The Boomerang Effect
The number of unemployed college graduates who move back in with their parents (or other family members) might be a little surprising.…
Tax Reform Circulated in US Senate
A list of proposed tax reform options was circulated to member of the US Senate Finance Committee and lobbyists this week. Most of the proposals contained in the nine-page draft were modest administrative changes, and included:…
Relief Available To Many Extension Requesters Claiming Tax Benefits
WASHINGTON —The Internal Revenue Service today provided late-payment penalty relief to individuals and businesses requesting a tax-filing extension because they are attaching to their returns any of the forms that couldn’t be filed until after January.…
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New Website: Overview of the Affordable Care Act's Tax Implications
A new website provided by Drake Software hits the sweet spot, giving taxpayers and employers a to-the-point, layman’s overview of the Affordable Care Act’s (ACA) looming tax implications. The site, located at...…
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IRS’s Intent to Appeal Sparks Debate
In January, a trio of independent tax preparers filed suit challenging the IRS’s authority to impose its Registered Tax Return Preparer regime – something it developed with the hopes of increasing the quality of the tax preparation industry and improving service to taxpayers. A federal judge ruled ...…
Business Writing for Social Media
Social networking is something that many smaller businesses are attempting in today’s technological world. In order to take full advantage of all that social media has to offer to businesses...…
AMT: The Oxymoron
The concept of the alternative minimum tax is anything but minimum. The complex tax code in America originally enacted the AMT in 1969 as a way to keep high-income taxpayers from ...…
Identity Theft to Blame for Refund Delays
Although most everyone is aware of the dangers of identity theft, the IRS is expecting difficulties in wading through all of the tax returns that are to be filed this year. The hardest part will be…
Tax Law Changes for 2012, and 2013
It has been a very busy month for the Internal Revenue Service. Members of Congress finally nailed down some tax legislation for 2012, and 2013. However, their last minute decisions put the IRS behind when it comes to processing tax returns because the agency has to work to update its software to adjust for the new laws...…
What The Modernized e-File System Means For Tax Preparers
The 1040 Legacy e-file system has officially been retired. It is still technically available for one more year, but will be revived only if the new system experiences a significant failure. This is a huge milestone for the IRS...…
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