Income tax | AccountingWEB

Income tax


The prescription for medical deductions

Do you have clients who need a clear explanation of how the medical deduction works? This article explains it all.

Increase in number of first time e-filers spurs Intuit to create resource center for its users

Intuit’s Accounting Professionals Division is seeing increases in the number of e-filed returns, and an increase in the number of first-time e-filers due to recent IRS mandates.

Celebrities and their tax woes: Young Buck, Joe Francis, Jaime Pressly, and Richard Hatch

The latest celebrity tax round-up features several repeat offenders. It's great to be in the spotlight, but is sparring with the IRS the best way to stay in the public eye?

IRS sticks former Duke lacrosse player and falsely accused rapist with $6.5M tax bill

The name Reade Seligmann has been out of the headlines for awhile, but lately he's been back in the limelight. The former Duke lacrosse player and falsely accused rapist is dealing with a hefty IRS bill.

Plenty of reasons to hang on to a credit shelter trust

Preserve credit shelter trusts for the future Are some of your clients looking to ditch their credit shelter trusts? Not so fast.

Using EPAct to reduce payback and offset tax liability

EPAct, aka Section 179D, is a government method to encourage U.S. building owners, lease holders, and designers of government buildings to be more efficient for commercial buildings or residential properties with four or more stories.

The latest news on the Alternative Minimum Tax

Good tax planning can help minimize some of the AMT impact. The Texas Society of CPAs explains what it's all about and provides an update on the newest tax laws affecting the AMT.

Pacino and Scorsese added to the list of Ponzi scheme victims

Al Pacino, who may be best known for the Godfather movies about the notorious Corleone mob family, is now finding he’s up against a real foe... the Internal Revenue Service. Public documents show Pacino owes the IRS nearly $188,000.

Eligible small business tops most sought-after tax advice list for February

Intuit ProLine Tax Research has provided AccountingWEB with this search cloud, showing the words and phrases that garnered the most searches in the Intuit ProLine tax products for the month of February. The larger the letters, the more searches for the topic.

House and Senate spar on repeal of 1099 reporting rule

Last week, the U.S. House of Representatives passed H.R. 4, a bill repealing the health care reform law provision that requires businesses to furnish 1099 statements to corporate vendors. The House bill has been returned to the Senate where it faces an uncertain fate.

Tax scams on the front burner at the IRS

In case you're thinking that maybe Wesley Snipes has a good point when it comes to lowering income taxes, the Internal Revenue Service wants to remind potential tax scam artists that it does not plan on ignoring frivolous tax evasion arguments.
Community News

Jackson Hewitt launches social media sweepstakes

To help inject added excitement into this year's tax season, in case preparing and filing tax returns isn't exciting enough, Jackson Hewitt Tax Service has launched two social media contests with cash prizes as the lure.

This year's Oscar swag bags are filled with tax consequences for nominees

Besides getting to don designer clothing and jewelry and pose for hundreds of photo ops on the red carpet, the members of the motion picture industry who are lucky enough to present or be nominated for an Academy Award also receive bags of goodies.

IRS looking at $1.1 billion windfall if 2007 returns miss the filing deadline

Refunds totaling more than $1.1 billion may be waiting for nearly 1.1 million people who did not file a federal income tax return for 2007, according to the Internal Revenue Service. However, to collect the money, a return for 2007 must be filed with the IRS no later than Monday, April 18, 2011.

IRS announces new auto depreciation limits for 2011

The IRS has published Revenue Procedure 2011-21 which sets out new guidelines for inflation-adjusted depreciation limits and lease inclusion amounts for passenger vehicles.

Tough times: IRS revises lien program to help struggling taxpayers

The Internal Revenue Service has announced a series of new steps designed to help individuals and small businesses meet their tax obligations, without adding unnecessary burden to taxpayers. Specifically, the IRS claims to be offering new policies and programs that can help taxpayers pay back taxes and avoid tax liens.

Cincinnati return preparer gets 30 months in jail to think about the false tax returns he prepared

A former resident of Cincinnati was sentenced to 30 months in prison by U.S. District Judge Sandra S. Beckwith for aiding and assisting in the preparation of false client tax returns and for filing a false individual income return, the Justice Department and Internal Revenue Service announced.

Revisiting the rules for business deductions

Despite John’s being employed full-time in a large corporation, he spent considerably more time at his freelancing activity this past year. The activity involves touring on his bicycle, writing articles, and taking pictures about his tours, the local attractions, and the people he met along the way. He sold these articles to various publishers and increased his income significantly in 2010 over 2009. At first only a few publishers of bicycling magazines were interested, but soon word spread and travel magazine publishers liked his “on-the-road” perspective of local attractions and the people he encountered.

Somebody must think the economy is improving: IRS raises interest rates

The Internal Revenue Service has announced that interest rates for the calendar quarter beginning April 1, 2011, will increase by one percentage point.

Cash earnings are non-taxable? Enrolled agents discuss most common taxpayer misconceptions

A recent informal poll of enrolled agents (federally-licensed tax practitioners) revealed many common misconceptions among taxpayers


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