June 12, 2014
Income from an S corporation, which flows through to its shareholders and is taxed at the individual level, is normally not subject to self-employment tax. Most S corporations, however, have shareholders performing substantial services for the corporation as officers and otherwise.
June 10, 2014
The National Society of Accountants has announced that Internal Revenue Service Commissioner John Koskinen will deliver the keynote address at the organization's 69th Annual Meeting, which will be August 20-23, 2014 at the Hyatt Regency Inner Harbor in Baltimore, Maryland.
June 10, 2014
The Internal Revenue Service has created a "Taxpayer Bill of Rights" that will become a cornerstone document to provide the nation's taxpayers with a better understanding of their rights.
June 5, 2014
It all has to do with the current tax rules for business entertainment. To be deductible as entertainment that is “associated with” your business, the activity must take place immediately before or after a substantial business discussion. Usually, this means the discussion has to be on the same day as the entertainment, but it could…
June 5, 2014
Imprisoned former Rep. Jesse Jackson Jr.'s projected release date is now Sept. 20, 2015, more than three months earlier than listed previously, federal officials confirmed Monday.
June 5, 2014
The Internal Revenue Service (IRS) has not made enough progress in reducing improper payments of Earned Income Tax Credits (EITC), according to a new report by the Treasury Department agency that oversees the nation's tax collectors.
June 5, 2014
The U.S. Department of the Treasury and Internal Revenue Service (IRS) have issued final guidance specifying that a wide range of benefits and services provided by Indian tribal governments qualify for the general welfare exclusion from income. These include programs for housing, education, cultural and religious purposes, and the elderly and disabled, among others.
June 4, 2014
American taxpayers living abroad generally qualify for an automatic two-month extension to their federal income taxes. Well, that time's almost up. Ex-pat taxpayers are required to file their 2013 federal income tax returns, or extension requests, by Monday, June 16, according to the Internal Revenue Service.
June 3, 2014
It’s smart to try to get ahead in your field or at least keep pace with the latest developments. So some of your clients may be planning to put down their work tools and pick up books again as another school year beckons. Can a taxpayer deduct any education expenses if he or she is…
June 3, 2014
The Internal Revenue Service says that interest rates will remain the same for the third calendar quarter of this year, which begins July 1, 2014.
June 3, 2014
However, there’s a silver tax lining if the pool is needed by a family member to alleviate arthritis or some other specific illness. For a medically-necessary improvement made by a homeowner, the deductible amount is equal to the cost above the corresponding increase in the home's value. In addition, the annual maintenance costs associated with…
June 2, 2014
The Internal Revenue Service has released the spring 2014 issue of the Statistics of Income Bulletin, which provides information on high-income individual income tax returns filed for tax year 2011.