Tax news

Practice

Foreign Banks Given Transition Period for FATCA Compliance

New IRS guidance treats 2014 and 2015 as a transition period for foreign banks that have shown “good faith efforts” in their compliance of the US tax-evasion law, which goes into effect on July 1.
Tax

House Contempt Vote for Lois Lerner Is Expected Next Week

A proposal calling for US Attorney General Eric Holder to appoint a special counsel in the investigation into the IRS’s targeting of conservative groups will also be considered in the House next week.
A&A

Bramwell’s Lunch Beat: Lack of Accounting Queries Stumps SEC

The menu for May 2 features specials on the tax extenders really ARE tax cuts, AstraZeneca nixes new Pfizer bid, revenue recognition crunch time, PCAOB looking to fill Standing Advisory Group terms, and more.
A&A

Bramwell’s Lunch Beat: SASB Adds Heavy Hitters to Its Board

The menu for May 1 features specials on bills rolling out to stop IRS bonuses to delinquent workers, IRS chief addressing US companies’ offshore tax deals, CFOs bracing for new revenue recognition standard, and more.
Wealth management

New Rules—and Lawsuits—for Reverse Mortgages

Although reverse mortgages can help aged homeowners, they come with a lot of pitfalls, as recent rules and law cases show. Read the fine print before signing up.
A&A

Bramwell’s Lunch Beat: More on Pfizer’s Tax ‘Inversion’ Deal

The menu for April 30 features specials on SEC updating conflict minerals guidance, criminal charges against two large global banks may be on the horizon, eBay’s $3 billion tax charge, and more.
Tax

House Panel Votes to Restore Six Expired Business Tax Breaks

The Republican-led House Ways and Means Committee passed a measure on Tuesday that would make six expired business tax breaks permanent, including the research and development credit.
A&A

Bramwell’s Lunch Beat: BofA Makes ‘Weird’ Capital Blunder

The menu for April 29 features specials on Pfizer looking to save billions in taxes, Lerner lawyer’s letter to GOP, SEC accounting probes underway, the sanctity of a tax break, and more.
Tax

Topless Dancer Redefines 'Ordinary and Necessary'

Yes, it's one of the Tax Court's racier cases, but beyond the salacious details are some sober lessons on the government's idea of tax deductions.
Tax

IRS Readies for Slew of Amended Returns

The agency estimated last week that approximately 5 million taxpayers will amend their federal income tax returns by filing Form 1040X this year. Those who need to amend their returns should do so only after filing the original return.
A&A

Bramwell’s Lunch Beat: A History Lesson on Double-Entry Accounting

The menu for April 28 features specials on NY Rep. Michael Grimm indicted on tax fraud charges, House contempt vote for Lois Lerner slated for May, US banks taking swaps business overseas, and more.
Practice

How to Prepare for the Tax Rush a Year in Advance

Let's fix the problems of the 2015 tax season today. Accountants should help their clients develop good habits now, so there's no hassle next April.
Tax

Ask and You Shall Receive: E-filing Up This Tax Season

The IRS strongly encouraged taxpayers to file their 2013 federal income tax return electronically versus mailing a paper return to the agency. So far, 88 percent of the returns the IRS received this tax season were e-filed.
A&A

Bramwell’s Lunch Beat: CAQ Ready to Pilot Test Set of Audit Quality Indicators

The menu for April 25 features specials on France objecting to Google’s European tax structure, House Ways and Means Committee ready to move next week on tax extenders, and more.
Tax

GAO Report Links IRS Problems to Budget Cuts

The IRS could do a better job if it had more resources at its disposal, says the GAO, which has recommendations for the IRS on how it can improve its performance.
A&A

Earn CPE Credits at 2014 IRS Tax Forums

Enrolled agents and CPAs can earn as much as 18 credits by attending one of five IRS Nationwide Tax Forums this summer. The three-day events feature seminars, workshops, and a two-day expo.
A&A

Bramwell’s Lunch Beat: Lawmakers Weigh In on IRS Bonuses Issue

The menu for April 24 features specials on Russia scrambling on FATCA, arrests in ID theft and fake tax return scheme, could the US implement a tax lottery like Slovakia, and more.
Tax

IRS Responds to TIGTA Report on Bonuses

The agency said it is developing a policy linking conduct to performance awards for executives and senior-level employees – and a similar policy for all IRS employees will be considered.
A&A

Bramwell’s Lunch Beat: IRS May Want to Fix Its Bonus Policy

The menu for April 23 features specials on the London Stock Exchange changing audit firms, IRS heading to US Supreme Court, co-signers causing surprise defaults on student loans, and more.
Practice

How to Get Tax Breaks on Your Home

Consider the tax implications of decisions your clients may be making about their homes in 2014. The rules are complicated and the decisions could have major repercussions.

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