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Category Archives: Taxes
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
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
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.
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
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
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
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
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
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.