Get organized, don't wait until the last minute to prepare your return, and ask questions are among the top tips for taxpayers who haven't yet filed their individual income tax returns, according to the American Institute of CPAs.
There are a myriad of tax benefits and deductions available to small businesses this filing season. Two tax partners with BDO USA LLP shed light on five in particular that business owners should consider.
All 129 business tax executives surveyed recently by law firm Miller & Chevalier and the National Foreign Trade Council believe tax reform is unlikely this year. However, 77 percent think the package of tax breaks that expired at the end of 2013 will be extended by Congress.
A proposed fiscal year 2015 budget released by President Obama yesterday would provide the IRS with $12 billion in base funding, up 6.3 percent over the 2014 enacted level. The budget would also allot $165 million to improve IRS customer service.