Posts Tagged: taxes

Closet cleaning? Did you sell something online for over $600 this year? Watch out for your IRS Form 1099.

Posted by & filed under Accounting Information Systems, Accounting Principles, All Articles, Cost Accounting, Financial Accounting, Income Taxes, Intermediate Accounting, Managerial Accounting, Uncategorized.

According to the New York Times, a new change in tax law may result in Form 1099s to be sent to some small time sellers for online sales. Questions: What was the aim of this new tax law? When did the law take effect? The law is part of which congressional action? Which online marketplaces… Read more »

IRS destroys 30 M Paper returns due to Backlog

Posted by & filed under Accounting Information Systems, Accounting Principles, Advanced Accounting, All Articles, Income Taxes, Managerial Accounting, Uncategorized, Video Updates.

According to Accounting Today, the IRS destroyed about 30 M paper-filed information returns in March 2021 due to its inability to process them. Questions: What does the IRS typically use the information returns for? Since 2014, what has been the overall percentage increase of business tax returns that are e-filed? In 2018, what was the… Read more »

So Can You Tell Me What The Tax Reg. Is For Deductible Tatoos?

Posted by & filed under Accounting Information Systems, Accounting Principles, Advanced Accounting, All Articles, Auditing, Behavioral and Social Issues Related to Accounting, Financial Accounting, Income Taxes, Managerial Accounting, Uncategorized.

According to Accounting Today, the year 2021 saw some pretty outrageous business deductions. Questions: Which deduction were you the most surprised about? Pick one of the deductions mentioned and write a paragraph to justify its legitimacy. What is the problem with a long-distance call to a client for $0.14? Source: Cohn, M. (2021) The craziest… Read more »

Tax Policy: Not boring anymore

Posted by & filed under Accounting Information Systems, Accounting Principles, Advanced Accounting, All Articles, Auditing, Behavioral and Social Issues Related to Accounting, Cost Accounting, Financial Accounting, Income Taxes, Intermediate Accounting, Managerial Accounting, Uncategorized.

According to the New York Times, tax policy used to be fairly boring and predictable. But in the past decade, it has become dynamic in a way that tax advisers don’t like: It changes with the political party in power. Questions: According to the article, changes for tax advisers with the political party in power… Read more »

Remote Work has Consequences for Taxes

Posted by & filed under Accounting Information Systems, Accounting Principles, Advanced Accounting, All Articles, Auditing, Cost Accounting, Ethical Dilemma, Financial Accounting, Income Taxes, Intermediate Accounting, International Accounting, Managerial Accounting, Uncategorized.

According to the New York Times, if you decided to ride out the pandemic at your out-of-state vacation house or with your parents in the suburbs, you may be in for an unpleasant reality: a hefty tax bill. Questions: What are the rules if you work in one state and live in another? Is there… Read more »

Italy’s new web tax

Posted by & filed under Accounting Information Systems, Accounting Principles, Advanced Accounting, All Articles, Auditing, Cost Accounting, Financial Accounting, Income Taxes, International Accounting, Video Updates.

Last week, Italy approved a new tax on giant digital companies, which President Donald Trump has threatened to retaliate against. Questions: According to draft legislation, what are some of the U.S. companies that will be obliged to pay a 3% levy on internet transactions? How much is the Italian government expected to recoup from the… Read more »

A Story That will Tug at your Heart Strings!

Posted by & filed under Accounting Information Systems, Accounting Principles, Advanced Accounting, All Articles, Auditing, Cost Accounting, Ethical Dilemma, Financial Accounting, Income Taxes, Intermediate Accounting, Managerial Accounting, Uncategorized.

In Germany, a family owing a debt had the family dog seized by the city of Ahlen. The City then sold the dog on EBay in order to pay for the debt. Questions: 1. What were the other assets that they considered seizing? 2. Who bought the dog and what was the new owner skeptical… Read more »

Are you one of them?

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When millions of Americans began filling out their 2018 taxes, they were surprised to learn that their refunds will be less than expected or that they owe money to the Internal Revenue Service after years of receiving refunds. Questions: 1. How are some people protesting via social media? 2. Why have refunds decreased? 3. How… Read more »

Biggest Ever!

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Cyber Monday proves to be the biggest shopping day ever! Because of this, according to Bloomberg, Cyber Monday may provide a big revenue boom for state and local governments. Questions: 1. What is the reason for the big revenue boom for state and local governments? 2. According to Kroll Bond Rating Agency, how much revenue… Read more »

Tough Times for the IRS

Posted by & filed under Accounting Information Systems, Accounting Principles, Advanced Accounting, All Articles, Auditing, Cost Accounting, Ethical Dilemma, Financial Accounting, Fraud Accounting, Income Taxes, Intermediate Accounting, International Accounting, Managerial Accounting, Video Updates.

Audits and criminal referrals are down sharply by the IRS since Congress cut the tax agency’s budget and management changed priorities. Questions: 1. How many cases did the IRS’s criminal division bring last year? 2. How many cases did the IRS’s criminal division bring in 2010? 3. According to the IRS’s estimates, how much in… Read more »