Census Bureau Issues Income, Poverty and Health Insurance Coverage Report

Tax

By Ron Kramer

The U.S. Census Bureau recently released its report, Income, Poverty and Health Insurance Coverage in the United States for 2010. The survey provides some interesting statistics on income, poverty and health insurance in the United States. Links to full report are included.... read more >

The Wait is over. IRS provides guidance on employer-provided cell phones

Tax

By Martin DiGiovine

The IRS has provided long-awaited guidance on the tax treatment of employer-provided cell phones. Martin DiGiovine provides an update.... read more >

Hurricane Irene Blows the Deadline for OVDI to September 9, 2011

Tax

By Ron Kramer

The Internal Revenue Service (IRC) has announced that the August 31, 2011 deadline to comply with the IRS’s Offshore Voluntary Disclosure Initiative (OVDI) will be extended to September 9, 2011, because of the potential impact of Hurricane Irene.... read more >

Taxpayers (Including Corporations) to Begin Receiving New Form 1099-K for 2011

Tax

By Martin DiGiovine

As part of an effort by Congress to close the tax gap, the 2008 Housing Assistance Tax Act added new section 6050W to the Internal Revenue Code (“IRC”). ... read more >

Reminder: 2011 Offshore Voluntary Disclosure Initiative (OVDI) Expires August 31, 2011

Tax

By Ron Kramer

U.S. taxpayers hiding income in undisclosed offshore accounts are running out of time to take advantage of the soon-to-expire opportunity to come forward and bring their taxes and reporting requirements current with the Internal Revenue Service (IRS).... read more >

Making Sense of the Passive Loss Rules

Tax

By Jason Droske

Revenue Procedure 2010-13 was released on January 6, 2010 and is effective for all tax years that begin on or after January 25, 2010 (the 2011 tax year for calendar-year taxpayers). The new rules will impact individuals. Jason Droske explains.... read more >

IRS Terminates Use of High-Low Method for Substantiating Travel Expenses

Tax

By Christopher Dingman

The IRS is discontinuing the high-low method of substantiating treavel expenses under Internal Revenue Code Section 274(d). Chris Dingman shares details.... read more >

Baseline Budgeting - The Nemesis of Deficit Reduction

Tax

By Ron Kramer

On Tuesday, July 26, House Speaker John Boehner found out that his debt proposal would cut spending far less than he originally touted.... read more >

Gang of Five (now Six again) Presents New Deficit Reduction Plan

Tax

By Ron Kramer

On July 19, 2011, the five remaining U.S. Senators of the “Gang of Six” presented a new deficit reduction plan to about half of the members of the U.S. Senate.... read more >

FBAR E-Filing Option Offered

Tax

By Martin DiGiovine

On July 18, 2011, the Federal Crimes Enforcement Network (“FinCEN”) announced an online filing option for Form TD F90-22.... read more >