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Antoinette Tuff, the compassionate bookkeeper who talked a troubled young man out of gunning down the children at the Georgia elementary school where she worked, has set up a fund to help underprivileged children and raised over $100,000.
August 30
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The Swiss government is urging banks to cooperate with a new program it has set up with U.S. authorities, even though it will require significant financial penalties and information sharing from banks that aided secret account holders.
August 30 -
A Metropolitan Transit Authority electrician in Long Island has been arrested after trying to steal welding machines to pay off a $10,000 tax debt to the Internal Revenue Service, accidentally taking down power lines while trying to escape with them in his truck and leaving 6,100 electricity customers in the dark.
August 30 -
The Tax Code giveth and the Tax Code taketh away. The depreciation and expensing provisions in the Tax Code allow taxpayers to recover the cost of property through an annual allowance. As a result, many businesses have taken advantage of the opportunity to write off expenses of equipment and other tangible property by making purchases toward the end of the year, driven as much by the tax advantage it gives them as by the actual need for new equipment. But many of these business owners forget that when they sell an asset, the IRS can take their depreciation allowance back, often at the highest possible tax rate. Taxpayers use depreciation to write down the cost of assets, both tangible assets like capital equipment and real property, and intangible assets such as patent costs and goodwill. But if those assets are sold at a profit, the IRS can recapture the full amount that was depreciated.
August 29 -
The National Association of Tax Professionals has released Audit Proof the Tax Office, aimed at helping practitioners change some office procedures in response to new needs, and new threats, in the industry.
August 29 -
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Online accounting software maker Xero has partnered with expense reporting application company Expensify, effectively integrating Expensifys expense report data directly into Xeros accounting platform.
August 29 -
The Treasury Department and the Internal Revenue Service have ruled that same-sex couples, legally married in jurisdictions that recognize their marriages, will be treated as married for federal tax purposes.
August 29 -
The American Institute of CPAs has released guidelines to help privately held businesses determine which accounting framework, including the Financial Reporting Framework for Small- and Medium-Sized Entities, best meets their financial reporting needs.
August 29
