“Wrap Fees” charged to IRA holders qualify for tax favored treatment are not counted as payins to the IRA if paid separately by the owner, IRS privately rules. The fee covers investment planning and broker commissions. Although the payment of… Read More
Blog
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IRS Gives a Road Map for Audits of Repair and Maintenance Expenses
The issue of whether maintenance costs are deductible as incidental repairs or must be capitalized under IRC §263A continues to trip up taxpayers, despite guidance and proposed regulations from the Internal Revenue Service. Recently, the IRS issued an audit-technique guide… Read More
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FASB moves toward reversing mark-to-market proposal
The Financial Accounting Standards Board has started taking steps toward allowing banks to continue to use an amortized cost to value many of the loans on their balance sheets rather than shifting to a “fair value” accounting method. Last year,… Read More
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New Smartphone App Lets You Check Tax Refund Status
The IRS unveiled a new smartphone app Monday that will allow taxpayers to check the status of their tax refunds and get other information about their tax returns. The app, IRS2Go, can be downloaded for free on iPhones and Androids, the IRS… Read More
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For itemizers, IRS has set a tax-filing date of Feb. 14
Taxpayers who claim itemized deductions will be able to file their federal tax returns starting Feb. 14, the IRS said Thursday. While the tax-filing season began on Jan. 4, the IRS announced last year that taxpayers who itemize — which… Read More
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Where To Keep Your Important Financial Records
We all have financial records, whether they’re pay stubs, tax returns, or receipts that we’re using for tax write-offs. Although many of us are now using personal finance software, there still isn’t a one-stop solution to track all your finances…. Read More
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How Long to Keep Tax Records
You can toss some supporting documents, but you’ll need to hang onto others for years. This is a great time of the year to get rid of outdated files and to organize your records in preparation for filing your tax… Read More
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Good News for Millions of Workers in 2011 – 2% decrease in Social Security withholding taxes
Now that 2011 is here, there is a good news for millions of workers in the United States — more money in their paychecks. Thanks to the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010, there has… Read More
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IRS Audit Red Flags: The Dirty Dozen
Here are twelve hot spots on your return that can raise the chances of scrutiny by the IRS. Ever wonder why some tax returns are audited by the IRS while most are ignored? Well, there’s a whole host of reasons… Read More
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Taxpayers who itemize have to wait until February to file
IRS Kicks off 2011 Tax Season with certain Taypayers unable to start filing until mid-to-late February summary- Taxpayers who itemize on their federal tax returns will have to wait until at least mid-February to file, the IRS said Thursday. The… Read More