Income Tax
IRS failing in efforts to curb ID theft tax fraud
The IRS is running into problems as it struggles to get control over the wave of identity theft tax refund fraud that has engulfed the Tampa, Florida, area and spread to other parts of the country over the last three years.
CPAs in Illinois Reach Out for Community Action
More than 1,200 Certified Public Accountants in Illinois got out of their offices on Sept. 25 and participated in a coordinated effort to give back to their communities. The CPA Day of Service was sponsored by the Illinois CPA Society (www.icpas.org).
Thomson Reuters Adds Content on New York’s Corporate Tax Overhaul
New York’s latest tax system overhaul has brought about substantial changes and complex transitional rules. They affect New York-based corporations as well as companies that conduct business with New York corporations or have customers in the state.
It’s Time for a 4th Quarter Income Tax Tuneup
With summer vacation over and school back in session, it’s time to help those extreme tax procrastinators get their returns filed. But what about the rest of your clients − the “good” ones whose taxes you completed way back in April?
When Increasing a Taxpayer’s Alternative Minimum Tax Liability is the Best Strategy
Some taxpayers who have spent the last few years trying to avoid the alternative minimum tax (AMT) might try a novel approach in 2015: They might actually increase their AMT liability. This could be the optimal approach after you’ve conducted an ...
Harvest Time: Pick Up a Bushel of Capital Gains Tax Savings
The main attraction is the maximum tax rate on long-term capital gains. Typically, an investor will pay a long-term capital gains tax of 15 percent on a securities transaction. For someone in the top ordinary income tax bracket of 39.6 percent, the ...
New Inflation Estimates Give First Look at 2016 Tax Rates and Brackets
Because of the income ranges bracketing the marginal tax rates have increased, a single filer with taxable income of $50,000 should owe $22.50 less next year due to the adjustments to the income tax rate brackets between 2015 and 2016.
IRS Return Review Program Improves Detection of Fraud
“The RRP test results show potential improvements in the IRS approach to prevent, detect, and resolve pre-refund tax fraud,” said J. Russell George, Treasury Inspector General for Tax Administration. “While these potential improvements are ..."