U.S. Census Bureau Releases Report on Young Adulthood

May 22, 2017

In an April 2017 report, the U.S. Census Bureau examines changes in young adulthood over the last 40 years. The study looks at how the economic and demographic characteristics of young adults (ages 18 to 34) have changed from 1975…
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IRS Announces 2017 Standard Mileage Rates

December 23, 2016

The IRS has announced the 2017 optional standard mileage rates for computing the deductible costs of operating a passenger automobile for business, charitable, medical, or moving expense purposes. Effective January 1, 2017, the standard mileage rates are as follows: Business…
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New IRS Due Dates: W-2 & 1099-MISC

November 16, 2016

In years past, the filing and reporting due dates for IRS Forms 1099-MISC for independent contractors and W-2’s has been March 31 with the due date to recipients by January 31st.  Now, BOTH are due on January 31st. This is…
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IRS Relaunches “Get Transcript Online” Site

June 9, 2016

The IRS has announced that its “Get Transcript Online” site is once again available for taxpayers to access copies of their tax transcripts and similar documents that summarize important tax return information. The new site uses a more secure access…
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The IRS Revised its Offer-in-Compromise Procedures

June 9, 2016

In its e-News for Tax Professionals (issue 2016-19, dated 5/13/16), the IRS announced that, effective immediately, it will return newly-filed Offer-in-Compromise (OIC) applications if the taxpayer hasn’t filed all required tax returns. Any fees included with the OIC will be…
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Presidential candidates differ sharply on taxing corporations

June 8, 2016

Based on an article by David Morgan, Reuters The corporate income tax is a major revenue source for the U.S. government, but it has been shrinking for decades, and the three main presidential candidates could not differ more dramatically on…
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There’s Still Time to Contribute to an IRA for 2015

February 9, 2016

You have until your tax return due date (not including extensions) to contribute up to $5,500 for 2015 ($6,500 if you were age 50 by December 31, 2015). For most taxpayers, the contribution deadline for 2015 is April 18, 2016…
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Year-End Charitable Giving

December 10, 2015

With the holiday season upon us and the end of the year approaching, we pause to give thanks for our blessings and the people in our lives. It is also a time when charitable giving often comes to mind. The…
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Security Awareness Tax Tips from IRS

December 7, 2015

 Seven Steps for Making Identity Protection Part of Your Routine The theft of your identity, especially personal information such as your name, Social Security number, address and children’s names, can be traumatic and frustrating. In this online era, it’s important…
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Settlement payment to ward off foreign bribery charges isn’t deductible as business expense

December 3, 2015

Legal Advice Issued by Field Attorneys 20154702F In Legal Advice Issued by Field Attorneys (LAFA), IRS concluded that Code Sec. 162(f) barred a business deduction for a settlement payment made to a foreign government to ward off bribery charges. The fact…
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