Taxes
Special Report Focuses on Year-End Tax Laws and Other Key Developments
Thomson Reuters has released a special report highlighting key tax developments in 2015 to aid practitioners in 2015 tax return preparation and support 2016 planning.
Countdown to Tax Season: IRS to Start Processing Returns on Jan. 19
The Internal Revenue Service will open the nation’s 2016 individual income tax filing season on Jan. 19, with more than 150 million tax returns expected to be filed this year. People will have several extra days to file their tax returns this year. Taxpayers have until Monday, April 18, to file their 2015 tax returns […]
GOP Candidate Ben Carson Builds on Flat Tax Platform
Carson would also eliminate deductions for charitable contributions, mortgage interest and state and local income taxes, while repealing the alternative minimum tax (AMT), the earned income credit and the rules for depreciation.
Big Tax Strings Attached to Billion Dollar Lottery Jackpot
Playing the lottery is a form of gambling. As a result, the usual federal tax rules apply to income and losses resulting from gambling activities. Generally, you can only deduct your losses from wagering up to the annual amount of your income from ...
Filing Taxes Early Can Help Prevent Income Tax Refund Fraud
How do you know if someone has filed a tax return using your Social Security number? And what do you do then? This is happening more and more—the latest General Accounting Office (GAO) report says that IRS paid out over $5.8 billion in fraudulent returns.
3 Reasons Tax Pros Should Adopt E-Signatures This Tax Season
E-signatures provide an opportunity to make the upcoming season better for both the taxpayer and the preparer.
How To Receive a Tax Transcript From the IRS
Though taxpayers should always keep a copy of their tax return for their records, some may need the information from filed tax returns for many reasons. This includes college financial aid applicants or taxpayers who have applied for a loan to buy a ...
IRS Extends Deadline for ACA Obamacare Reporting
The IRS has issued a two-month extension for employers and issuers to provide individuals with forms reporting on offers of health coverage and coverage provided. The new deadline is March 31, 2016.