For tax preparers who arenít interested in extending their tax business beyond the end of April, but who would like to keep themselves and their staff employed in some meaningful activity, accountant Craig Comer has a suggestion: go into another seasonal business.
The U.S. District Court for the District of Columbia has ruled that the Internal Revenue Service doesnít have the authority to regulate CPA tax return preparersí contingent fee arrangements in the preparation of ordinary refund claims.
The Supreme Court clarified a portion of the ACA applying to closely held businesses, by deciding, in a 5-4 ruling, that the Department of Health and Human Services regulations under the Affordable Care Act, which impose a contraceptive mandate, violate the Religious Freedom Restoration Act of 1993.
Now that school is out (unless you live in a part of the country still making up for lost ďsnow daysĒ), itís easy to get caught up in the general euphoria and take a vacation from thoughts of tax preparation for the summer. But now is precisely the time preparers need to keep communication lines open with their clients, according to Chuck McCabe, president of Peoples Income Tax and The Income Tax School.
The Supreme Court has held that a taxpayer has a right to conduct an examination of Internal Revenue Service officials regarding their reasons for issuing a summons when he points to specific facts or circumstances plausibly raising an inference of bad faith.
A unanimous Supreme Court has held that the funds in an inherited IRA do not qualify for exemption in bankruptcy because they do not share the same characteristics as ďretirement fundsĒ that traditional IRAs have.
You probably know more about Donald Sterling and his mistresses, his infamous recording, and the proposed forced sale of his team, the Los Angeles Clippers, than you want to know. Nevertheless, as tax professionals we should be aware of the tax opportunities and issues for the Sterlings as sellers, if only to make conversation at the next tax-themed gathering we attend.
The Tax Court, in a division opinion, has concluded that a Finnish employee of the Finnish Mission to the United Nations waived her treaty right to exclude income from a foreign government from taxation, because she had become a permanent resident of the U.S.
RootWorks LLC has announced an expansion of its continuing education programming for the accounting profession with the opening of a new state-of-the-art learning center located in the PNC Center in Indianapolis.