Income Tax
Report Says IRS Should Revise Form 1040
A new report by the agency that oversees the Internal Revenue Service says it's time to revise the ubiquitous Form 1040, the form used by individual taxpayers to report their annual income.
Bookkeeper Accused of Stealing $400K
A 65-year-old New Mexico woman is accused of stealing nearly $400,000 from her employer, including forging more than 200 checks and paying $30,000 in mortgage payments via electronic transfers from her employer's account.
IRS Says that Idle ITINs Expire After 5 Years
The Internal Revenue Service announced on Tuesday that Individual Taxpayer Identification Numbers (ITINs) will expire if not used on a federal income tax return for five consecutive years. The IRS will not begin deactivating ITINs until 2016, however.
New Form 1023-EZ Simplifies Small Charity Applications for Tax-Exempt Status
Small charities have a new, simpler process for applying for tax-exempt status. The Internal Revenue Service has introduced Form 1023-EZ, a shorter application form to help small charities apply for 501(c)(3) recognition.
Nonprofit Charities See Increase in Donations
Americans gave more to charities over the past three months than they did during the same period last year, according to the Blackbaud Index, which tracks charitable giving.
ADP SmartCompliance Tax Credits System Undergoes First SOC 2, Type 1 Audit
The operations supporting ADP's SmartCompliance Tax Credits module have successfully completed its first Service Organization Controls (SOC) 2 Type 1 audit.
Report: Prices Rising Faster than Wages
Food prices are rising. And inflation, that word common in American conversation 25 years ago, is eating up wage gains.
Should Your Clients Join the Rush to Roth IRAs?
Although it’s been almost five years since the floodgates were opened, we’re still seeing a steady stream of conversions to Roth IRAs. As long as Congress doesn’t clamp down on the rules, you can expect for this trend to continue.