Choose an area of interest:

Tax Tax Consequences for Forgiven Debt As more families refinance their mortgages, are forced into foreclosure or find other ways to cancel their mounting debt, the last thing that may be on their minds is the potential tax consequences of their actions. Time Sensitive: High-Earners Must Decide by June 30 Whether to Defer 2009 Bonuses

News & Insights

IRS Seeks to Simplify Workers' Cellphone Tax Law In the late 1980s, the image of millionaire Gordon Gekko strolling along a beach with a brick-sized cellphone to his ear in the movie "Wall Street" was the epitome of wealth and excess. Congress passed a law requiring the value of employer-issued cellphones to be included in workers' gross income, unless an employee kept detailed records showing the phone was used only for work. Rally Calls for Change in Tax System A daylong rally in support of replacing the federal income tax with a 23 percent retail sales tax drew thousands to the Boone County Fairgrounds yesterday. New Auto Purchase Tax Deduction Available in States Without Sales Tax The Department of Treasury today announced that a tax deduction for the purchase of new motor vehicles is available in states that do not have a state sales tax. Analysis: Obama Budget Proposal Adds New Tax Increases for Wealthy Individuals, Businesses and Estates President Obama unveiled new tax increases for wealthy individuals and estates with the recent release of his final budget proposal. IRS Launches Tax Return Preparer Review Recommendations to improve compliance are expected by year end. IRS to Seek More Regulation of Tax Preparers The IRS is working on new rules that could require paid tax preparers to be licensed to improve tax compliance and reduce fraud, IRS Commissioner Doug Shulman announced Thursday. State Will Allow Madoff Victims to Write Off Losses New York State will allow many Ponzi scheme victims, including those ensnared by Bernard Madoff's $65-billion investment scam, to write off losses as "theft" under their itemized tax deductions. IRS Tax Revenue Suffers in Economy Federal tax revenue plunged $138 billion, or 34%, in April vs. a year ago -- the biggest April drop since 1981, a study released Tuesday by the American Institute for Economic Research says.

Spotlight

CPA Report Online Subscribe to the top online CPE program for public accountants. CPA Report Online covers the latest events impacting public practice. SmartPros Price: Courses: $59.98 - Subscriptions: $409 Corporate Training and CPE SmartPros offers a variety of corporate training and CPE solutions to help meet each of our customer's specific business needs from curriculum to delivery to student management and deployment. SmartPros Price: Prices vary per program.

SmartPros Today

Introducing SmartPros Legal Professional Education SmartPros Legal features the Cognistar CLE library highlighting over 150 course titles in areas such as litigation, IP, corporate/securities law, tax, labor/employment law, bankruptcy, ethics, professionalism, substance abuse, bias, and many more.