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The New York State Department of Taxation recently issued a ruling that Yoga is to be considered more spiritual, and less exercise. Therefore Yoga studios and businesses won’t have to collect or pay taxes. However, these rules will not apply if a Yoga class takes place inside a gym or other conventional exercise facility.
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Software problems, fraud, deficits & understaffing have all contributed to refund delays at the IRS. CBS’s Asa Aarons offers some help to those that are still waiting for their refunds:
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The Supreme Court recently ruled that the Patient Protection & Affordable Care Act (PPACA) is constitutional. So what does this mean for taxpayers? A lot. Almost every taxpayer–whether they currently have or do not have insurance–will be affected; assuming of course that the PPACA remains the law of the land. Below is a list that will impact taxpayers the most:
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The following video from the IRS explains what qualifies as deductible moving expenses:
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R&G Brenner’s own Dennis Grogan, EA was recently interviewed by SKYPE when they discovered we were using their platform to conduct remote tax interviews with our domestic and International tax clients. As the IRS, States and taxpayers become more technolgocially savvy, video conferencing has been a way for both our clients and our tax consultants to save time and increase accuracy in preparing tax returns. At R&G Brenner, saving you time and money is...
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1. Cell phones.The Small Business Jobs Act of 2010 (Pub. L. No. 111-240) made it easier for employers to claim income tax deductions for the cost of providing cell phones to employees. Starting with 2010, deductions have been allowed without detailed recordkeeping regarding personal and business use of the cell phones. However, in the wake of the tax law change, a big question remained: How are employer-provided cell phones treated on the employee end?
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Now that the tax season has come to an end, a common question for many of our clients is “How long do I need to keep my tax return copies and tax related documentation”? We suggest that all copies of tax returns should be kept indefinitely. You never know when you might need them. If you are a current R&G Brenner client, our “Go Green” service stores all tax returns prepared by us since 2009 in a secure “Cloud” online, so they will always be accessible...
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According to a recent report, the IRS risks issuing $26 Billion in fraudulent tax returns over the next 5 years. In 2011 alone, the IRS received 2.2 Million fraudulent returns, costing taxpayers $6.5 Billion. True to form, a “quick fix” idea has gained the most traction with the IRS & members of congress, and naturally it is at the expense of the taxpayer. Rather than investigate the root of the problem, the IRS wants more time–i.e. YOUR time–to review tax...