Tax news

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?
A&A

Bramwell’s Lunch Beat: Medical Device Tax Revenue Falls Short

The menu for August 20 features specials on Hertz withdraws full-year forecast due to accounting errors and operational challenges, botched forecast cost Walgreen CFO his job, Alaska oil tax repeal ballot measure losing, and more.
A&A

Bramwell’s Lunch Beat: PCAOB Rule on ID’ing Lead Audit Partner Coming Soon

The menu for August 19 features specials on Treasury prepares inversion options, H&R Block launches small business accounting services, AICPA membership eclipses 400,000 mark, 2014 AICPA Accounting Competition begins, and more.
A&A

Bramwell’s Lunch Beat: New York Levies Penalties Against PwC

The menu for August 18 features specials on Joe Echevarria is stepping down as Deloitte CEO, state tax revenues declined in Q1 for the first time in four years, holding auditors blameless, and more.
Tax

New Bill May Change the Sales Tax System

If your clients include retailers, pending federal legislation allowing states to tax Internet sales could mean big changes in the way they process and account for their sales and use taxes.
Tax

Lawmaker Lashes Out at IRS Over Latest TIGTA Findings

Representative Diane Black (R-TN) blasted the IRS on Thursday after a new watchdog report found that the agency had not conducted background checks on some contractors who had access to sensitive taxpayer data.
A&A

Bramwell’s Lunch Beat: Mmmm, Craft Beer. Mmmm, Tax Breaks.

The menu for August 15 features specials on Alibaba Pictures delays results on possible accounting errors, Wyden hopes for September bipartisan anti-inversion legislation, Atlanta accountant charged by SEC with insider trading, and more.
Tax

Telephone Tax Scam Continues to Rear Its Ugly Head

US tax authorities have determined that 1,100 victims have lost an estimated $5 million due to a sophisticated nationwide phone scam, in which the fraudsters claim to be from the IRS and demand money.
Wealth management

Last Chance For Multiple IRA Rollovers

A surprising Tax Court case has shut down a tax planning technique that savvy retirement-savers have been using for years. But there's still a small window of opportunity if you need it, until the new year, to give investors time to adjust.
A&A

Bramwell’s Lunch Beat: IASB’s Mackintosh Thinks Adopting IFRS is the Only Way to Go

The menu for August 14 features specials on FTC to refund customers of American Tax Relief, Senate Dems push plan to curb inversions, Obama will keep cash from donors who profited from overseas tax deals, and more.

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