Tax news

Tax

IRS: Interest Rates Remain Unchanged for Q4 of 2014

The interest rates announced by the IRS on Wednesday are computed from the federal short-term rate, which was determined during July 2014 to take effect Aug. 1, 2014, based on daily compounding.
Wealth management

How to Strategize Your Charitable Contributions

Charitable contributions provide great flexibility: You can use checks and credit cards down to the wire, and donated property can give you a lot of tax-savings bang for your buck.
A&A

Bramwell’s Lunch Beat: Free Lunch? The IRS Won’t Put Up With It

The menu for September 3 features specials on PwC’s role at Standard Chartered under microscope, experts say BK deal will definitely reduce burger chain’s taxes, Colorado’s missing pot taxes, and more.
Practice

IRS Releases Draft Instructions for ACA Employer Mandate

The US Treasury Department and the IRS on August 28 released draft guidance on the reporting requirements for forms 1094-B and 1095-B, as well as forms 1094-C and 1095-C.
A&A

Bramwell’s Lunch Beat: Arthur Andersen Name Is Making a Comeback

The menu for September 2 features specials on Treasury secretary to speak on tax reform and inversions next week, public pension funds stay quiet on inversions, some Swiss banks pull out of US tax program, and more.
Tax

With Freelancers' Tax Returns, It's All About Timing

As part of end-of-year financial planning, the self-employed should review perfectly legal tax-trimming tactics that must be taken by December 31 if they aren't to be lost forever.
A&A

Bramwell’s Lunch Beat: Could BK Deal Put Buffett and Obama at Odds?

The menu for August 29 features specials on EY audit deficiency rate was 49% in 2013, hedge funds look for clues on Treasury’s inversion crackdown, SEC issues whistleblower award, and more.
Tax

How to Take Business Convention Deductions

You generally get a good deduction but be careful, especially when travel outside of North America is involved. The IRS has some strict rules and a "reasonableness test."
A&A

Bramwell’s Lunch Beat: FASB Puts Onus on Management for Going Concern Disclosures

The menu for August 28 features specials on MF Global lawsuit against PwC will go to trial, CAQ releases new judgment tool for auditors, KPMG faces criticism for Espírito Santo audit work, and more.
Wealth management

How to Find the Cap Gain Tax Balance

Accountants often have to deal with the results of any investment advice clients obtained during the year, so it's a good idea for them to become adept at the deceptively tricky cap gains rules.
A&A

Bramwell’s Lunch Beat: Inventory Surfaces as Top Accounting Issue

The menu for August 27 features specials on seven US companies whose effective tax rates are shrinking, CFOs running the numbers on inversion, GOP Senate candidate calls for gas tax reduction, and more.
Tax

Study: Airlines Get $1 Billion in Fuel Tax Breaks Per Year

The report, released on Tuesday by UNITE HERE International Union, found that the US airline industry received tax breaks on more than 12 billion gallons of jet fuel in 2013 through obscure tax codes in 37 states.
A&A

Bramwell’s Lunch Beat: Burger King’s Whopper of a Deal

The menu for August 26 features specials on two top House Republicans profited from inversion deal, GOP charges IRS with conflict of interest, judge questions shareholder deal in HP/Autonomy accounting fraud case, and more.
A&A

Bramwell’s Lunch Beat: Is an Inversion Next on Burger King’s Menu?

The menu for August 25 features specials on the specter of Ronald Reagan’s tax cuts is haunting Republicans, a tax-avoidance strategy not as scrutinized as inversions, now’s the time to open a charitable-gift fund, and more.
Tax

Tax Forms: The 'Miscellaneous' Strategy

Yes, Schedule A is where itemizers claim deductions for miscellaneous expenses. But Schedule A is also a good place for some sophisticated tax planning—if you know the strict IRS rules.
Tax

Breaker 1-9: Highway Use Tax Returns Due September 2

The highway use tax applies to highway motor vehicles with a taxable gross weight of 55,000 pounds or more, which generally includes trucks, truck tractors, and buses. The Labor Day holiday pushed the due date for Form 2290 back two days.
Tax

Koskinen Places Blame for Long IRS Wait Times on Congress

During a speech at the National Society of Accountants' Annual Meeting on Thursday, the head of the IRS said wait times for phone service will increase through the rest of the year because of a lack of staff due to the agency's budget being slashed.
A&A

Bramwell’s Lunch Beat: Meet the Treasury’s Inversions Point Man

The menu for August 22 features specials on PCAOB’s struggles with conflicts in audits, settlement forces Bank of America to set aside borrower tax relief, one accountant’s daily routine, and more.
A&A

Bramwell’s Lunch Beat: Quite the Guarantee Offered to Davenport University Accounting Students

The menu for August 21 features specials on ALS Ice Bucket Challenge charitable donations, Bank of America settles, Rep. Paul Ryan backs cut to mortgage tax break, and more.
Tax

A Fair Tax Shake on Quid Pro Quo Contributions

A taxpayer can deduct contributions made to a qualified charity. These donations are typically made "with no strings attached." But what happens when you receive something of value in return?

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