Tag Archives: tax

Tax reform expands availability of cash accounting

Under the Tax Cuts and Jobs Act (TCJA), many more businesses are now eligible to use the cash method of accounting for federal tax purposes. The cash method offers greater tax-planning flexibility, allowing some businesses to defer taxable income. Newly eligible businesses should determine whether the cash method would be advantageous and, if so, consider switching methods.

Controversial Charitable Contribution Regulation Withdrawn

This past September, the IRS proposed a regulation that would require charitable organizations to collect personal information from its donors and file information returns with the IRS with this personal information for donations over $250. The IRS would, in turn, would use informational returns received from the donee to match the amounts with the social security […]

IRS Audit Rates Drop, Again

A recent report shows IRS individual audit rates at the lowest level since 2004. In addition to cuts in IRS funding and staffing, the 8 million phone calls the IRS dropped, and the cyber theft of $39mm from fraudulently filed returns, audit rates have dropped to 0.84%. To put this in perspective, just over 8 […]

“Blow Up the Tax Code and Start Over”

Rand Paul wrote a piece in the Wall Street Journal the other day titled “Blow Up the Tax Code and Start Over”. Can his proposal for a flat 14.5% tax to personal and corporate income be the solution to our nations complex tax code? Rand states that from 2001 to 2010, there was an average […]

Spring 2015 Statistics of Income IRS Bulletin Released!

Last week, the IRS released the Spring 2015 Statistics of Income Bulletin. The bulletin includes preliminary numbers from the 2013 tax year. Some of the more interesting data points include the following: 147.7 Million tax returns were filed, 1.9% more than the previous year. Although Adjusted Gross Income (AGI) and taxable income was only up […]

IRS still holding over $1 Billion in federal tax refunds

With the April 15, 2015 individual tax deadline rapidly approaching, I want to remind everyone that your 2014 taxes aren’t the only returns you should be thinking about. If you neglected to file your Form 1040 from the 2011 tax year,  the final deadline to file for a refund is also this April 15th. After […]