Author Archives: jgrahamcpa

About jgrahamcpa

CPA. Record label owner (Two Sheds Music). Music/sports junkie. Lebanese food enthusiast. Unhinged Braves / Crimson Tide fan.

2015 filing season to start January 20

The IRS announced today that it will start accepting electronically-filed 2014 returns on January 20, 2015.  It will also start processing paper returns on the same date.  There will be no staggered start dates this season. The earlier open date … Continue reading

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Baucus Confirmed as Ambassador to China – Whither Tax Reform?

By a 96-0 vote yesterday, the Senate confirmed the appointment of Max Baucus (D- Montana) as Ambassador to China.  As Chairman of the Senate Finance Committee, Baucus has been known for his ability to work with the other side of the … Continue reading

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Filing season starts today!

After a bit of a delay (this year attributed to the government shutdown in October), the IRS is now officially accepting 2013 electronically-filed returns.  Depending on your Electronic Return Originator, you should now be able to file.

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IRS plans to increase audits for small business entities

Faris Fink, commissioner of the Internal Revenue Service’s Small Business/Self-Employed Division, reportedly told attendees at a recent AICPA conference that the Service intends to increase its auditing efforts among small business partnerships and other flow-through entities.  Fink added that the … Continue reading

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IRS to allow retroactive screening for Work Opportunity Tax Credit

The Work Opportunity Tax Credit, which had expired on December 31, 2011, was extended by the American Taxpayer Relief Act of 2012 for two years, retroactive to January 1, 2012.  The credit provides employers a credit for hiring individuals who … Continue reading

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Annual inflation adjustments for 2013 announced

Those of us who prepare returns are still trying to learn the 2012 items that are adjusted annually for inflation.  Still, the 2013 adjustments have been announced.  Here are the highlights: The standard deduction rises to $6,100 ($12,200 for married … Continue reading

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IRS rolls out a safe harbor home office deduction

The IRS has issue Revenue Procedure 2013-13, which introduces a new safe harbor home office deduction for those taxpayers who otherwise qualify for the deduction.  The prescribed deduction $5.00 per square foot, up to 300 square feet (thus, an optional … Continue reading

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IRS to open filing season on January 30

The IRS announced this week that it will begin accepting electronically-filed returns for most taxpayers on January 30.  The open date is about a week later than expected, and the delay is attributed to the late nature of the passage … Continue reading

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UPDATE: House passes tax bill

The House of Representatives passed the Senate tax bill this evening by a vote of 257-167. 85 Republicans supported the bill, along with a vast majority of Democrats.  Presidential signature is expected imminently.  

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Happy New Year! Do we have a tax deal??

Vice-President Biden and Senate Minority Leader McConnell have negotiated an agreement on a “fiscal cliff” tax bill, and the bill has passed the Senate this morning by a 89-8 vote. The Senate bill is strictly a tax bill – the … Continue reading

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