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.

March 3, 2014 – 3,673 views
Greta Hicks
IRS Small Business Self Employed (SBSE) field audits and the IRS Large Businesses and International (LB&I) Division have updated their training for employees, especially for their most recent hires. Revenue Agents are asking that all records be submitted electronically, preferably using Excel. Full Story 
March 3, 2014 – 2,481 views
Greta Hicks
Revenue Procedure 92-71 describes the information needed to be shown on bank and credit card statements for them to be treated as proof of payment of a Sec. 162 expense. Statements that provide detailed information, according to Rev. Proc. 92-71, do meet the documentation or substantiation test for Code Sec. 162, even without cancelled checks or credit card receipts. Recent audits reflect the agent/auditor is making full disallowance for lack of substantiation when only statements are provided. Full Story 
February 28, 2014 – 1,922 views
Tax Professionals Resource
There is no time like the tax season for a Certified Professional Accountant (CPA) to understand what stress is all about. With an eye on the April15 deadline, CPAs seem to be going all out getting work done, leaving for work early and staying back longer. The tax season need not get that stressful for you, if only you consider the following tips. Full Story 
February 27, 2014 – 2,019 views
Greta Hicks CPA
The contents of Revenue Ruling 2013-17 may affect the preparation of 2013 income tax returns and may require that prior year returns be amended. After the Supreme Court struck down Section 3 of the federal Defense of Marriage Act (DOMA) as unconstitutional in the case of United States v. Windsor, the Internal Revenue Service (IRS) issued Revenue Ruling 2013-17 to clarify the tax treatment of same-sex couples who were legally married in a state allowing the marriage of same-sex individuals. Full Story 
February 21, 2014 – 1,849 views
Tax Professionals' Resource
Chartered Institute of Management Accountants (CIMA) and American Institute of CPAs (AICPA) have proposed a comprehensive framework that helps companies make better and faster decisions with a long-term view in today's evolving, complex and competitive business landscape. The management accounting framework is expected to further fortify the foundation of the CGMA designation, and equip management consultants with more knowledge and insights needed to drive the success of organizations and people. Full Story 
February 17, 2014 – 2,122 views
Tax Professionals' Resource
Whenever you are traveling for business purpose or for entertaining clients, you are eligible for federal income tax deductions for some portion of the expenses which is not reimbursed by your employer. However, you can deduct half the cost of meals when you are traveling for business purposes. You can determine the cost of these meals by getting to know the actual costs of these meals or by using the standard IRS meal allowance. The IRS reminds taxpayers about the particular guidelines that they need to follow when deducting the entertainment, travel and meal expenses... Full Story 
February 14, 2014 – 1,970 views
Tax Professionals' Resource
It may come as a surprise that American Olympians will be taxed if they place and receive a medal. The U.S. Taxes any income that is earned abroad and this includes the winnings at the Olympic Games. The U.S. Olympic committee awards bonuses to the medal winners which are valued at $25,000 for gold, $15,000 for silver and $10,000 for bronze. In fact, an athlete in the top tax bracket could pay as much as 39.6%, or $9,900, for a gold medal! Full Story 
February 11, 2014 – 2,071 views
Rebecca Dobbs Bush
The Affordable Care Act (“ACA”) originally scheduled the employer mandates to take effect in 2014. Then, on July 2, 2013, the White House announced that it would delay enforcement of the employer mandate provisions from 2014 to 2015. Now – in line with the over-arching theme of the ACA which seems to be last minute postponement of regulations frustrating those proactively trying to ensure compliance — the IRS has now released new guidance further delaying the employer mandate until 2016 for those employers with less than 100 full-time employees. Full Story