From the AICPA Journal of Accountancy website: The bill modifies the due dates for several common tax returns, overrules the Supreme Court’s Home Concrete decision, requires that additional information be reported on mortgage information statements, and requires consistent basis reporting between estates and beneficiaries. To view the full article go to: http://www.journalofaccountancy.com/news/2015/jul/tax-return-due-dates-changed-201512746.html
IRS collection launches early interaction initiative
From the IRS website: The goal of the initiative is to help employers understand and meet their payroll tax responsibilities, prevent missed payments from becoming delinquencies and delinquencies pyramiding out of control. To view the full article go to: http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/IRS-Collection-Launches-Early-Interaction-Initiative
Tax relief for victims of severe storms in Texas
From the IRS website: Residents of multiple Texas counties qualify for delayed tax deadlines as tax relief for the severe storms suffered earlier this year. To view the full article go to: http://www.irs.gov/uac/Tax-Relief-for-Victims-of-Severe-Storms-Tornadoes-Straight-line-Winds-and-Flooding-in-Texas
The Supreme Court’s DOMA decision raises more questions than answers
From the AICPA Tax Insider website: The Windsor decision held a federal restriction on the definition of marriage as between a man and a woman was unconstitutional, but it left many questions unanswered. To view the full article go to: http://www.cpa2biz.com/Content/media/PRODUCER_CONTENT/Newsletters/Articles_2013/Tax/DOMAdecision.jsp
A new option for the home office deduction
From the AICPA Tax Adviser website: The Internal Revenue Service recently created a new, simplified safe-harbor method for taking the home office deduction that many taxpayers may prefer over the traditional, actual-expense method. This article takes an in-depth look at the advantages and disadvantages of each method for particular taxpayers. To view the full article […]
Nine factors that determine whether an activity is a hobby
From AICPA Tax Adviser website: Taxpayers often want to deduct all of their expenses incurred in an activity, arguing that it is a business. The Internal Revenue Service will classify many of these activities as hobbies — meaning expense deductions are limited to the amount of income generated. Here are the nine ways to tell […]
Start of tax season delayed until Jan. 30 or later
From Journal of Accountancy website: The IRS announced on Tuesday that it plans to open the 2013 filing season and begin processing many individual income tax returns on Jan. 30 (IR-2013-2). However, not all taxpayers will be able to start filing returns on that date. For businesses with depreciation, Form 4562 will not be available […]
Congress passes fiscal cliff act
From the Journal of Accountancy website: Pulling back from the “fiscal cliff” at the 13th hour, Congress on Tuesday preserved most of the George W. Bush-era tax cuts and extended many other lapsed tax provisions. To view the full article go to: http://www.journalofaccountancy.com/News/20137097.htm
Gift tax options for procrastinators
From the Reuters website: Tax bills on big gifts are set to increase substantially at year’s end, and that means the timing couldn’t be better to pass on a gift. With just five weeks left until the end of 2012, developing a flexible and legally solid estate plan needs to be done quickly. To view […]
C corporations back in vogue?
From the AICPA website: As a result of President Barack Obama’s threatened veto for any extension of Bush-era tax cuts for taxpayers making more than $250,000, business owners should take a second look at operating all or some of their activities through existing or newly established C corporations to lower overall effective tax rates. To […]
