This year’s FBAR deadline: what changed and what hasn’t

By |June 10, 2014|News|

U.S. taxpayers with foreign financial accounts must file an FBAR (Report of Foreign Bank and Financial Accounts) if the aggregate value of their accounts exceeds $10,000 at any time during the calendar year. The FBAR [...]

Congress juggles immediate/long-term tax issues

By |June 10, 2014|Taxes|

Nearly half-way into the year, tax legislation has been hotly debated in Congress but lawmakers have failed to move many bills. Only one bill, legislation to make permanent the research tax credit, has been approved [...]

“Alimony compliance gap” could reach $2.3 billion, TIGTA cautions

By |June 8, 2014|News|

The IRS needs to significantly improve its oversight of alimony deductions, the Treasury Inspector General for Tax Administration (TIGTA) has cautioned in a recent audit report. Alimony paid to or for a spouse or former [...]

FAQ: What are the current amounts of employer-provided tax-free transit benefits?

By |June 7, 2014|News|

Transit incentives are a popular transportation fringe benefit for many employees. Although the costs of commuting to and from work are not tax-deductible (except in certain relatively rare cases), transportation fringe benefits help to offset [...]

How do I compute the accuracy-related penalty?

By |June 6, 2014|FAQ|

If a taxpayer makes a mistake resulting in paying less federal tax to the IRS than actually owed, that taxpayer could be subject to the accuracy-related penalty under Code Sec. 6662. According to the IRS, [...]

June 2014 tax compliance calendar

By |June 5, 2014|Events|

As an individual or business, it is your responsibility to be aware of and to meet your tax filing/reporting deadlines. This calendar summarizes important federal tax reporting and filing data for individuals, businesses and other [...]