010-10) the maximum allowable fair market value (FMV) of an employer-provided vehicle for which the cents-per-mile and fleet-average rules may be used in determining the value of an employee’s personal use of the vehicle. For passenger automobiles, the new maximum FMV is $15,300 for the cents-per-mile rule and $20,300 for the fleet-average valuation ...
    Rated: +4
  • +5

    IRS Announces Streamlined and Simplified Notices to Taxpayers

    IRS Announces Streamlined and Simplified Notices to Taxpayers
    WASHINGTON — The Internal Revenue Service today unveiled its first redesigned notices that are part of an on-going effort to improve the way it corresponds with taxpayers. The nine new notices are among the first to be reviewed and revised for clarity, effectiveness and efficiency. The agency also will create an office that ensures the effort to improve communications is on-going ...
    Rated: +5
  • +5

    Customer Service a Big Problem for IRS

    Customer Service a Big Problem for IRS
    Your favorite retailer thrives on customer service. I mean, if they don't make you happy, you stop shopping there, right? The IRS doesn't have that problem. If you're not happy with their service, well, so what? You still have to pay your taxes. Still, customer service at the IRS remains a big problem -- the biggest problem, in fact, according to ...
    Rated: +5
  • +5

    National Taxpayer Advocate Delivers Annual Report to Congress; Focuses on Taxpayer Service, Collection, Preparer Regulation

    National Taxpayer Advocate Delivers Annual Report to Congress; Focuses on Taxpayer Service, Collection, Preparer Regulation
    WASHINGTON — National Taxpayer Advocate Nina E. Olson today released her annual report to Congress, warning that increased demands on the IRS have eroded the agency’s ability to meet taxpayer service needs and expressing concern that IRS collection practices are harming financially struggling taxpayers without producing significant revenue gains. In the preface to the report, Olson noted that she is required ...
    Rated: +5
  • +6

    IRS, Maryland prepare for tax season

    IRS, Maryland prepare for tax season
    Jan. 6--Although the dreaded April 15 deadline for paying income taxes is some time away, the Internal Revenue Service and Maryland Comptroller's Office are gearing up for the filing season. At both the state and national levels, officials are moving to license preparers and help consumers avoid fraudulent preparers. In last year's General Assembly session, Maryland enacted a licensing requirement for ...
    Rated: +6
  • +5

    AICPA Expresses Concern Over Plan to Certify Non-CPAs

    AICPA Expresses Concern Over Plan to Certify Non-CPAs
    WASHINGTON, Jan. 5 /PRNewswire-USNewswire/ -- The American Institute of Certified Public Accountants supports a proposal announced today by the IRS to regulate U.S. tax preparers by requiring nationwide registration of paid tax return preparers in 2011. The IRS's goals are to enhance compliance and elevate ethical conduct of tax preparers which are consistent with the AICPA's code of conduct and tax ...
    Rated: +5
  • +4

    IRS to start regulating paid tax preparers

    IRS to start regulating paid tax preparers
    WASHINGTON - The Internal Revenue Service plans to start regulating paid tax preparers, requiring them to register with the government, pass competency tests and adhere to ethical standards. The new regulations, announced Monday, will not be in effect for the current filing season - individual tax returns are due April 15. But IRS Commissioner Doug Shulman said tax preparers will be ...
    Rated: +4
  • +6

    Tax Preparers get new Guidance on Section 7216

    Tax Preparers get new Guidance on Section 7216
    The IRS strikes ... and just in time for tax season, too. The agency has released temporary guidance that's meant to clarify what tax preparers can do to comply with Section 7216 of the Internal Revenue Code. According to the AICPA, Section 7216 "generally prohibits the disclosure or use of tax return information without the client’s explicit, written consent" -- and ...
    Rated: +6
  • +5

    IRS Issues Proposed Regulations on New Basis Reporting Requirement

    IRS Issues Proposed Regulations on New Basis Reporting Requirement
    WASHINGTON — The Internal Revenue Service today issued proposed regulations under a new law that will require reporting of basis and other information by stock brokers and mutual fund companies for most stock purchased in 2011 and all stock purchased in 2012 and later years. The reporting will be to investors and the IRS. This additional reporting will be optional for ...
    Rated: +5
  • +5

    All Aboard: the Impact of the New York State MTA Payroll Tax on Alternative Investment Fund Managers

    All Aboard: the Impact of the New York State MTA Payroll Tax on Alternative Investment Fund Managers
    ON MAY 7, 2009, NEW YORK GOVERNOR David Paterson signed into law Assembly Bill A08180, establishing the Metropolitan Commuter Transportation Mobility Tax (MCTMT, or MTA payroll tax).1 This bill was written to alleviate fare hikes and service cuts that were adopted as part of the Metropolitan Transportation Authority's (MTA) budget in April. The bill imposes a new tax on employers and ...
    Rated: +5
  • +3

    Worker, Homeownership, and Business Assistance Act of 2009

    Worker, Homeownership, and Business Assistance Act of 2009
    Last week congress overwhelmingly passed the “Worker, Homeownership, and Business Assistance Act of 2009.” This bill, which is expected to be signed into law shortly, includes several important tax law changes (one of those changes could result in a windfall for your business). The most published change in this bill is the extension of the First-Time Homebuyer Tax Credit. Under current ...
    Rated: +3
  • +2

    Family Business Owners and the Estate Tax - Part 2

    Family Business Owners and the Estate Tax - Part 2
    In my first post, Family Business Owners and the Estate Tax - Part 1, I discussed the not-so-probable repeal of the estate tax in 2010. As a recap, the administration has proposed that the 2009 rates and exemption amount be extended through 2010 (top rate of 45% and exemption amount of $3.5 million). This means it is likely that the estate ...
    Rated: +2
  • +2

    Family Business Owners and the Estate Tax - Part 1

    Family Business Owners and the Estate Tax - Part 1
    For many entrepreneurs and family business owners, the legacy and wealth they have worked so hard to build has long been threatened by the federal estate tax. Without proper planning, families can see up to 45% of their assets go to Uncle Sam rather than their intended beneficiaries (in some cases, certain assets can be subject to multiple levels of taxation ...
    Rated: +2
  • +2

    Federal Tax Forms List and Downloads

    Most Common Tax FormsForm 940 Employer's Annual Federal Unemployment Tax ReturnForm 1040 Individual Income Tax ReturnForm 1040, Schedule C Profit or Loss From BusinessForm 1040, Schedule C-EZ Net Profit From BusinessForm 1040, Schedule D Capital Gains and LossesForm 1040, Schedule SE Self-Employment TaxForm 1120 U.S. Corporation Income Tax ReturnForm 1120-S U.S. Income Tax Return for an S CorporationForm 4868 Application for ...
    Rated: +2