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Income tax

IRS announces qualified disaster treatment for Chile

03/11/2010 - 17:27 - 810 reads

The Internal Revenue Service this week issued guidance designating the February earthquake in Chile as a qualified disaster for federal tax purposes.

Basketball and income tax: An unlikely pair? Not necessarily

03/11/2010 - 10:35 - 1033 reads - 1 comment

What does it take to get spectators in the seats at a New Jersey Nets basketball game? The latest promotion is to give away free state tax preparation by well-known tax professional Roni Deutch.

QuickBooks at tax time: Cleaning up your client's QuickBooks data

03/09/2010 - 01:21 - 974 reads

Though QuickBooks is very easy to use, our clients often create numerous setup and data entry errors that we have to troubleshoot. This troubleshooting often coincides with tax time.

Millennials: Get the tax refund you deserve

03/04/2010 - 12:22 - 1115 reads

The Illinois CPA Society offers six 2009 tax filing tips for the under-30 crowd

10 tips for small businesses to reduce risk of an audit

03/04/2010 - 11:58 - 1346 reads

Company.com, an information and lead generation services portal for small and medium-sized businesses, has provided us with a list of ten tips for helping businesses avoid IRS tax audits.

Potpourri of celebrities and their dealings with the tax man

03/01/2010 - 11:00 - 1249 reads

Rapper Snoop Dogg, nee Calvin Broadus, is in trouble with the Internal Revenue Service again. On January 19, the IRS filed a lien with the Los Angeles County Recorder of Deeds against Snoop Dogg and his wife, Shante.

Tax return preparation fees vary by type of return, geographic region

02/24/2010 - 17:01 - 9555 reads

Individuals who hire professional tax return preparers are getting their money's worth, according to the National Society of Accountants (NSA).

10 new tax savings on 2009 Form 1040

02/18/2010 - 12:31 - 3930 reads

"The payoff for grasping new tax breaks can be substantial on the 2009 version of Form 1040," said Bob D. Scharin, senior tax analyst for the Tax & Accounting business of Thomson Reuters.

Partnership taxation: New ownership disclosures require extra digging

02/16/2010 - 23:19 - 2953 reads

Beginning with the 2009 tax year, partnerships are required to answer two new questions when filing Form 1065. These two questions essentially ask for a chain of ownership involving the partnership.

IRS wants businesses to disclose all uncertain tax positions

02/10/2010 - 23:07 - 2612 reads - 1 comment

The IRS has announced that it is developing a schedule to be filed with the Form 1120 that will require certain business taxpayers to disclose and describe uncertain tax positions on their tax returns.

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