Practice Management

The Donald J. Trump Foundation, the charitable organization of the front-runner for the Republican presidential nomination, said it had made an error in making and failing to disclose a $25,000 donation to a political group in 2013.

The American Institute of CPAs has written to the Internal Revenue Service recommending some changes in the IRS’s proposed regulations for country-by-country reporting by multinational corporations of financial information to curb tax avoidance.

The odds of being criminally prosecuted by the Internal Revenue Service have fallen as a result of budget cuts at the hands of Congress, decreasing from 13.3 per million population in fiscal year 2013 to 9.2 per million in FY 2015, according to new research.

As tax professionals, we’re used to seeing a myriad of changes to the tax code every year. We spend hours familiarizing ourselves with the details so we’re prepared to advise our clients in the New Year.

Most taxpayers have at least a vague understanding of the principle that gifts do not constitute taxable income, while payments for services are taxable. Unfortunately for exotic dancer and professional adult entertainer Veronica Fairchild, there is no middle ground which would allow her to include in income some of the money she received from a client as payment for her services, while she characterized the bulk of what she received as gifts.

Relatively few employers are claiming the Small Business Health Care Tax Credit under the Affordable Care Act, according to a new government report.

The National Retail Federation is urging Congress to reject any form of consumption tax as it considers a variety of tax reform proposals in a hearing Tuesday.

A Washington-based watchdog group is taking aim at Donald Trump, accusing his foundation of making political contributions that may have violated its status as a tax-exempt charity.

The Internal Revenue Service has released the Top 10 Identity Theft Prosecutions for Fiscal Year 2015 to highlights its efforts to combat tax refund fraud and identity theft.

Last week I met with a client for one hour to get his tax information. This is a client I have had since 1972.