Tax season

A like-kind exchange, also known as a Section 1031 exchange after the section of the Tax Code that governs it, is essentially a tax-deferral tool that postpones tax on the exchange of a property for another property of a “like kind.”

The Internal Revenue Service said Thursday it has already received more than half of the tax returns it expects to receive during 2014, even though the filing deadline is nearly a month away.

The Internal Revenue Service is giving the Mega Millions jackpot some serious competition, with tax refunds totaling $760 million ready to be handed over to an estimated 918,600 taxpayers who did not file a federal income tax return for 2010.

The American Institute of CPAs has released a list of 10 suggestions for individual taxpayers and their preparers filing tax returns this season.

This season is turning dangerous for tax preparers, according to published reports.

More than 27 million taxpayers have filed their tax returns from their home computers so far this tax season, an increase of almost 6 percent compared to last year.

The Internal Revenue Service has revised its guidance on electronic signatures, with updated information on the currently acceptable electronic signature methods, identity verification requirements and electronic record requirements.

Many individual tax returns select a third-party designee, but even though this designation is widely used, its scope is often misunderstood.

H&R Block has launched a series of YouTube music videos featuring various musicians singing about the excitement of getting a tax refund.

The Internal Revenue Service reminded home-based businesses and their tax preparers Friday about a new simplified option for claiming the home office deduction that is available for the first time this year, allowing home businesses to deduct up to $1,500 from their taxes.

Check out the digital edition of the March 2014 issue of Accounting Today.

The Internal Revenue Service reported Thursday that more than 48 million tax refunds had been issued by the end of February, a 5.6 percent increase compared to the same period last year, with the size of the average tax refund also up.

The Internal Revenue Service has created a new video for YouTube that aims to provide useful tax tips for married same-sex couples.

The Internal Revenue Service’s Low Income Taxpayer Clinic Program Office has issued its second annual program report on how LITCs help thousands of low-income taxpayers across the country with pro bono representation, education and advocacy services.

Tax season starts off easy -- but issues remain

Should they file a joint return, or married filing separate?

When people get paid in cash, they don’t always tell their tax preparer right away – if at all.

The Internal Revenue Service said Thursday that only three weeks after the opening of tax season, it has already received about one-third of the individual income tax returns it expects to receive in 2014.

Grant Thornton has released a set of tax season tips for both individuals and businesses.

About 52 percent of Americans intend to spend their annual tax refund on necessary expenses such as loans, credit cards and other household expenses, while another 30 percent plan to put the money into savings and only 8 percent plan to invest the tax refund money, according to a new survey.