Tax news

Practice

A Do-It-Yourself Peer Review for Tax Preparers

How do small tax prep firms handle peer review? If you're the sole professional, whom can you rely on to cast a second glance on your work? There are several solutions.
Tax

Did Ways and Means Violate Section 6103 of the Tax Code?

An article posted yesterday by the website Tax Analysts questions whether the House panel broke the law when it publicly disclosed confidential taxpayer information in a letter to US Attorney General Eric Holder last month.
A&A

CCH Small Firm Services Earns Top 25 Call Center Award from BenchmarkPortal

The CCH Small Firm Services' customer support call center has been ranked among the top 25 medium-sized centers in the United States and Canada, according to the latest Top 100 Call Center annual rankings by BenchmarkPortal.
Tax

How to Take a Tax Deduction on Your Good Name

Is the cost of defending your reputation tax deductible? Yes, if it's a business expense, but the IRS sets a high bar for what it considers "business."
A&A

Bramwell’s Lunch Beat: A ‘Sensible Fix’ to Corporate Tax Rules

The menu for May 6 features specials on non-GAAP disclosures on the decline, recent internal control report deficiencies, cities and states to lose big if highway fund isn’t replenished, and more.
Tax

IRS Simplifies Tax-Exempt Applications for Small Nonprofits

As investigations continue into the "Tea Party scandal" involving applications for tax-exempt status, the IRS is releasing a new, simpler Form 1023-EZ.
A&A

Bramwell’s Lunch Beat: Highway Fund’s Rocky Road Ahead

The menu for May 5 features specials on BofA shareholder meeting this week could be subdued, IRS challenging Caterpillar overseas parts deals, Swiss to US: treat our banks fairly in tax probe, and more.
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.

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