Income Tax
2015 IRS Mileage Rates: Business Deduction Increases
The IRS has issued the 2015 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.
IRS Interest Rates to Remain the Same for 1st Quarter 2015
The Internal Revenue Service today announced that interest rates will remain the same for the calendar quarter beginning Jan. 1, 2015. The rates will be: three (3) percent for overpayments (two (2) percent in the case of a corporation); three (3) percent for underpayments; five (5) percent for large corporate underpayments; and one-half (0.5) percent […]
Thomson Reuters Publishes Natural Disaster Property Tax Legislation Update
Thomson Reuters today announced that the latest ONESOURCE Property Tax overview on property tax exemptions and extensions for taxpayers effected by natural disasters is now available.
Group Says Tax Extenders Would Renew Wasteful Loophopes
The Financial Accountability and Corporate Transparency (FACT) Coalition is calling on Congress to reject the tax extenders package that includes two wasteful offshore loopholes that allow U.S. companies to dodge billions worth of taxes.
Online Charitable Giving Increases 10% in Third Quarter
The latest Blackbaud Index shows that online giving increased 10.6% for the three months ending October 2014 as compared to the same period in 2013. Overall charitable giving to nonprofits increased 0.2% for the period.
U.S. Senator Suggests Income Tax Incentive for Food Bank Donations
On the day before Thanksgiving, U.S. Senator Bob Casey (PA, D.) called upon Congress to step up the fight against food insecurity nationally by approving a Senate bill that would increase tax incentives for individuals and small and mid-sized businesses donating food to food banks. Senate Bill 1395, known as the Good Samaritan Hunger Relief […]
5 Year-End Tax Tips for Charitable Giving During the Holidays
Feeling generous this Holiday Season? The Internal Revenue Service is reminding individuals and businesses making year-end gifts to charity that several important tax law provisions have taken effect in recent years. Some of the changes taxpayers should k
Marijuana and Accounting Revisited
Two years ago, in the wake of the election ballots legalizing recreational use of marijuana, I wrote a small blog post noting that as a new and rapidly-growing industry, there might be an opportunity for a new accounting practice area.