May 13, 2014
Are your clients making plans to send their kids off to camp this summer? Depending on the arrangements, they may be entitled to claim a healthy tax credit – the dependent care credit (also known as the “child care credit” ) – for the daily expenses. However, there are no tax benefits available for overnight…
May 13, 2014
After several years of head-scratching, the IRS has finally offered guidance on the tax treatment for virtual currencies like Bitcoin (IRS Notice 2014-21). In brief, taxpayers have been advised to treat Bitcoin as property for U.S. tax purposes. But accountants, particularly those with small business clients, are still struggling to get a better handle on…
May 11, 2014
If a client owns a “vacation home” in a resort area – say, a seaside cottage or a mountaintop cabin – the family may enjoy getaways there during the summer months. But when the kids grow up and the trip becomes a hassle, the place may lie dormant for much of the season. It could…
May 8, 2014
The IRS recently released new tax forms for Tax Year 2014, for which individuals will file by April 15, 2015.
May 8, 2014
The IRS will be holding two free webinars for small businesses and encouraging them to check out several key tax benefits and a special relief program for employers who reclassify their workers as employees.
May 7, 2014
The National Society of Accountants (NSA) is offering an intensive NSA Enrolled Agent Exam Review Course August 18-20, 2014, in Baltimore, Maryland.
May 5, 2014
May 15 is the filing deadline for most tax-exempt organizations, and those who miss filing may risk the loss of their tax-exempt status.
May 5, 2014
Although the actual risk is very low that most Americans will face an IRS audit of their taxes, the fear of that potential is a strong factor that keeps most taxpayers on the level, according to a new report from WalletHub, a financial management and information website for consumers.
May 4, 2014
Reminder for small tax-exempt organizations to file IRS Form 990-N annually to stay in compliance.
April 27, 2014
Now that this year’s tax filing season for individuals is over, it’s time to concentrate on saving taxes in 2014. All too often, professional tax advisors don’t reach out to their clients until the very end of the year when it might be too late for them to implement meaningful tax planning strategies. Break up…
April 24, 2014
The Internal Revenue Service has increased the annual limitation on deductions for Health Savings Accounts for 2015, the agency announced on Wednesday.
April 23, 2014
According to a new report by the watchdog agency that oversees it, an award program for Internal Revenue Service (IRS) employees honored some less than honorable staff.