Tax

The Internal Revenue Service began accepting individual tax returns on Friday.

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.

Highlights of some of our favorite tax-related blogs from the past week.

Congress voted in December 2010 to let wealthy Americans make tax-free gifts of as much as $5 million—and the money flowed.

Rep. Lloyd Doggett, D-Texas, has introduced legislation to limit tax write-offs for executive bonuses to $1 million per employee.

While President Obama mentioned taxes a number of times in his State of the Union speech last night, the details were scant.

The Internal Revenue Service has generally been able to identify potentially improper claims for Small Business Health Care Tax Credits by tax-exempt organizations and subject them to further review, but improvements are still needed to ensure the claims are being caught in time, according to a new government report.

Track1099 has added several new forms to its 1099-MISC e-filing and e-delivery product, and released a new mobile app.

President Barack Obama proposed a series of actions to deal with economic issues ranging from the minimum wage to tax reform and student loan debt during his State of the Union address on Tuesday evening.

PricewaterhouseCoopers is anticipating that Super Bowl XLVIII will generate over $210 million in direct spending in the New York and New Jersey area, though the revenue generated by the Super Bowl and other pro football activities is leading some to question the NFL’s nonprofit, tax-exempt status.