Your Guide to State, Local, Federal, Estate + International Taxation

A Special Tax Break for Songwriters

Finally, a break for the starving artist! Well, a tax break that is. And this tax break is not for all artists, but only for songwriters. Generally, those who purchase and sell the rights to songs or music catalogs get capital gains treatment on the sale. However, when a songwriter sold a song, it was …

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Foreign Pensions from a U.S. Tax Perspective

As the IRS continues to increase their focus on exposing hidden foreign accounts of U.S. taxpayers, it is important to be aware of all filing requirements and be in compliance to avoid excessive penalties. One area that is commonly missed is foreign pensions. Many taxpayers assume if they hold a foreign pension that has no …

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IRS “Get Transcript” Fiasco Gets Worse

Following the Sarbanes Oxley Act more than a decade ago, security and fraud have been two of the cornerstone focuses of the accounting profession. Proper and secure system controls have become a necessity, not only for auditors and tax accountants, but for every profession in business. This may lead one to believe that the IRS, …

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Pushing for Tax Reform – Retirement Plans

The American Institute of Certified Public Accountants (AICPA) has participated in U.S. House of Representatives, Committee on Small Business hearings on tax reform with the goal of ensuring that main street isn’t left behind. One area of focus in this regard has to do with retirement plans. Small businesses are especially burdened by the overwhelming …

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Overpaying the Affordable Care Act Individual Mandate

According to a report from the National Taxpayer Advocate, more than 300,000 taxpayers overpaid the Individual Shared Responsibility Payment (ISRP) for health insurance on their tax returns processed through the end of April 2015. Most of those taxpayers were charged the ISRP, also known as the individual mandate, because they did not have health insurance …

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Mid-Year Tax Planning Strategies

As summertime winds down and the kids head back to school, it’s the perfect time to take a few minutes to review you taxes and do some smart mid-year tax planning. People often wait until December to start thinking about their tax bill, but implementing changes now may have a greater effect on your overall …

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Federal Tip Credit: An overlooked tax benefit for restaurant owners

A common topic of discussion, and sometimes heated debate, is that many restaurant patrons do not see eye to eye on the cultural practice of tipping. When to tip? How much? Should you tip on drinks? Do you tip based on the pre-tax or after-tax bill? There are as many questions as there are differing …

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AZ Releases New Form 290 Request for Penalty Abatement

Often penalties are assessed by a taxing agency and the taxpayer has grounds for asking the government to forgive the penalties based on “reasonable cause”. Some typical reasonable cause requests for penalty reduction or “abatement” are serious illness or death of the taxpayer, fire, casualty or natural disaster, and errors by the taxing authority. The …

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Plan B for Paying Your Taxes When You’re Short on Cash

Whether you accidentally withheld too little on your paycheck, your business made more money than you expected, or you just really didn’t plan so well this year, circumstances sometimes arise when your individual income tax bill is higher than you anticipated. So what are your options when you owe the IRS, but cash flow is …

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New Due Dates for Tax Returns – How Does This Affect You?

If you read about the due dates of all of the different types of tax returns changing, you are probably wondering how these changes affect you. If you have a C Corporation, the due date is pushed back to the fourth month following the end of the year. This will change the due date of …

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