Tax News

  • AICPA Advancing Effort to Secure .CPA Domain on Behalf of Global Accounting Community

    Alliance Formed With CPA Australia on Potential Rollout of Online Identity Tied to CPA Designation November 10, 2014 10:40 AM Eastern Standard Time NEW YORK–(BUSINESS WIRE)–The American Institute of CPAs is working to secure a new .cpa domain extension on the Internet, which would provide a globally recognized calling card for CPAs in the digital…

  • IRS Publishes One-Page Guide to Exemptions to the Health Coverage Requirements of the ACA

    This provides information for taxpayers who qualify for and may claim exemption from minimum essential coverage so that they do not need to make individual shared responsibility payments when they file their federal tax returns. The Congressional Budget Office and Congress’s Joint Committee on Taxation estimated in a report they released last week that nearly…

  • Tax Payments Top the One Million Mark with New IRS Direct Pay

    IRS Issue Number:    IR-2014-89 Tax Payments Top the One Million Mark with New IRS Direct Pay; Free Online System Makes it Easy for People to Pay Their Federal Taxes Washington — With more than one million tax payments already processed this year through IRS Direct Pay, the Internal Revenue Service today encouraged anyone facing upcoming tax…

  • Accounting and Tax Prep Among the 15 Most Profitable Industries

     The 15 Industries with the Highest Net Profit Margin – Last 12 Months Based on an analysis of the financial statements of privately-held companies, Sageworks, a financial information company, ranked all industries by net profit margin over the last 12 months and found that accounting services topped the list, with a net profit margin averaging…

  • Microsoft: Windows 7 Support Ending

      At the height of tax season, Microsoft retired Windows XP and announced the debut of Windows 8.1.  Now the company is warning of other major software changes coming in the next six months.  

  • New 1023-EZ Form Makes Applying for 501(c)(3) Tax-Exempt Status Easier; Most Charities Qualify

    The Internal Revenue Service today introduced a new, shorter application form to help small charities apply for 501(c)(3) tax-exempt status more easily. “This is a common-sense approach that will help reduce lengthy processing delays for small tax-exempt groups and ultimately larger organizations as well,” said IRS Commissioner John Koskinen. “The change cuts paperwork for these…

  • Unused ITINS to Expire After Five Years; New Uniform Policy Eases Burden on Taxpayers, Protects ITIN Integrity

     Individual Taxpayer Identification Numbers (ITINs) will expire if not used on a federal income tax return for five consecutive years, the Internal Revenue Service announced today. To give all interested parties time to adjust and allow the IRS to reprogram its systems, the IRS will not begin deactivating ITINs until 2016.  The new, more uniform…

  • IRS Adopts “Taxpayer Bill of Rights;” 10 Provisions to be Highlighted on IRS.gov, in Publication 1

    Español IR-2014-72, June 10, 2014 WASHINGTON ― The Internal Revenue Service today announced the adoption of a “Taxpayer Bill of Rights” that will become a cornerstone document to provide the nation’s taxpayers with a better understanding of their rights.

  • IRS: The Truth About Frivolous Tax Arguments

     The Internal Revenue Service has released the 2014 version of “The Truth about Frivolous Tax Arguments.” The document describes and responds to some of the common frivolous tax arguments made by those who oppose compliance with federal tax laws. The cases cited demonstrate how frivolous arguments are treated by the IRS and the courts. The…

  • IRS: Michael Jackson Assets Undervalued

    The Internal Revenue Service has filed documents in US Tax Court claiming that Michael Jackson’s estate has severely undervalued his image and music catalog, claiming that the estate owes an extra $505 million in taxes, plus $197 million in penalties.  While the Jackson estate’s executors valued his net worth at a little over $7 million…