Practice Management

The IRS is reminding taxpayers that it has unveiled a “simpler option” to figure the business use of a home.

What companies need to know as the IRS shifts its compliance focus

Employers are still misclassifying millions of workers as independent contractors, instead of employees, according to a recent government report.

A financial technician who worked in a Boone County, Ky., office of the Internal Revenue Service has been charged with multiple crimes relating to her unauthorized access of an IRS computer to obtain personal information about taxpayers.

The Internal Revenue Service’s Return Preparer Office said it is sending letters to 3,000 tax preparers who failed to use a valid Preparer Tax Identification Number.

Last week, one of the “girlie” cable channels had a weeklong Christmas-in-July event, where they showed Christmas movies the whole week. (In case you’re wondering, it’s my wife, not me, who watches this particular channel). But the thought occurred that if it’s time to start thinking about Christmas, then it’s also time to begin considering end-of-year tips and planning strategies to offer clients as we approach the beginning of fall.

Senators Tom Harkin, D-Iowa, and Chuck Grassley, R-Iowa, led a bipartisan group of five senators in introducing legislation to increase the alternative tax liability limitation for small property and casualty insurance companies.

The Internal Revenue Service has issued a revenue procedure that clarifies the rules for when a company uses the deferral method of accounting for advance payments that are received by the taxpayer for the sale of gift cards that are redeemable by an unrelated entity.

There are currently 17 states offering sales tax holidays where state sales tax charges are temporarily dropped on back-to-school items such as clothing, footwear, classroom supplies, computers and certain other products, according to CCH.

The deadline is coming up this week for lawmakers in Congress to submit their preferences for the “must have” tax breaks that need to be kept in the Tax Code under Senate Finance Committee leaders’ “blank slate” approach to tax reform.