Tax news

A&A

Bramwell’s Lunch Beat: The 411 on ‘Critical Audit Matters’

The menu for July 1 features specials on many states cut taxes as their fiscal years’ begin, PCAOB finds deficiencies in 19 of 59 PwC audits, challenge of Colorado’s sales tax law heads to Supreme Court, and more.
Tax

Depreciation Alternative Can Lead to Big Savings

Countless tax-challenged entrepreneurs mistakenly believe that depreciation is the only way to deduct equipment purchases. As a result, they pay far more in taxes than legally required.
A&A

Bramwell’s Lunch Beat: Ready or Not, FATCA Is Almost Here

The menu for June 30 features specials on GOP Rep. Darrell Issa says Lois Lerner violated agency regulations and laws regarding emails, SEC suspends two KPMG auditors, AICPA launches new future of learning site, and more.
Tax

Property Taxes: State-by-State Highlights

Traditional property tax bills may not continue to be a certainty. Nationwide, there are increasing efforts to seek alternatives to a tax bite that draws a lot of crossfire.
A&A

Bramwell’s Lunch Beat: A Look at Hertz’s Accounting Red Flags

The menu for June 27 features specials on US/China agree to terms on FATCA pact, Big Four firms oppose Hong Kong protest, KPMG buys boutique investment bank, Deloitte names new CEO of audit practice, and more.
Tax

Divide and Conquer: A Partial Home Sale Exclusion

Half a loaf is better than none. Although the IRS is strict about its rules for excluding home sale gains, it's not always an all-or-nothing situation. Compromises are possible.
Tax

IRS Moves Ahead with Voluntary Preparer Certification Plan

The IRS announced a new program on Thursday that will allow paid tax return preparers to receive certification if they voluntarily complete certain continuing education requirements.
A&A

Bramwell’s Lunch Beat: House Panel Checks Off More Tax Breaks From Its List

The menu for June 26 features specials on vote on Wyden’s highway fund plan on hold, ex-lawyer gets 15 years in tax fraud case, Regions Financial to pay $51 million to settle accounting error, and more.
A&A

Bramwell’s Lunch Beat: The IRS Has Got the Archivin’ Blues

The menu for June 25 features specials on DC Council approves “yoga tax,” AICPA sends second letter to IRS against proposed voluntary preparer certification program, Walgreen won’t rule out inversion, and more.
Tax

Knowing the Three Tax Scenarios for Vacation Homes

Using your vacation home? Renting it out to others? Doing a mix of both? The tax situation is different in each case, and you need to keep careful records and know all the rules.
Practice

Two Large Ohio Cities Most Tax-Friendly for US Businesses: Study

According to a new KPMG report, the top five US cities with populations above 2 million that have the most favorable tax climate for businesses are Cincinnati, Cleveland, Atlanta, Baltimore, and Pittsburgh.
A&A

Bramwell’s Lunch Beat: KPMG Gobbles Up Another Tech Business

The menu for June 24 features specials on IRS chief grilled again over lost emails, Shire puts an end to AbbVie’s inversion plans, not much support for gas tax hike, “Yoga Tax” vote today in DC, and more.
Tax

Hire Your Kids and Save on Taxes

Freelancers and other self-employed individuals can trim their taxes by employing their children. Their salaries stay in the family, but are shifted into their lower tax bracket.
Practice

How to Use the Child Care Credit in the Summer

The school year is over, and now your clients' children are around. Not to worry: parents get tax credits for summertime daycare, but there are specific rules and limitations.
A&A

Bramwell’s Lunch Beat: No Apology From John Koskinen Over Lost IRS Emails

The menu for June 20 features specials on ParenteBeard and Baker Tilly talk merger, US Supreme Court rules in favor of IRS on summons issue, CAQ releases auditor reporting field-testing findings, and more.
Practice

Why Extending R&D Credit Should Matter to Small Businesses

Despite the credit’s current uncertainty in Congress, experts say that small business owners should pay attention to lawmakers’ discussions because of the provisions the tax break could provide their companies once a compromise is reached.
A&A

Bramwell’s Lunch Beat: A Bipartisan Pitch for a Gas Tax Hike

The menu for June 19 features specials on BDO USA names new CFO, lost Lois Lerner emails likely gone for good, House Ways and Means aide subpoenaed in trading probe, Medtronic investors will take big tax hit, and more.
Tax

IRS Chief Highlights Changes to Offshore Disclosure Initiative

IRS Commissioner John Koskinen outlined a number of changes to the agency's Offshore Voluntary Disclosure Program on Wednesday, which he believes will lead to a surge in US taxpayers coming forward to report on undisclosed foreign accounts.
Tax

House Panel Approves Lasting Moratorium on Internet Access Taxes

By a 30-to-4 vote, the House Judiciary Committee backed a bill on Wednesday that would make permanent a moratorium that bans state and local governments from taxing access to the Internet.
A&A

Bramwell’s Lunch Beat: Medtronic Deal Spurs More Tax Reform Talk

The menu for June 18 features specials on lost IRS emails could hurt GOP’s inquiry, SEC puts more emphasis on combating financial reporting and audit fraud, Madoff’s ex-accountant likely to plead guilty, and more.

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