Tax news

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.
Tax

IRS Taxpayer Bill of Rights Now Available in Six Languages

Newly revised versions of Publication 1, "Your Rights as a Taxpayer," are available on the IRS website in English, Spanish, Chinese, Korean, Russian, and Vietnamese, the nation's tax agency said on Tuesday.
Tax

Tax-Exempt Groups Owe Millions in Tax Debt: Report

More than 64,200 tax-exempt organizations owed nearly $875 million in back taxes to the federal government, 69 percent of which were payroll taxes and related penalties and interest, as of June 16, 2012, according to a TIGTA report released on Wednesday.
A&A

Bramwell’s Lunch Beat: Canadian Government Sued Over FATCA Deal with US

The menu for August 13 features specials on EY seeks affirmation on Lehman accounting decision, some of Obama’s biggest donors are also behind inversion deals, top issues facing young CPAs, IMA has had a stellar FY 2014, and more.
Wealth management

Getting 'Down and Dirty' With a PIG

Clients may want to invest in a Passive Income Generator to absorb some of their suspended losses from other passive activities. This strategy is a twist on the classic tax shelter
A&A

Bramwell’s Lunch Beat: Obamacare Tax Forms Look ‘Very Daunting’ for Taxpayers

The menu for August 12 features specials on MF Global doesn’t want its lawsuit against PwC thrown out, Kinder Morgan deal could mean big tax bill for investors, Hertz delays quarterly earnings on accounting review, and more.
A&A

CPA Groups Ask for Clarification on Net Investment Income Tax Rules

In an August 7 letter sent to Congress, the AICPA and CPA societies from the US Virgin Islands and Guam sought clarification on the applicability of the net investment income tax to bona fide residents of the US territories.
A&A

NYSSCPA Calls Out Obama for Calling Out Accountants

NYSSCPA President Scott Adair responded on Friday to comments made by President Obama, who in a press conference last week seemed to blame accountants for the flood of US companies using inversions.
A&A

Bramwell’s Lunch Beat: IRS Eases Rules for Renewable Energy Tax Credits

The menu for August 11 features specials on a report claims SEC failed to guard sensitive info, Delphi vows to fight IRS to protect UK-based tax status, ex-senators hired to lobby against inversion legislation, and more.
Practice

Financial Tips for Seniors

Accountants are trusted advisors—especially for their senior citizen clients. These people may have been with you for many years, and now, in their retirement, they need you more than ever.
A&A

Editor's Picks: Stupid Recruiter Tricks; Why It's Great to Be an Accountant; Six Reasons Gamification Will Boost Your Business

"A chain is only as strong as its weakest link." But at AWEB, all our links are strong!
A&A

Bramwell’s Lunch Beat: Senators Outline Case Against Accrual Accounting Proposal

The menu for August 8 features specials on judge sides with IRS over lost emails, White House examines tax-code weapons to stop inversions, AICPA presents Mark K. Rich with Maximo Mukelabai Award, and more.
A&A

Bramwell’s Lunch Beat: Bank of America’s Historic Settlement

The menu for August 7 features specials on nearly 600 Americans living abroad gave up passports in Q2 due to FATCA, list of US companies that have inverted since 1983, Robert Redford sues New York over tax bill, and more.
Tax

IRS Gets Pat on the Back for Accurate ACA Eligibility Data

A new TIGTA report found that in nearly all instances, the nation's tax agency correctly provided income and family size information to health insurance exchanges to determine the eligibility of individuals for health insurance under the Affordable Care Act.
Tax

What's the Tax Deal on College Scholarships?

Tax rules remain somewhat murky to many parents of scholarship recipients. Despite some common misconceptions, not all scholarships are tax-free, while others may be only partially tax-free.
A&A

Bramwell’s Lunch Beat: Walgreen Makes an Inversion-Free Deal

The menu for August 6 features specials on Missouri voters nix sales tax hike for road projects, Obama administration used controversial tax tactic to help Delphi, US bank regulators disappointed by lack of accounting convergence, and more.
Tax

IRS Chief: Criticism of New Form 1023-EZ Is ‘Wrong’

In an interview last week with Tax Analysts, IRS Commissioner John Koskinen said critics of a new form intended to speed small charities through the application process for tax-exempt status are “wrong for several reasons.”
A&A

Bramwell’s Lunch Beat: The Bike Trip That Propelled Inversion Trend

The menu for August 5 features specials on Walgreens CFO leaves ahead of pending inversion decision, ex-IRS LB&I division official heads back to private sector, Missouri to vote today on sales tax hike to fund road projects, and more.
Tax

Tax Inversion: What's the Real Story?

As you might imagine, the practice of tax inversion, and how to best resolve it, has provoked debate from both sides of the aisle. Only CEOs seem to like it, but no one knows how to stop it.

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