The first-time homebuyer credit for homes purchased in 2008, with few exceptions, must be repaid over a 15 year period and takes the form of a $7,500 interest-free loan. What happens if the home is sold or no longer is your primary residence? In this instance, the repayment may be due in the year that chance occurs. Read More.
Employers that allow their employees to telecommute across state lines may be at risk for exposing their company to additional tax filings. Each state has a different set of rules for establishing nexus or “doing business” in their state, but there are a few general principles to follow. Read More.
The short answer is that it depends. Generally, the rules for deducting travel and living expenses while away from home depend on how long the work is being performed away from your family home. Read More.
If your client holds foreign financial accounts with a value exceeding $10,000, it most likely needs to be reported on the FinCEN 114. Unfortunately, sometimes clients do not disclose this information to their accountant even if the client questionnaire requests it. Read More.
If you haven’t filed your 2011 tax return and claimed your refund yet, you may be one of the 1.2 million taxpayers that are owed $1 billion in refunds. The IRS estimates more than half of the refunds are for at least $698. Read More.
This tax season has gotten off to a rough start for many taxpayers that utilize do-it-yourself (DIY) software to file their returns. Here’s the scenario, you use online tax software such as TurboTax to file your tax return every year. However, this time around, when you log into your account to file your tax return, you receive a message that your return has already been filed. This is the frightening scenario that is now impacting some taxpayers and this could just be the tip of the iceberg. Are you at risk? Read More.
There are over 4 million tax returns filed every year with a taxpayer claiming a federal tax credit via Form 1116. It should come as no surprise that the source of the foreign income covers countries across the world, with Canada and the UK representing the largest portion of the mix. Do you qualify for the foreign tax credit? Read More.
The tax filing season is set to start next week when the IRS will begin accepting tax returns. Tax filers can buy do-it-yourself (DIY) software or hire a tax professional to file their return. Those interested in hiring a tax professional, may be interested to know how much it costs. An annual survey conducted by the National Society of Accountants (NSA) provides some guidance as to what you can expect in fees. Read More.
We are announcing the launch of our new research support services specifically tailored to accounting firms. Firms can now utilize our extensive team of accounting and tax professionals to obtain answers to complex client matters. Read More.
The 2014 tax season is scheduled to begin on time. According to the IRS, the agency will start accepting tax returns on January 20th, 2015. This comes as a surprise given that lawmakers waited until December 19th to address renewing several tax extender provisions. Read More.
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