Accounting Articles

Articles

CPAs’ Growing Role in Trust-Owned Life Insurance Planning

CPAs have a tremendous responsibility to provide individuals with timely and accurate information, especially in the realm of life insurance and estate planning. The authors examine issues related to proper management of irrevocable life insurance trusts, the legal standards of care for such management, and the pitfalls surrounding the taxation of such trusts. They also share the checklist they have developed to help trustees understand and fulfill their responsibilities.

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Taxpayer's Bill of Rights

Each and every taxpayer has a set of fundamental rights they should be aware of when dealing with the IRS. Sam Fisher of Middlesex County New Jersey has provided this article to give you all the information you need to know about your rights as a taxpayer.  

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2017 Tax Season Refund Frequently Asked Questions

"I'm counting on my tax refund for something important. When can I expect to receive it?" Many different factors can affect the timing of your refund. Even though most refunds process in less than 21 days, it's possible your refund may take longer. Refer to this article to get all your tax refund questions answered and learn how you can track the status of your refund.  

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Tax Scams and Consumer Alerts

In recent years, thousands of people have lost millions of dollars and their personal information to tax scams and fake IRS communication. Scammers use the regular mail, telephone, fax or email to set up their victims. This page looks at the different scams affecting individuals, businesses, and tax professionals and what do if you if you spot a tax scam. 

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Affordable Care Act

The Affordable Care Act contains comprehensive health insurance reforms and includes tax provisions that affect individuals, families, businesses, insurers, tax-exempt organizations and government entities. These tax provisions contain important changes, including how individuals and families file their taxes.

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Fake Tax Bills

The IRS has received numerous reports around the country of scammers sending a fraudulent version of CP2000 notices. The scam involves an email that includes the fake CP2000 as an attachment. Read here to learn how to protect yourself.

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College Tax Credits

With another school year now in full swing, the Internal Revenue Service today reminded parents and students that now is a good time to see if they qualify for either of two college tax credits or other education-related tax benefits when they file their 2016 federal income tax returns next year.

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About Trusts

When people talk about trusts, it is usually difficult to really pin down what they are talking about. Most people have heard the term “trust fund” but when pressed to explain what that really is, most of us can’t do it. With that in mind, the point of this article is to explain the history of trusts, outline the basic types of trusts and finally address the operation of trusts.

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IRA Rollover Deadline

The Internal Revenue Service unveiled a new procedure to help people who accidentally miss the 60-day time limit for rolling over their retirement plan distributions into another qualified retirement plan or individual retirement account.

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Child and Dependent Care Credit

Day camps are common during the summer months. Many parents enroll their children in a day camp or pay for day care so they can work or look for work. If this applies to you, your costs may qualify for a federal tax credit. Here are 10 things to know about the Child and Dependent Care Credit.

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Forensic Accountants

Forensic accounting, forensic accountancy or financial forensics is the specialty practice area of accounting that describes engagements that result from actual or anticipated disputes or litigation. "Forensic" means "suitable for use in a court of law", and it is to that standard and potential outcome that forensic accountants generally have to work. Forensic accountants, also referred to as forensic auditors or investigative auditors, often have to give expert evidence at the eventual trial.

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Why You Should Hire A CPA

Certified Public Accountants (CPAs) act as advisers to individuals, businesses, financial institutions, nonprofit organizations and government agencies on a wide range of financial matters. Today, many individuals and businesses turn to CPAs for help with tax preparation, personal financial planning, auditing services, and advice on developing effective accounting systems.

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Self Employed Individuals Tax

As a self-employed individual, generally you are required to file an annual return and pay estimated tax quarterly. Self-employed individuals generally must pay self-employment tax (SE tax) as well as income tax.

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Tax Time Guide: Good Records Key to Claiming Gifts to Charity

The Internal Revenue Service today reminded taxpayers planning to claim charitable donations to make sure they have the records they need before filing their 2015 tax returns.

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IRS Tax Audit Notice

You just received a notice that your taxes are being audited: what does this mean? A tax audit is an accounting procedure where the IRS examines your individual or business financial records to ensure you filed your tax return accurately.

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Husband and Wife Business

One of the advantages of operating your own business is hiring family members. However, the employment tax requirements for family employees may vary from those that apply to other employees. Below, we point out some issues to consider when operating a husband and wife business.

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