In the upcoming filing season, the IRS will be managing more compliance items such as the ACA (affordable care act) and FATCA (foreign account tax compliance act) with a reduced budget and staffing.
The Annual Report discusses the ten most litigated tax issues and three case studies of which centers around the impact of audits on small businesses. Here are some facts to consider:
Taxpayers need to develop a comprehensive approach to the 2014 filing season that includes the following:
Taxpayers should be very careful with (1) do-it-yourself tax preparation software or (2) using a tax preparer that is unfamiliar with the reporting, measuring, and timing provisions of the affordable care act. Based on this article, it is easy to see that there are critical missteps that can occur if information regarding health care coverage is not properly conveyed to the IRS.
Attempting to get personal or business finances in order, after neglecting them for a period of time, can seem like a daunting process. January is a prime time to make a resolution and create a plan.
The scores are in! According to recently released IRS data for 2012, you have to make $434,682 or more in AGI (Adjusted Gross Income) to classify as the top 1% of taxpayers.
The Office of Management and Budget released the President’s Budget for Fiscal Year 2016 on Monday. The proposal is very detailed in its suggestions for changes to the tax code for individuals, businesses, international taxation, and gift/estate taxation. Below is a specific list of notable items:
There has been potential fraudulent activity through Turbo Tax for Minnesota State Tax Returns. Therefore, in an effort to combat this activity, the State of Minnesota is no longer accepting State Tax Turbo Tax filings.
Misrepresentation or erroneous reporting of tax deductions can quickly lead to an IRS audit. A key component that the IRS will look at if an audit is triggered is the separation of business and personal expenses. Keeping thorough, organized, and accurate records is essential for a taxpayer to protect him or herself from additional and unnecessary tax expenditures.
This year at the 85th Annual Academy Awards, the nominees received swag bags with an estimated fair market value of $168,000. As we celebrate the best of the best for their contributions to cinema in 2014, it should be noted that these swag bags will be taxable as income on the nominees 2015 individual tax return (1040).
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