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August 30, 2007

Featured News


Congress considering changing mortgage interest deduction

Rep. John Dingell (D-MI) has introduced legislation that would remove mortgage interest deductions for certain homeowners, citing a need to penalize taxpayers who consume too much energy.



Homeowners in foreclosure might face an income tax liability

Tax on cancellation of debt is not well understood, and more taxpayers will likely be receiving notices of unpaid taxes as the numbers of foreclosures increase. In some cases, a taxpayer may be responsible both for income from the cancellation of debt and a gain on the sale of property in a foreclosure.



Testimony ends in tax deductible sex change case

Lawyers on both sides of the law presented their final arguments in the case of Rhiannon O'Donnabhain against the Commissioner of the IRS, where the issue is the authority to take a tax deduction for medical costs relating to a sex change operation.





Inside Public Accounting is proud to present its 17th annual report on the nation’s accounting firms – one of the most accurate, comprehensive and detailed of its kind. The INSIDE Public Accounting Benchmarking Report is the most complete, accurate and up-to-date set of economic and management statistics available about the accounting profession. The 2007 IPA Benchmarking Report (based on fiscal year 2006-07 data) contains information representing more than 15,600 partners and 166,000 total staff.

For more information, CLICK HERE

Student News

Introducing the Student Zone! Back to school with AccountingWEB
AccountingWEB is pleased to present a new area of our web site, designed with the accounting student and recent graduate in mind. We want you to have a place where you can find news, tools, tips, and resources that will help you with your classes, finding jobs and internships, and getting settled into a new workplace.

In-Depth News

The importance of business planning
In every aspect of our lives, the importance of planning is clear to see, so why do so many small business owners not give the same level of importance to planning when it comes to their company? Just as you would plan your route for a journey, you should also plan your route for your business.


Publisher’s Note

The slow-down in the real estate market has resulted in an increase in foreclosures and a concern for the value of homes. This week we take a look at the potential tax consequences facing homeowners who experience foreclosures. Meanwhile, Congress might have some bad news of its own for homeowners who think they're going to get to continue taking a tax deduction for their mortgage interest. None of this is good news.

Rob Nance
Publisher
publisher@accountingweb.com