Tax


The IRS is offering to waive certain penalties if taxpayers that participated in illegal tax shelters disclose them and identify their promoters. The amnesty does not apply to taxpayers involved in fraud, crime, concealment of foreign financial accounts or reporting of personal expenses as deductible business expenses. ( http://ftp.fedworld.gov/pub/irs-news/ir01-121.pdf )

In an annual report to Congress, National Taxpayer Advocate Nina Olson recommends that legislators uniformly define the term “qualifying child” for tax purposes. Olson’s report also proposes reducing the alternative minimum tax’s effect on individuals. As in prior years, the report found the most serious problem taxpayers face is inadequate toll-free telephone access to IRS customer service. ( http://ftp.fedworld.gov/pub/irs-news/ir-02-02.pdf )

SPONSORED REPORT

How the election may affect taxation of business income

This report summarizes recent proposals to reform the U.S. business income tax system and considers the path to enactment of any such legislation.

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How to Excel pivot a general ledger

The general ledger is a vast historical data archive of your company's financial activities, including revenue, expenses, adjustments, and account balances. J. Carlton Collins, CPA, shows how to prepare data for, and mine data with, PivotTables.

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Did you follow 2016’s biggest accounting news?

CPAs will remember 2016 as a year of new standards and new faces. How well did you follow the biggest accounting events? The 7 questions in this quiz will help you find out