The length of time you should keep a document depends on the action, expense, or event which the document records. Generally, you must keep your records that support an item of income, deduction or credit shown on your tax return until the period of limitations for that tax return runs out.
Read MoreThe Internal Revenue Service issued the 2016 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.
IT’S OFFICIAL!!! President Obama has signed into law a federal tax bill that was previously passed by Congress. The official name of the bill is the Protecting Americans from Tax Hikes (PATH) Act of 2015 and includes many tax deductions and savings for both the individual and business tax payer.
In what has become a pretty much annual ritual, taxpayers and tax preparers are waiting on Congress to renew dozens of expired tax breaks.
This past summer Congress passed, and President Barack Obama subsequently signed, legislation that modified the due dates for several common tax returns.
The Ohio supreme court more recently shot down this bright line test and said ‘facts and circumstances’ dictate the determination of residency.
Many companies are unaware that the government offers generous research and development (R&D) incentive programs.
Hello? Hello? Customer service at the IRS hit new lows this year, just as taxpayers were grappling with a wave of identity theft and new requirements under President Barack Obama's health law.