Why Taxpayers Love Their Accountants

Why Taxpayers Love Their Accountants

Taxes

More than four out of 10 working Americans will have had an accountant prepare their taxes this year, primarily because they believe that that's the way to get the largest refund. More than half won't do their own taxes, instead going to an accountant, friend or family member.

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Small Businesses Tried to Deduct SpaghettiOs and Dog Clothes from Taxes

Small Businesses Tried to Deduct SpaghettiOs and Dog Clothes from Taxes

Taxes

Some small businesses have shown questionable judgment in claiming SpaghettiOs, dog clothes, plastic surgery and undergarments as tax deductions, according to a new survey of accountants.

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Time is Running Short to Claim Your 2009 Refund

Time is Running Short to Claim Your 2009 Refund

Taxes

If you haven’t filed your 2009 federal tax return, you may still have time to claim your tax refund. The IRS has $917 million in unclaimed refunds from an estimated 984,000 tax returns that people didn’t file for the 2009 tax year. The IRS estimates that half the potential refunds for 2009 are more than $500.

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Supreme Court to Review Tax Shelter Penalties

Supreme Court to Review Tax Shelter Penalties

Taxes

The U.S. Supreme Court will use a case involving billionaire Billy Joe “Red” McCombs to decide whether the federal government can impose hundreds of millions of dollars in penalties for the use of abusive tax shelters.

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Top 10 Indirect Tax Audit Triggers

Top 10 Indirect Tax Audit Triggers

Taxes

The top 10 issues that, when uncovered, are most likely to prompt an audit of indirect taxes, such as sales and use taxes, according to the Tax & Accounting business of Thomson Reuters are the following:

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Tax Dilemmas Add to Burden of Healthcare Reform for Small Business Owners

Tax Dilemmas Add to Burden of Healthcare Reform for Small Business Owners

Taxes

If you're a small business owner, you're probably still grappling with the Affordable Care Act and the best way to provide health insurance to your employees.

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Tax Preparer Indicted for Claiming Fraudulent Homebuyer Tax Credits

Tax Preparer Indicted for Claiming Fraudulent Homebuyer Tax Credits

Taxes

An Arizona tax preparer has been indicted for filing 84 tax returns fraudulently claiming the First-Time Homebuyer Tax Credit.

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Obama Budget to Include Tax Bracket Changes

Obama Budget to Include Tax Bracket Changes

Taxes

(Bloomberg) President Barack Obama’s budget plan will incorporate deficit-cutting proposals that include changing the calculation for Social Security cost-of-living increases and tax brackets, according to a White House statement.

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IRS Disbars CPA for Charging High Fees and Giving Bad Advice

IRS Disbars CPA for Charging High Fees and Giving Bad Advice

Taxes

The Internal Revenue Service said Friday its Office of Professional Responsibility has disbarred a California-based CPA for “charging unconscionable fees, giving irresponsible advice to clients and making false statements to federal and state authorities, among other things.”

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Small Businesses Want Less Tax Complexity

Small Businesses Want Less Tax Complexity

Taxes

Complexity and inconsistency within the tax code continue to be a major problem for small businesses, with one out of four small businesses reporting that they need to spend 120 hours or more per year on the administration of federal taxes, or three full work weeks, according to a new survey.

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