Tax Quiz: March
Test your tax knowledge with these questions from the experts at the National Association of Tax Professionals.
To help keep your tax knowledge sharp during the busy season, we'll add a tax question or two every week. Our latest are on owners who rent, and the limits on reporting some unusual income.
A tipped employee is taxed only on the amount of tips he/she actually keeps. Our waiter must maintain records of tip-outs along with his other tip income (cash tips, charged tips, split tips, tip pool, etc.). Since he has over-reported his tips to his employer, he needs to provide a corrected Form 4070 to his employer, who then needs to issue him a corrected Form W-2.
This association can be considered a social club under Section 501(c)(7), but first must file Form 1024 requesting tax-exempt status and be approved for this status before claiming the club is an exempt organization. Once this is done, the club files Form 990, 990-EZ or 990-N.
The IRS has the authority to waive the tax if the taxpayer can establish that the shortfall between the required distribution and the amount actually distributed was due to reasonable error and steps are being taken to remedy the shortfall [IRC Sec. 4974(d); Reg. 54.4974-2, Q-7]. To request a waiver, the taxpayer should attach a statement of explanation and complete Form 5329 according to the instructions for Part VIII.
Running a little late could have big repercussions, especially at a firm in the midst of busy season. From escaped zebras to must-see TV, employers told CareerBuilder some of the most memorable excuses they've heard from tardy employees.
The NAEA’s collection of ridiculous things tax clients believe
The firms with the highest 2013 revenue growth in our Top 100 Firms/Regional Leaders list
As companies gain more affordable access to new technology and platforms, they also seek to make smarter investments. As we begin 2014, James Cashin, partner at McGladrey, has identified 10 common strategies in how companies are capitalizing on their IT investments to best implement process improvements and increase performance.
The Tax & Accounting business of Thomson Reuters has compiled its annual sampling of quirky sales tax changes passed or implemented in 2013.
The Minnesota Society of CPAs recently conducted its annual CPA member survey about the most strange and unusual tax deductions proposed by clients. The responses included everything from pets and wedding rings to gifts not given.
The Taxpayer Advocate proposes a list of rights — and responsibilities
Our editors’ picks for the biggest stories in accounting in 2013
Is your firm attracting the right kind of candidates—or any candidates? Dawn Wagenaar, a principal at the accounting and professional consulting agency, Ingenuity Marketing Group, offers 10 ways for firms to attract the hottest talent.
Our editors’ picks for the biggest technology stories in 2013