Tax Breaks for U.S. Military
Members of the U.S. Armed Forces deserve the thanks of the nation for their service, and one small way we can show our thanks is by giving those who serve a small measure of tax relief.In some cases,…
Facebook Under IRS Scrutiny for Questionable Transfer of Assets to Ireland
The Internal Revenue Service has gone to court to face Facebook to cooperate with its investigation into the transfer of assets to an Irish subsidiary. The probe, first detailed on CNN Money, is…
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Massachusetts Senate Considers AirBnB Tax to Help Finance Earned Income Credit
The Massachusetts State Senate is looking at a bill that would install a tax on rooms rented through AirBnB to help the state pay for an increase in its Earned Income Credit.According to MassLive, the…
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Stepping Up Tax Preparer Security: What Does it Mean?
The latest meeting of the IRS’ Security Summit working group has grabbed a lot of headlines recently. Among the news is that income tax preparers will be expected to secure the taxpayer data under…
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Audit Finds Some Former IRS Employees Retained Access to Government Computers, Facilities
When we change jobs, we normally lose access to the buildings and electronics we may have used for our former employer. However, a new audit report from the Treasury Inspector General for Tax…
Business or Pleasure: Determining if Your Hobby is Considered a Trade
What is a Trade or Business?Simply put, a trade or business must satisfy the need to make a profit. If you don’t plan to make a profit, then this is not a business, it is a hobby. The reason for…
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Taxpayer Advocate Issues Mid-Year Report
The IRS Future State Plan features prominently in the first volume of yesterday’s Fiscal Year 2017 Objectives Report to Congress from National Taxpayer Advocate Nina Olson. Three subjects of the…
GAO Finds IRS Should Do More to Protect Taxpayer Information
The Government Accountability Office (GAO) has issued a report that says IRS measures still fall short when it comes to protecting the personal information of taxpayers. While the 50-page report…
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Audit Finds IRS Not Adequately Checking Volunteer Tax Preparer Program
An audit by the Treasury Inspector General for Tax Administration says the Internal Revenue Service isn’t assessing its volunteer income tax preparers as it should.The Volunteer program provides…
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Tax Preparers, States Join IRS in Warning of Data Theft Risk
The tax preparation community has joined forces with state tax agencies and the Internal Revenue Service to warn tax preparers that they are the newest targets of identity thieves and other…
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