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Dirty dozen tax scams of 2016

Every year, the IRS releases a list of what it calls the worst tax scams of the year. Beginning Feb. 1 and ending on Feb. 17, the IRS issued a news release each day highlighting a scam. These “dirty dozen” scams can be encountered at...

How to Avoid a State Tax Audit

Have you ever desperately tried to avoid someone at a cocktail party? Perhaps the guy who means well but asks nitpicky questions and won’t leave you alone? For accounting professionals, that party pariah is an auditor, and you should do...

4 Simple Steps to Grow Accounting Firm Business

You’re an exceptional accounting firm delivering high-quality service and maintaining operational efficiently. And yet in spite of the immense value you bring to your customers and prospects, you’re finding it increasingly difficult...

Congress Passes Law Banning Internet Access Taxes

Feel free to keep using the Internet without the threat of having to pay taxes on your services. (Buying products online, yes, you may have to pay sales tax. But not for your actual Internet service.) After almost two decades, Congress has...

Congress enacts permanent ban on state and local internet taxes

Congress on Thursday passed the Trade Facilitation and Trade Enforcement Act of 2015, H.R. 644, which would make permanent the “moratorium on states and localities taxing Internet access or placing multiple and discriminatory taxes on...

IRS Detects Attack on Electronic Filing PIN App

The Internal Revenue Service said Tuesday evening that it recently identified and halted an automated attack upon its Electronic Filing PIN application on IRS.gov . Using personal data stolen elsewhere outside the IRS, identity thieves used...

Obama Budget Includes Tax Increases and Tax Preparer Regulation

The Obama administration released its fiscal year 2017 budget containing a number of tax increases on high-income taxpayers, oil and foreign income, along with tax breaks for the middle class and small businesses, plus a provision giving the...

Due date for estate basis reporting postponed once again

The IRS on Thursday further delayed the due date for statements required under Sec. 6035(a)(3)(A) reporting the value of an estate’s assets from Feb. 29, 2016, to March 31, 2016 (Notice 2016-19). The extra time is designed to give taxpayers...

Investors Increasingly Wary of Volatile Markets

Turbulent markets continue to trouble investors, prompting financial advisors to rank "managing market volatility" as their top concern for Q1 2016. The 123.8 reading on the Advisor Top-of-Mind Index (ATOMIX) survey is the highest ranking since...

Obama's Final Budget Proposal Includes Sweeping Tax Changes

It’s unlikely that a sharply divided Congress will send President Obama off with parting gifts, but that didn’t stop the nation’s leader from including a “wish list” in the proposed budget for his final year in...