War Tax Protestors Get Break
The IRS has concluded that failure to pay part or all of one's federal incometax as part of an anti-war protest is still unacceptable, but is not necessarily frivolous, according to Forbes.read more
View ArticleIRS Issues Home Sale Tax Tip
Selling a home? The IRS has posted a list of key tax aspects of home selling that probably shatter a few myths among taxpayers. A 10-point list, plus a video and podcast, explains what is and is not on...
View ArticleThe IRS Is Looking for Volunteers
Is there a good reason to offer volunteer tax services? The IRS has six of them. In a recent Tax Tip, it said it was looking for volunteers to provide free tax help next year through its Volunteer...
View ArticleNew IRS Guidance on Restaurant Tips
Many restaurants put an automatic tip on bills for large parties. These will now get a new tax status, according to the recently released Topic 761 - Tips – Withholding and Reporting.The IRS now says...
View ArticleThere's a New W-9 Form in Town
Some recent tax changes have led the IRS to revise Form W-9, Request for Taxpayer Identification Number and Certification, as well as its accompanying instructions. Changes to FATCA and payment card...
View ArticleTIGTA: IRS Enforcement Down
A recently released report from the Treasury Inspector General for Tax Administration (TIGTA) said that the Internal Revenue Service has been having some trouble with the "revenue" part of their name...
View ArticleFed Shutdown: NY and Financial Angle
The papers and other news outlets are covering both the realities and exploded myths on Day 1 of the federal government shutdown. Below are some of the key issues affecting the world of tax and...
View ArticleNew IRS Notice on Travel Expenses
Recently released IRS Notice 2013-65 lists the per diem rates for taxpayers to use in calculating ordinary and necessary business expenses. Specifically noted are the rates for special transportation...
View ArticleIRS: Oct. 15 Deadline Still In Effect
Just because the government's shut down doesn't mean people can get away with not filing their taxes, according to the IRS.read more
View ArticleWSJ Lists Bad Places to Die
Just in time for Halloween, the Wall Street Journal has published an article outlining how different states handle that scariest of taxes: the so-called death tax. Although the federal estate tax...
View ArticleIRS Releases FATCA Notice
The Treasury Department and the IRS released today a notice that instructs foreign financial institutions on how to effectively comply with the Foreign AccountTax Compliance Act (FATCA) when they...
View ArticleIRS Can't Account for $948K in Assets
The Treasury Inspector General for Tax Administration (TIGTA) released a report today that said the IRS has done a poor job of keeping track of its IT assets, saying that an environment of ineffective...
View ArticleAICPA: Post-DOMA Guidance Needed
The AICPA has asked in an open letter that the IRS provide additional guidance for same-sex married couples now that the Defense of Marriage Act has been overturned by the Supreme Court.read more
View ArticleIRS Warns of New Phone Scam
Fishy callers saying that you owe the IRS money that needs to be paid back immediately through prepaid debit card or wire transfer are scammers who are after your money, according to the IRS. In a scam...
View ArticleIRS Sent Out $3.2B in Bogus Refunds
The IRS has sent out thousands of refund checks that were likely part of identity theft scams, according to USA Today. Overall, the IRS failed to detect 1.5 million fraudulent returns, ultimately...
View ArticleIRS Warns of Typhoon Relief Scams
It is a sad inevitability that wherever there are tragedies, there are people out there willing to exploit it, and the recent disaster in the Philippines is unfortunately no exception, according to...
View ArticleIRS Floats New 501(c)(4) Rules
The IRS has announced the release a new proposal that aims to clarify the extent to which tax-exempt organizations can take part in political activity.read more
View ArticleMedicare Tax Guidance Released
The IRS has released final rules on the implementation of the .9 percent Medicare tax on high earners, a part of the Affordable Care Act that has been in effect since the beginning of this year. Under...
View ArticleTIGTA Issues ACA Report
The IRS needs to strengthen systems development controls for the Premium Tax Credit (PTC) Project, according to the Treasury Inspector General for Tax Administration (TIGTA). The announcement was made...
View ArticleIRS Issues Annual Mileage Rates
Shaving a half-cent off key rates, the IRS has posted standard mileage rates for the use of cars, vans, pickups or panel trucks for the calendar year beginning Jan. 1, 2014. The new rates are: 56 cents...
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