The American Institute of CPAs has proposed a new standard for auditing the financial statements of employee benefit plans, after the Department of Labor released a report criticizing the quality of ERISA plan audits.
Taxpayers can fix mistakes or omissions on their tax return by filing an amended tax return. Those who need to amend will find the following tips helpful.
More than two-thirds of U.S. consumers are concerned about tax fraud and identity theft this year, according to a recent survey. Their fears are well-founded: More than one-third reported having had their identity stolen in the past.
The burden of increased digitization of financial and general communication infrastructure is cyber security. While going paperless is faster, more efficient and more convenient for accountants, their clients, and everyone in between, security must remain a central consideration as firms go electronic. The IRS has issued several alerts about tax scams warning of a 400 percent surge in phishing and malware incidents this tax season, including a surge in W-2 phishing and TurboTax hacking attacks.
Some processes used by the Internal Revenue Service to ensure businesses comply with the Affordable Care Act’s employer shared responsibility provision didn’t work as they were supposed to, or they were delayed or canceled, according to a new government report.
Taxpayers get three extra days to file their federal and state tax returns this year. Normally, the deadline for filing tax returns is April 15, but this year it is Tuesday, April 18.
HUDSON VALLEY, NY — Early-bird taxpayers have already collected their income tax returns, while procrastinators have an extra weekend to submit their tax returns in 2017. Because of a holiday in the nation’s capital, the filing deadline to submit 2016 tax returns is Tuesday, April 18, 2017, rather than the traditional April 15 date, which falls on a Saturday.
Tax planning–even tax avoidance–can be OK, but not tax evasion, so how do you tell the difference? It is tax filing season and whether you’ve started or not, it isn’t pleasant. And the stakes are high. After all, every IRS tax return must be filed under penalties of perjury. Many people assume that the IRS will not impose penalties if you weren’t actually trying to cheat on your taxes. Taxes are complex, and mistakes happen. But the burden is on you to show that you acted reasonably (such as by relying on professional tax advice). If you can’t, you will probably end up with penalties.
The Internal Revenue Service has issued a notice explaining how small businesses can take advantage of a new option allowing them to apply a portion or all of their research credit against their payroll tax liability, instead of their income tax liability.
Before 2016, taxpayers could only take the research credit against their income tax liability, but thanks to the PATH Act legislation passed at the end of 2015, they have a new option.