The Blog

Significant Decline in IRS Staff May Lead to Fewer Audits

The Transactional Records Access Clearinghouse (TRAC), reports that the IRS plans to expend 18% fewer staff hours auditing large businesses with assets of more than $10 million in fiscal year 2013 (which ends Sept. 30) than it did in FY 2011…. (Keep Reading)

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Taxpayers filing delayed forms get late-payment penalty relief

“On Wednesday, the IRS announced that it will waive the penalty normally assessed for late payment of income tax, for taxpayers who have requested an extension of time to file their return and who are filing one of the 31 forms that were delayed until March because of the last-minute tax law changes in the

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When will I get my refund for 2012?

According to www.irs.gov, refunds for 2012 will be processed between 10 and 21 days.  To check the status of your refund, please visit Where’s My Refund? or the quick link at the bottom of our website.  You will need your Social Security Number, filing status, and exact refund amount which can be found on your

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How To Protect Yourself from Tax Identity Theft

Tax return and other tax-related identity theft is a growing problem that CPAs can help their clients with—both in taking preventive actions and in correcting problems after an identity thief has struck. Tax return identity theft occurs when someone uses a taxpayer’s personal information, such as name and Social Security number (SSN), without permission to

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Most Major U.S. Cities See Home Prices Rise

The Standard & Poor’s Case-Shiller home price indexes showed that prices increased in 12 of the 20 cities it tracks. The overall index was essentially unchanged from February, after falling 0.8 percent from January, and it was down 2.6 percent from March a year ago. Three of the weakest markets reported signs of improvement: prices

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Can IRS Prevent You From Traveling?

A bill authored by a California lawmaker that could potentially allow the federal government to prevent any Americans who owe back taxes from traveling outside the U.S. is one step closer to becoming law. Senate Bill 1813 was introduced back in November by Senator Barbara Boxer (D-Los Angeles) to ?reauthorize Federal-aid highway and highway safety

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Home Office Deduction

With unemployment still near the highest rate in decades, it is not surprising to find many people working out of their homes. Now may be a good time to review the criteria for claiming a deduction for the business use of part of a person?s residence. Read More: https://www.journalofaccountancy.com/Issues/2012/Jan/20114703.htm

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