1. Articles in category: Individual Tax

    1-24 of 88 1 2 3 4 »
    1. Taxpayer Advocate recommends IRS dedicate more employees to taxpayer service | Accounting Today

      National Taxpayer Advocate Nina Olson said in a report Wednesday the Internal Revenue Service ran a generally successful filing season this year, but it needs to assign more employees to taxpayer service instead of enforcement. In her midyear report to Congress, Olson, who heads the IRS’s Taxpayer Advocate Service, praised the IRS for reducing the prevalence of identity theft this past tax season.

      Read Full Article
    2. Trump’s tax reform priorities unveiled - Journal of Accountancy

      Trump’s tax reform priorities unveiled - Journal of Accountancy

      The White House on Wednesday issued President Donald Trump’s goals and key features for tax reform, including slashed corporate tax rates, flattened individual marginal income tax brackets, and repeal of the estate and alternative minimum taxes. Trump outlined his proposals in a one-page sheet of bullet points headed “2017 Tax Reform for Economic Growth and American Jobs” and “The Biggest Individual and Business Tax Cut in American History.” Speaking to reporters at the White House, Treasury Secretary Steven Mnuchin and Trump economic adviser Gary Cohn described the president’s priorities, but repeatedly rebuffed requests for details, saying those would ...

      Read Full Article
    3. AICPA asks Congress to pass tax corrections legislation | Accounting Today

      The American Institute of CPAs wants Congress to reintroduce legislation to make various technical corrections in the tax laws. In a letter Wednesday, the AICPA urged leaders of Congress’s tax committees, the House Ways and Means Committee and the Senate Finance Committee, to reintroduce the Tax Technical Corrections Act of 2016. It was originally introduced last December in both houses of Congress by Democrats and Republicans.

      Read Full Article
    4. Domestic Manufacturers Probably Over-claimed Tax Deductions

      Domestic Manufacturers Probably Over-claimed Tax Deductions

      The IRS does not have enough controls in place to make sure U.S. manufacturers are properly claiming the Domestic Production Activities Deduction on their tax returns, according to a new report. The report, from the Treasury Inspector General for Tax Administration, identified 2,829 companies that filed returns for 2013 potentially overclaiming the DPAD by more than $27 million. The tax deduction dates back to a 2004 law known as the American Jobs Creation Act.

      Read Full Article
    5. IRS Hopes to Collect Billions in Taxes from Nonfilers

      IRS Hopes to Collect Billions in Taxes from Nonfilers

      The Internal Revenue Service plans to make changes in how it deals with people who don’t file tax returns to collect billions of dollars in lost tax revenue, according to a new report. The report, from the Treasury Inspector General for Tax Administration, said the IRS has a strategy in place as part of its Case Creation Nonfiler Identification Process to identify taxpayers who have not filed a tax return and are required to do so if their income is above a certain threshold.

      Read Full Article
    6. IRS Offers Tax Relief for Hurricane Matthew Victims

      IRS Offers Tax Relief for Hurricane Matthew Victims

      The Internal Revenue Service is giving victims of Hurricane Matthew in North Carolina extra time to file their tax returns and make tax payments. North Carolina victims of the hurricane that left a path of destruction and flooding this past weekend will get until March 15, 2017, to file certain individual and business tax returns and make certain tax payments, with similar relief expected soon for Hurricane Matthew victims in other states, the Internal Revenue Service said Friday.

      Read Full Article
    7. IRS Extends Tax Deadlines for Louisiana Storm Victims

      IRS Extends Tax Deadlines for Louisiana Storm Victims

      The Internal Revenue Service is giving victims of the recent catastrophic storms and flooding in Louisiana until Jan. 17, 2017 to file some of their individual and business tax returns and make certain tax payments. The IRS said Monday that they, along with workers who are helping with relief activities and are affiliated with a recognized government or philanthropic organization, also qualify for tax relief.

      Read Full Article
    8. It Doesn’t Take a Genius to Understand the Need for Tax Professionals

      It Doesn’t Take a Genius to Understand the Need for Tax Professionals

      You may have seen recent ads by a major tax preparation provider claiming that, “it doesn’t take a genius to do your taxes”. Unfortunately, they’re right. I’m not a genius. You’re probably not a genius. Neither is the mechanic that recently fixed the brakes on my car. But, all of us have one thing in common: we know our trade. It’s not only what we’ve been trained to do, it’s what we do every day. That knowledge and experience should not be underestimated.

      Read Full Article
    9. IRS Takes Average of 278 Days to Resolve Identity Theft Cases, And That's An Improvement Over 2013

      IRS Takes Average of 278 Days to Resolve Identity Theft Cases, And That's An Improvement Over 2013

      Victims of identity theft continue to experience delays and errors in receiving their income tax refunds from the IRS, according to a report publicly released today by the Treasury Inspector General for Tax Administration (TIGTA). This audit follows up on a report from 2013 which concluded that the Internal Revenue Service was not providing quality customer service to identity theft victims. The objective was to determine whether the IRS is improving its assistance to victims of identity theft.

      Read Full Article
    10. What You Should Know: New Tax Filing Requirements Due to Obamacare

      What You Should Know: New Tax Filing Requirements Due to Obamacare

      Whether we like to admit it or not, we are a society of procrastinators. We know there are many who have not filed their tax returns yet─and many who are still struggling to make sense of the new tax filing requirements due to Obamacare. With that being said, here’s a quick guide to help you understand and navigate this area of your tax filings.

      Read Full Article
    11. IRS Gives Employers Extension on Filing for Work Opportunity Tax Credit

      IRS Gives Employers Extension on Filing for Work Opportunity Tax Credit

      The Internal Revenue Service is giving employers extra time beyond the 28-day deadline for submitting a form to claim the Work Opportunity Tax Credit after the WOTC was extended late last year by Congress. Notice 2015-13 provides guidance on Section 119 of the Tax Increase Prevention Act of 2014, which was enacted Dec. 19, 2014, and extended a host of tax breaks through the end of last year.

      Read Full Article
    12. PIN Pilot Offers Taxpayers ID Theft Protection

      PIN Pilot Offers Taxpayers ID Theft Protection

      An ongoing pilot program from the Internal Revenue Service is offering an Identify Protection Personal ID Number to taxpayers who filed federal returns last year in Georgia, Florida or the District of Columbia. The IP PIN is a six-digit number that is used on a tax return, in addition to a Social Security number, to verify the taxpayer’s identity. Taxpayers who qualify can visit IRS.gov (www.irs.gov/getanippin) to register and create an account.

      Read Full Article
    13. 8 Tips to Reduce the Risk of Identity Theft | CPA Practice Advisor

      8 Tips to Reduce the Risk of Identity Theft | CPA Practice Advisor

      The Internal Revenue Service has issued a filing season alert warning taxpayers to watch out for identity theft at tax time, one of the year’s “Dirty Dozen” tax scams. The IRS continues to aggressively pursue the criminals that file fraudulent returns using someone else’s Social Security number. “We remain dedicated to stopping tax-related identity theft and protecting taxpayers, and we are making important progress on that front.

      Read Full Article
    14. National Taxpayer Advocate’s 2014 Annual Report Focuses On Erosion of Taxpayer Services

      National Taxpayer Advocate’s 2014 Annual Report Focuses On Erosion of Taxpayer Services

      As you’ve been reading the news over the past several months, you’ve probably noticed headlines such as IRS Cuts Taxpayer Service as Filing Returns Gets Harder,” IRS Service at ‘Unacceptably Low Levels’,” and IRS Customer Service: Why It’s Only Getting Worse.” In fact, both IRS Commissioner John Koskinen, and National Taxpayer Advocate Nina Olson, have predicted that 2015 will be an extremely difficult filing season. We all know that budget woes have plagued governments at all levels, causing their employees to be expected to do the same amount of work, and usually more, with shrinking resources. Having ...

      Read Full Article
    15. How to Take Advantage of Employment Tax Credits | CPA Practice Advisor

      How to Take Advantage of Employment Tax Credits | CPA Practice Advisor

      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 breaks, the Tax Increase Prevention Act of 2014 (TIPA) – signed by the president on December 19 -- authorizes employers to claim tax credits for hiring certain disadvantaged workers, retroactive to the beginning of the year. However, these tax provisions expired again on December 31, 2014.

      Read Full Article
    1-24 of 88 1 2 3 4 »
  1. Categories

    1. Segments:

      Client Accounting Services, Construction, Family Business, Healthcare, HNW/Individual, Investor Services, Manufacturing/Distribution, Not for Profit, Professional Services, Real Estate, Retail/Restaurant, Small Business, Strategic Growth Advisory, Technology, Transaction Services, Virtual Accounting Solutions
    2. Service Type:

      Audit, Corporate Tax, ERISA Audit, Estate and Tax Planning, Individual Tax, International Tax, IT Audit, Litigation Support, State and Local Taxes
    3. General:

      Global, Local Economy, Management, Politics, Revenue Recognition, Talent Management, Windham Brannon
    4. Internal:

      Marketing, Newsletter
    5. WB Author:

      Amber Brown, Barbara Coats, Brent Wilkinson, Carlye Dooley, Carolyn Riticher, Charles McGimsey, Cheryl Yarbrough, Courtnay Bazemore, Dean Flores, Denise Mummert, Donna Caruso, Doug Neal, Greg Spangler, Heidi LaMarca, Herb Barnes, John Carpentier, John Henriquez, Kerry Buchan, Kristi Johnson, Lee Hodges, Maggie Wise, Mary Beth Saylor, Matthew Levin, Nicholas Perrins, Nicole Suk, Rebecca Smith, Rebekah Judge, Richard Yelton, Tim Clancy, Tom Leahey, Valerie Barckhoff
  2. Popular Articles