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.

February 6, 2014 – 2,017 views
Tax Professionals' Resource
The much talked about Obamacare mandate finally came into effect on January 1. Now the IRS has proposed regulations that govern penalties in case individuals do not comply with it. The tax-collection agency has been given the task of enforcing these regulations... Full Story 
February 3, 2014 – 1,957 views
Tax Professionals' Resource
Succession planning for farmers is an issue which they may have to face at some point, making it essential to resolve it in such a manner that the transition is smooth. For some farmers it is one of the most difficult decisions as they find it very hard to distribute their farmland equally among their children. Succession planning basically involves the transfer of management and possession of the farm. A successful transfer will ensure that all the members of the family remain happy... Full Story 
January 24, 2014 – 2,139 views
Jimmy Williams
Assume for a minute that you provide tax consulting and compliance services to a client who is an excellent source of revenue for the firm. Then assume that over several years the firm experiences problems with full disclosure of transactions and a lack of documentation provided by the client. Finally, let’s say that although the client is always cordial to you, eventually you discover that the client is demaning to your staff. Would you consider these problems to be reason enough to terminate the relationship with the client?... Full Story 
January 22, 2014 – 2,051 views
Tax Professionals' Resource
With the countdown having begun for the 2014 tax season, certified public accountants (CPAs) and other tax professionals across the nation are all set for the busy days ahead. As a CPA, you will need to educate your clients about the following new provisions mentioned below... Full Story 
January 17, 2014 – 2,005 views
Tax Professionals' Resource
As per the latest interim guidance announcement 2012-25 from the Internal Revenue Service, the IRS is regarding the treatment of gratuities or automatic tipping as service charges. The businesses that deal with tips may have to change their reporting systems to be compliant with the revenue ruling. The IRS has also granted an additional amount of time for businesses undergoing certain unique circumstances to make necessary amendments to their practices and introduce necessary changes in the system to facilitate the same... Full Story 
January 15, 2014 – 1,917 views
Tax Professionals' Resource
Though NPOs have been able to avoid taxes until now, as per government benefit incentivizing people to start more, a new bill aims at putting non-profit colleges and hospitals under the tax bracket. The bill was released on Tuesday, and aims at taxing such NPOs. It is likely that this is temporary because of the current financial condition of the state, but it brings in a number of questions and issues... Full Story 
January 13, 2014 – 1,957 views
Tax Professionals' Resource
A Medicare surtax came into existence early this year at 3.8% on net investment income. The tax provision began as early as 2010 with the health care legislation, Obamacare, for unearned Income Medicare Contribution. As per this levy, a 3.8% tax is applicable on various forms of investments. The tax is applicable to trusts, estates and also to individuals... Full Story 
January 8, 2014 – 1,901 views
Tax Professionals' Resource
The Internal Revenue Service (IRS) has released its latest updated tax guide that is expected to make the process of filing tax returns easier than before. It also announces some new schemes for those self-employed and other special groups of people. The new tax guide is progressive and has been praised by several groups for the benefits it provides. The new guide is expected to make taxation easier on a large segment of the population... Full Story