Tax Articles

These Tax articles will give you the news and information you need to stay up to date in the ever changing Tax industry.

May 27, 2014 – 2,974 views
Greta Hicks
The Health Care and Education Reconciliation Act of 2010, P.L. 111-152, includes Internal Revenue Code (IRC) Sec. 1411, Unearned Income Medicare Contribution, which places an additional 3.8 percent tax on individuals, estates and trusts net investment income. Nonresident aliens are not subject to this new tax. Full Story 
April 30, 2014 – 2,343 views
Tax Professionals' Resource
What is ‘unclaimed property’? Any organization during its day-to-day operation creates certain unclaimed financial liabilities, and these are collectively referred to as unclaimed property. It is the duty of the organization to file an annual report and remit these unclaimed properties to the state. States might view unclaimed properties as a revenue source. During state audits these might lead to fines and penalties. Full Story 
April 23, 2014 – 1,817 views
Tax Professionals' Resource
Report of Foreign Bank and Financial Accounts (FBAR) requires all US citizens and legal entities with financial interest and/or signature authority over a offshore/foreign financial account is required to report that account(s) every year to the IRS (Internal Revenue Service), as per the Bank Secrecy Act. A foreign financial account is not limited to just bank accounts, but also includes any brokerage account, mutual funds, and trusts. IRS has ascertained certain thresholds, and if the account crosses it, then it must be reported. Full Story 
April 18, 2014 – 1,414 views
Tax Professionals' Resource
Non-profit and tax-exempt status aren't the same thing, though they are connected to each other. Most non-profit organizations are also tax-exempt entities or wish to be. The processes of becoming a non-profit organization and receiving tax-exempt status are different. The first and most important difference is that the state grants non-profit status, while the federal government, through the IRS (Internal Revenue Service) grants tax-exempt status. The connection between the two is that to apply for tax-exempt status the entity needs to be a non-profit. Full Story 
April 14, 2014 – 1,345 views
Tax Professionals Resource
Many people are aware about the rising cases of scam whenever people start to file their tax return or are waiting for their refunds. Full Story 
April 3, 2014 – 1,309 views
Tax Professionals Resource
The latest Democratic state to ease the levying of estate tax is the blue state of Maryland. The measure was passed by the Maryland Senate on March 20, 2014 after being given the nod by the House. The amount exempt from the state’s tax was raised at par with the federal estate tax exemption. The bill awaits the signature of Gov. Martin O’Malley in due time. Full Story 
March 24, 2014 – 1,415 views
Tax Professionals Resource
The American income-tax filing season 2014 gets over on April 15 for citizens who must file their individual income tax returns. If you haven't already filed your returns, it's time to gear up. That is, unless, you plan to seek the six-months extension from the feds. Full Story 
March 12, 2014 – 1,488 views
Tax Professionals Resource
The hierarchy of Generally Accepted Accounting Principles, or GAAP, as they are more commonly known, will be reduced for local and state governing bodies to two categories from four, if the proposal by GASB or the Board that sets standards for government accounting comes through. Full Story