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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. Virtual currency transactions are taxable by law…
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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…
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How internal audit can improve by embracing technology

Rapid technological advancements pose a significant challenge to internal audit functions at organizations of all sizes. “Not only does internal audit need to have a point of view on what risks come with those technologies,” said…
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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…
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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. Responding to many questions received from taxpayers and tax professionals, the IRS said that despite…
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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. It’s always a good idea to keep copies of previously-filed…
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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…
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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). If you’re wondering how you’re affected, not to worry,…
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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…