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 13, 2013 – 1,551 views
Tax Professionals' Resource
When you decide to relocate out-of-state, you are faced with a number of problems that must be settled at the outset to avoid hassles. So, you will need to file a Declaration of Domicile and get a new driver’s license. You will have to get your voting records struck off from the record in the previous state and you will need to file for... Full Story 
May 13, 2013 – 1,672 views
Tax Professionals' Resource
When you transfer the ownership of an asset to another person without taking anything in return, it is called gifting. Gifting is a broad term used to define activities like donations, medical expenses, educational expenses, charities, and other similar things. Gifts are usually given as a token of appreciation, support, respect, or charity. There is a certain tax levied on only a few types of gifts by the government. This tax is popularly known as gift card tax. The information mentioned below will give you an idea about what types of gift or gift card come under the taxable category and which ones comes under the... Full Story 
May 10, 2013 – 1,708 views
Tax Professionals' Resource
The online registration and renewal for PTIN (Preparer Tax Identification Number) is mandatory for all tax preparers. The online registration and renewal process for the PTIN has been reopened for the year 2013 after a lot of deliberation and legal battle between a trio of tax preparers and the Internal Revenue Service (IRS). The IRS had imposed a regulatory rule on tax preparers, which stated that all tax preparers had to be licensed and approved by the IRS, before they were legally eligible to file returns on behalf of their clients. But a trio of tax preparers had filed a lawsuit against this regulation regime stating that the IRS has no right to impose this rule on tax preparers. Full Story 
May 9, 2013 – 1,564 views
Tax Professionals' Resource
Investing your time and money in a new business opportunity can be very exciting. But it can also be quite intimidating due to the endless number of factors you need to consider, such as employee hiring, location, quality control, and financing. In the midst of all these considerations, it is possible to forget one important factor that every business owner should be concerned about... Full Story 
April 30, 2013 – 1,659 views
Tax Professionals' Resource
Increasing time and growing sales makes any business add documents to the already existing pile of documents. Many of these are important mainly because of the business' current dealings, but many could be unnecessary as well. A good document retention policy can help organizations save documents that are really important. Document retention can save the day especially during crucial junctures, like legal disputes, when plenty of time and money are at stake. On the other hand, saving and storing documents interminably can be a drain on resources. So when the question is whether to save or not to save, the answer lies in a reliable document retention policy... Full Story 
April 23, 2013 – 1,715 views
Tax Professionals' Resource
While running a business, if you have to worry about its platform every single day, you'll have little time to do anything else. That's precisely where cloud computing comes into the picture. By handling the user's data remotely, this methodology ensures that the data is stored, managed, and processed efficiently. From brick-and-mortar business setups to businesses that predominantly have an online presence; Cloud computing is quickly catching up. One of its major advantages is cost effectiveness. By eliminating the need for independent servers, it can handle the bulk of software and share the total cost between multiple businesses. However, cloud computing comes with its own set of challenges, including tax issues... Full Story 
April 18, 2013 – 2,318 views
Tax Professionals' Resource
A trust that takes the rules declared in Sections 671-679 of the Grantor Trust Rules (Internal Revenue Code) and runs them afoul is known as a 'Grantor Trust'. Traditionally, running the rules afoul was regarded negatively because the Grantor of a trust was the owner of the trust assets for the purposes of income tax. The grantor was also personally responsible for all income that was attributed to those assets in the trust. But, the grantor is not the owner for the purposes of estate tax. IDGT (Intentionally Defective Grantor Trusts) is the term used to refer to a trust that has been drafted with the specific purpose of invoking the Grantor Trust Rules... Full Story 
April 18, 2013 – 2,570 views
Tax Professionals' Resource
It’s a common issue for CPAs and accounting professionals to face ethical dilemmas in the course of their work. There are many rules listed out in the AICPA (American Institute of Certified Public Accountant) Guide. Compliance to these rules and regulations is a mandatory affair for all accounting professionals. There are many steps that can be taken to prevent the violations of the codes of conduct that are mentioned in the Guide... Full Story