Virtual Income Transactions Need to Be Reported to IRS
Income from virtual currency transactions must be reported on individual income tax return, and the IRS says it is scrutinizing these currencies more than ever before.
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Entries by admin-wxc
How to Minimize the Risk of Losing Your Work in Excel
Most spreadsheet users would love to have a dollar for every time something has gone awry with an Excel spreadsheet. Sometimes it’s a power outage, or a computer crash, or simply closing the wrong document without saving. Fortunately in all versions of Excel you can hedge against this risk, but anyone using Excel 2010 and […]
How internal audit can improve by embracing technology
Rapid technological advancements pose a significant challenge to internal audit functions at organizations of all sizes.
Need More Time for Your Taxes? A 6 Month Extension is Easy
Taxpayers who can’t meet the tax filing deadline can use options available via Free File on IRS.gov, to file an extension that gives six more months. The tax deadline this year is April 17. Taxpayers who submit Form 4868, Application for Automatic Extension of Time to File U.S. Individual Income Tax Return, will automatically be granted a six-month […]
Interest on Home Equity Loans Often Still Deductible Under New Law
The Internal Revenue Service today advised taxpayers that in many cases they can continue to deduct interest paid on home equity loans.
Avoid the Rush: Some Taxpayers May Need Prior-Year Tax Data
The Internal Revenue Service today reminded taxpayers who have changed tax software products that they may need information from their 2016 tax return to complete their taxes this year.
IRS Issues Urgent Warning On New Tax Refund Scam
Just when you thought you’d read about all of the tax scams: The Internal Revenue Service (IRS) is warning taxpayers about a new – and growing – scam involving erroneous tax refunds being deposited into real taxpayer bank accounts. Then the crooks use various tactics to con taxpayers into turning over the funds. It’s a new twist […]
2017 Tax Reform Legislation: What You Should Know
The bill will affect the taxes of most taxpayers, but one key point to keep in mind is that for most people, the bill won’t affect your taxes for 2017 (the one you file in 2018).
Important change regarding to the category “Meals and Entertainment”
As per Tax Cut Jobs Act (Tax Reform) which was signed on December 22th, there is a change regarding to the category “Meals and Entertainment”. Until 2017, 50% of annual amount of this category was deductible. Starting on 2018 this category will be divided into two accounts, Meals, which will be tax deductible as the same 50% of annual […]
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