April 23, 2014
United States Senators John Hoeven, R-N.D., and Maria Cantwell, D-Wash., have introduced a bill to modify new IRS rules they say make it too difficult for family farmers and small business owners to deduct equipment repair and supply expenses.
April 22, 2014
A former Potsdam orthodontist was sentenced Monday to more than eight years in federal prison for trying to cheat the Internal Revenue Service out of $36 million.
April 21, 2014
Registration for the 2014 IRS Nationwide Tax Forums is now open for enrolled agents, certified public accountants, certified financial planners and other tax professionals. Those who sign up by the pre-registration date will save $130 per attendee off the on-site price.
April 16, 2014
Even with the 10-day delay to this year's income tax filing season, the IRS has issued more in tax refunds compared to this point last year and more U.S. taxpayers used their home computers to file their returns, according to a report published today by the Treasury Inspector General for Tax Administration (TIGTA), which oversees…
April 15, 2014
It's the day after, and for some American taxpayers, there may be a lingering question... What can they do if they missed yesterday's April 15 deadline to file their income tax return and also didn't file an extension.
April 15, 2014
By law, the IRS can assess penalties to taxpayers for failing to file a tax return and for failing to pay taxes. But the failure-to-file penalty is generally higher than the failure-to-pay penalty.
April 15, 2014
But with income tax refund identity theft rapidly becoming a scourge, is the less than 300 cases for 2014 keeping up or even putting a dent in the epidemic? After all, in 2013 alone, there were 33,000 claims of identity theft just in Florida, one of the hardest hit states because of the abundance of…
April 14, 2014
April 15 is a day away and for the millions of American taxpayers who expect or have already filed and received a refund there's some surprising news. More than two thirds have decided to save their refund.
April 14, 2014
The Internal Revenue Service has released the 2014 version of “The Truth about Frivolous Tax Arguments.” The document describes and responds to some of the common frivolous tax arguments made by those who oppose compliance with federal tax laws. The cases cited demonstrate how frivolous arguments are treated by the IRS and the courts. The…
April 11, 2014
The White House now says without equivocation that 7.1 million individuals signed up for Obamacare by March 31, the deadline for open enrollment in 2014. But how many of those people actually paid for health insurance coverage acquired through the marketplace? That’s where the “counting” gets a little trickier.
April 7, 2014
According to a new study conducted by the UK-based accounting firm network UHY International, “Old” world economies charge higher inheritance and estate taxes than “New” world economies.
April 6, 2014
The IRS has been struggling in its efforts to close an estimated $385 billion “tax gap” between the amount that taxpayers owe and the amount they’ve actually paid. Now, to add another crushing weight, it has to ramp up Obamacare activities despite recent budget cutbacks.