Income Tax | AccountingWEB.com

Paging All Capitol Hill Staffers: Pay Your Taxes!

02/06/2012 - 15:17 - 337 reads

Mitt Romney isn't the only one in Washington, DC, with his tax returns under the microscope. According to new data released by the IRS, 3 percent of Senate employees and more than 4 percent of House members still owe tax for the 2010 tax year, adding up to approximately $10.6 million in unpaid taxes.

Most Say It's Wrong to Cheat on Taxes; Some Say It's Okay

02/03/2012 - 13:31 - 140 reads

Most taxpayers – the vast majority, in fact – say they would never cheat on their taxes and that it's wrong to do so. However, to 8 percent of taxpayers polled, it's okay to cheat "as much as possible."

Free Spreadsheet-Based Form 1040 Available for 2011 Tax Year

02/03/2012 - 12:23 - 1265 reads

Glenn Reeves of Burlington, Kansas, recently released his fifteenth annual spreadsheet-based version of the U.S. Individual Tax Return, commonly known as Form 1040. Since 1997, Reeves has pursued this "labor of love," which means he allows any taxpayer to download and use the spreadsheet for free.

Romney Pays Low Tax, But It's Perfectly Legal

02/02/2012 - 15:55 - 550 reads

Romney has been catching a lot of flak for the relatively small amount of tax he pays, despite the millions in assets that he owns. But the GOP front-runner for president is only doing what the filthy rich usually do: paying the least amount of income tax they are legally obligated to pay.

The Ins and Outs of New Reporting Rules in 2012

02/01/2012 - 11:39 - 1065 reads

New cost basis reporting rules now apply to Form 1099-B sent to investors and to the IRS. But other onerous reporting rules for businesses and landlords scheduled to take effect in 2012 have been repealed. If you're confused, you're not alone. Here's a brief recap on what is and isn't taking place this year.

Talk of Taxes and Economic Growth Rose above Fray at Florida Debate

01/30/2012 - 17:23 - 621 reads

On January 23, the remaining contenders for the GOP presidential nomination hit the ground running in Tampa. Romney and Gingrich dominated the debate and traded barbs over character and electability. But, despite the fireworks, core issues – tax reform, deregulation, and economic growth – were discussed.

There's Still Time to Renew Your 2012 PTIN

01/12/2012 - 10:58 - 1668 reads

The Internal Revenue Service (IRS) is giving procrastinators a second chance. It says it will continue to accept renewals for Preparer Tax Identification Numbers (PTINs) after the official deadline for 2012 has passed. There's no definitive length of the extension, so it's up to you to act as soon as possible.

Video News Update for Week of January 9, 2012

01/09/2012 - 21:02 - 763 reads

AccountingWEB's Weekly News Update for the week of January 9, 2012 is available in video format!

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IRS Targets the Super-Rich for More Audits

01/09/2012 - 18:05 - 1294 reads

It's not who you are or what you do, but how much you earn, as far as the IRS is concerned. New data released by the IRS indicates that the chances of being audited increase dramatically if your income reaches into seven figures. On the flip side, taxpayers earning less than $200,000 can rest a little easier.

Cain Vows to Keep 9-9-9 Part of GOP Presidential Race

01/09/2012 - 14:12 - 1145 reads

Earlier this month, Herman Cain announced that, despite the fact he is no longer on the GOP ballot, he will continue to take his 9-9-9 tax reform and economic recovery plan to the public through his newly formed Solutions Revolution bus tour and media blitz.