A recent article from the IRS helps us better understand what an "Accountable Plan" really is. Check this out. Definition: An accountable plan is an employee reimbursement allowance arrangement or a method for reimbursing employees for business travel expenses that complies with IRS…
From Accounting Today: IRS Steps Up Enforcement and Audits of High-Income Taxpayers By Michael Cohn The Internal Revenue Service said Wednesday that it has observed problems with the filings for education tax credits that could be delaying processing of the tax…
By Joanne Fritz, About.com Guide Do you volunteer? If so, congratulations! Volunteerism is one of the most cherished of American values. You are one of the nearly 62.8 million Americans who volunteer every year, and the worth of your volunteer…
Confused about the wide world of 1031 Tax Deferred property exchanges? This article from ExchangeSmart.com lays it out for you. WHAT'S THE FIRST STEP? Always discuss a §1031 tax deferred exchange with your tax and/or legal advisors. Call Asset Preservation…
Taking social security? Emily Brandon of US News and World Report shares the changes that have arrived in 2013 in this very informative article. Estate planning tax advisor’s guide to 2013 Social Security updates The Social Security Administration has implemented…
The Internal Revenue Service provided advice to taxpayers Wednesday on dealing with the late opening of tax season on January 30 that could also prove helpful to tax preparers. For the first time this tax season, the "Where's My Refund?"…
Making millions? Be ready for an audit--check out this article we found in Accounting Today by Michael Cohn. IRS Steps Up Enforcement and Audits of High-Income Taxpayers The Internal Revenue Service reported that audits of individuals topped 1 million in…
By Charles Green, eHow Contributor You can help your tax preparer by bringing the required information with you. If you plan to have an accountant or tax preparing professional handle your taxes this year, you need to bring with you…
By Jim Buttonow: As seen in the Accounting Today Newsletter The internal Revenue Service has always been able to match individual returns against information statements and propose under-reporter adjustments that come in the form of CP2000 notices. But things are…
I had a dream of writing this blog on December 31st. Below is how I was going to rant: It is sad news that today is December 31 and we still do not have a resolution to this fiscal cliff…
IRS Special Edition Tax Tip 2012-14 Employers planning to claim an expanded tax credit for hiring certain veterans should act soon, according to the IRS. Many businesses may qualify to receive thousands of dollars through the Work Opportunity Tax Credit,…
What's this? Tax season could be delayed? I found this article in the Accounting Today newsletter and thought it was quite informative. Here's my take on this issue as well: Without knowing what the laws are, the IRS cannot finish…
Washington, D.C. (December 13, 2012) By Daniel Hood The Internal Revenue Service has given businesses an extra year to make sure they are compliant with new rules on how to treat service charges. The rules were released in Revenue Ruling…
By Bonnie Lee, Fox Business The holiday season is upon us and now is the time for small business owners to finalize their year-end tax planning. There are ways to minimize the tax hit that often comes at this time…
I found this post by Michael Cohn on Accounting Today to be useful for various income situations I run across in our practice. Check out his detailed information on how folks in lower tax brackets can save for retirement. By…