In the past few months there has been a significant increase in the frequency of wire transfer scam attacks against accounting firms, according to Rickard Jorgensen, president of Jorgensen & Company, with more than a dozen CPA firms successfully targeted.
The Tax Court held that the owner of a construction company who paid to sponsor his son’s motocross racing activities could deduct the payments since he was able to show that this helped him bring in business.
With the advent of the holiday season, now may be just the time to market yourself and your staff to potential clients, according to Chuck McCabe, president and chief executive of Peoples Income Tax and The Income Tax School.
While the traditional end-of-year tax tip checklist contains such tried and true suggestions as defer income and accelerate deductions, there are a number of other steps Tom Wheelwright takes in advising his small business clients.
If the lame-duck session of Congress fails to address the tax extenders, it will fall to incoming House Ways and Means Committee chairman Paul Ryan, R-Wis., to see that they get passed early in the next session of Congress.
The Internal Revenue Service has decided not to appeal a district court case which ruled that the agency doesn’t have the authority to regulate return preparers’ contingent fee arrangements for refund claims.
Jersey Shore’s Michael “The Situation” Sorrentino and his brother Marc are due in court to face an indictment alleging they failed to pay taxes on $8.9 million in income that Michael received from promotional activities, according to U.S. Attorney Paul J. Fishman.