Income tax

Tax

New ITIN Rules for '13 Tax Filing Season

Do you remember that Individual Taxpayer Identification Number you helped a client attain a while back? Wipe it from your memory. The IRS has just announced that ITINs won't last forever anymore.
Tax

Accountants Prepare for Possible Expansion of AMT

While everybody has heard much about the "fiscal cliff," many people don't realize just how hard a hit they might take. The details are none too favorable. Take for example, the alternative minimum tax (AMT).
Tax

Thoughts on Charitable Giving

Charitable contributions – whether of the cash or noncash variety – are as much a part of year-end tax planning as Form 1040. However, the rules governing the deductibility of charitable contributions are not quite as simple as most taxpayers assume them to be.
Tax

Update: IRS Seizes Lindsay Lohan's Assets

Just when you think a week might pass without Lindsay Lohan in the headlines, she's back. On December 3, the long arm of the IRS reached out and seized her bank accounts for nonpayment of taxes.
Tax

MLB Free Agents Scramble to Minimize Tax Hit

With the election behind us and a strong probability of more tax hikes ahead, Major League Baseball free agents have rushed to the negotiating table in the hope of pulling as much of their future income as possible into 2012.
Tax

JH Offers Post-Sandy Service Tips

Jackson Hewitt Tax Service highlights some key considerations for tax service providers who want to help eligible taxpayers in their area take advantage of disaster-related tax considerations.
Tax

Ex-Miami Marlins Face Tax Tsunami in Canada

Multimillion-dollar contracts are nothing unusual in major league baseball, and neither is trading. But the problem for five recently traded Marlins is that their remaining contracts will be paid out subject to much higher taxes.
Tax

IRS Standard Mileage Rates Increase January 1

The IRS recently issued the 2013 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical, or moving purposes.
Watchdog

Shucks, Who Knew a Vegas Wedding Was Legit?

Imagine going to bed one night a single woman and waking up to find you're married . . . and have been for over twenty years. That's bad enough, but it gets worse.
Tax

Stake Your Claim to FICA Refunds on Severance

Do you remember those payroll tax payments your client made a few years ago on severance packages for workers it was forced to lay off or fire? It's much more than "water under the bridge."
Tax

Nobody Beatz the Tax Man

A new wife, a new baby on the way, a multimillion-dollar house in escrow, and reports of back tax bills totaling more than $2.6 million. That's how rapper/producer Swizz Beatz has made news as the year draws close to the end.
Tax

Tax Credits and Fraud Create Challenges for IRS

According to a new report from the TIGTA, the IRS processed most tax returns on a timely basis during the last tax season, but challenges included problems with tax credits and more fraud attempts than the previous year.
A&A

Accounting Tool Keeps Billions in Profits Overseas

New research found that an obscure accounting tool gives US companies the option of omitting from their financial statements, except in footnotes, that any taxes at all are owed to the IRS on profits made by their foreign subsidiaries.
Tax

Prepare for Potentially Looming "Fiscal Cliff"

As the end of the year grows closer, so does the uncertainty surrounding the "fiscal cliff" and tax planning for the future. The ICPAS is advising you to be prepared.
Tax

YouTube Video Features Medicare Surtax

"Benjamin Franklin said, 'In this world, nothing could be said to be certain, except death and taxes.' At least with taxes, they keep changing." Thus starts a new YouTube video entitled "Medicare Investment Income Tax."
Tax

IRS Told to Improve Controls over Refundable Tax Credits

The IRS may never recover millions of dollars in refundable tax credits that were given out erroneously, a new Treasury Inspector General for Tax Administration audit report contends.
Tax

Highlights of COLAs for '13

The IRS has announced various cost-of-living adjustments for 2013. Although inflation has remained on the low side this year, it was still high enough to move the needle on more than two dozen tax code provisions.
Tax

California's Top Tax Delinquents for 2012

Every year California publishes a list of tax delinquents, many of whom are big names in Hollywood. This year is no exception, though some say the celebrity names come more from the B-list or farther down the alphabet.
Tax

The 'Hidden' Social Security Tax Change

Like clockwork, the SSA announces an increase in the annual Social Security "wage base" practically every October. This year is no exception. Among other changes, the SSA says the wage base will jump to $113,700 in 2013.
Tax

IRS Commissioner Shulman to Step Down

On October 10, 2012, the IRS announced that Douglas Shulman, who has led the agency since 2008, is stepping down next month. "It has been an honor to serve the American people during this dynamic time," said Shulman.

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