Tax news

Practice

Don’t Leave Money on the Table When You Suspect IRS Error

The IRS isn't always perfect in its calculations of underpayment interest and refund interest. Two BDO USA professionals, Cathy Stopyra and Todd Simmens, provide advice so you don't walk away from overpayments that are rightfully owed to your company.
A&A

Bramwell’s Lunch Beat: California Soda Tax Measures – Whose Is Better?

The menu for July 23 features specials on FASB looks at revamping income statement, two courts issue conflicting rulings on Obamacare subsidies, Senate advances bill to end tax breaks for outsourcing, and more.
A&A

Bramwell’s Lunch Beat: ACA Tax Subsidies Take Major Hit in Federal Appeals Court

The menu for July 22 features specials on Renaissance hedge fund escaped more than $6 billion in taxes, Lois Lerner’s emails may exist after all, Senate Finance Committee holds hearing on inversions, and more.
Tax

Poll: Smokers Fired Up Over Increases in Cigarette Taxes

A new Gallup survey found that 58 percent of smokers in the United States see increased state and federal taxes on cigarettes as an act of unjust discrimination, while 39 percent believe the tax hikes are justified.
A&A

Bramwell’s Lunch Beat: Detroit CPA Firms Give Top Prospects the ‘Detroit Experience’

The menu for July 21 features specials on some liberal groups oppose moratorium on Internet access taxes, lawmakers urge SEC not to allow choice of accounting rules, Tea Party groups’ lawsuit vs. IRS moves ahead, and more.
Tax

Sales Tax Confusion: Either Way, You're Screwed

If you don't collect enough sales tax, you're in trouble with the state. Collect too much and the lawyers will be after you. Vendors may feel they're in a no-win situation.
Tax

IRS: Assess Changes Now That May Affect Your Premium Tax Credit

Certain “changes in circumstances,” such as in household income or family size, could alter how much eligible taxpayers receive in health insurance premium tax credits, the IRS cautioned on Friday.
Tax

How to Manage the 'Stealth Tax' Today

ATRA revived partial disallowances of write-offs for dependency exemptions and most itemized deductions. The provision affects higher-income individuals. What's the deal right now--including the 2014 exemptions?
A&A

Bramwell’s Lunch Beat: DOJ Says It Learned of Lost IRS Emails Through Media Reports

The menu for July 18 features specials on House extends charitable giving tax breaks, a potential divide between two House panels in IRS probe, AbbVie gets its wish of a lower tax rate, and more.
Practice

Stop! Delete Circular 230 Disclaimer from Client Emails

You know all that Circular 230 disclaimer copy you thought you had to put in all your emails? That small-print notice every single one of your clients ignored? The IRS wants you to stop.
A&A

Bramwell’s Lunch Beat: IRS Budget Cuts Run Deep in US House

The menu for July 17 features specials on revenue recognition group holds first meeting on Friday, DOJ now investigating lost IRS emails, White House threatens veto on charitable giving tax breaks, SEC chair remarks on 4th anniversary of Dodd-Frank Act, and more.
Tax

Taxpayer Advocate Wants Exam Added to IRS Voluntary Tax Preparer Program

In her annual midyear report to Congress on Wednesday, National Taxpayer Advocate Nina Olson said she wants the IRS to develop a competency exam for preparers by 2016 as part of the agency's Annual Filing Season Program.
Tax

A Kinder, Gentler IRS Is More Willing to Compromise

The IRS recently announced changes to its "offer-in-compromise" program that should improve the chances of such an offer being accepted. The IRS has also revised Form 656, used for OIC requests.
A&A

Bramwell’s Lunch Beat: Obama Administration Is Tired of Inversions

The menu for July 16 features specials on House passes short-term highway fund fix, US inspection of Chinese audit firms may happen this year, Senate has other plans for Internet Tax Freedom Act, Crowe Horwath names new CEO, and more.
Tax

Permanent Ban on Internet Access Taxes Backed by US House

All that was needed on Tuesday was a voice vote for the House of Representatives to pass a bill that would prevent state and local governments from taxing access to the Internet. Now the ball is in the Senate's court to pass its bill before the Nov. 1 deadline.
Tax

AICPA Files Lawsuit to Stop IRS Voluntary Preparer Education

The federal lawsuit, filed on Tuesday, said the IRS’s new Annual Filing Season Program is “unlawful” and an attempt to bypass two courts’ rulings that prevent the agency from mandating continuing education and competency testing of unlicensed tax return preparers.
Tax

Ex-CA Tax Preparer Gets 18 Months in Jail for Defrauding the IRS

According to court documents, Rene R. Lopez of Van Nuys, California, prepared and filed at least 85 fraudulent income tax returns with the IRS, claiming $130,797 in false income tax refunds, from 1998 through 2001.
A&A

Bramwell’s Lunch Beat: Mylan/Abbott Labs’ ‘Spinversion’ Deal

The menu for July 15 features specials on EY to pay $4 million fine in lobbying case, House backs cuts to IRS budget, NASCAR tracks lobby for tax cuts, Citigroup to get a tax break as part of settlement, and more.
A&A

Bramwell’s Lunch Beat: Hedge Fund’s Tax Maneuvers Under Scrutiny by Lawmakers

The menu for July 14 features specials on UK to tighten rules on foreign takeovers, House likely to vote on highway fund bill this week, another judge wants answers on lost IRS emails, and more.
Tax

The Strange Case of the Blood Deduction

Few tax rules are as long standing and as stringently enforced as the blanket prohibition of deductions for the costs of commuting between home and work. Then came the woman who sold blood and presented novel interpretations of the tax code.

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