Gross Income and Exclusions
As we are all aware, all income -- whether paid in cash or not -- is subject to individual income tax unless Congress has specifically seen fit to exempt it. This article presents an overview of the typical sources of income. It also addresses certain items, which are specifically excluded from taxation for the year.

Watch Out for Erroneous IRS Penalty Assessments
Most tax practitioners probably don't know that the Internal Revenue Service may be making erroneous penalty and interest assessments on Forms 945, an "annual report" used to report the tax deposit liability on pension distributions each year.

How to Use the Internet in Sales Tax Reporting
The Internet can be an incredible tool for researching tax regulations in the fifty states. Currently, I work for an import/export company and we sell wholesale to businesses. The company is located in one of two states that do not have sales tax, so for years after it was initially formed we collected no sales tax.

Corporate Taxes Befuddle Even the Experts
Generally, corporations operating in the United States are subject to tax as their own entity. Therefore, they pay corporate income tax based on a graduated scale on their own taxable income determined as taxable revenues less ordinary business deductions and a special deduction for dividends received. In addition, corporations may be subject to a laundry list of additional penalty taxes in addition to their regular income tax.

Records: The Good, The Bad, and The Ugly
Like most of us, you probably have stacks of tax and financial records piled up, flowing out of shoeboxes, and taking up limited closet space. If you are like most accounting professionals, you probably hear the question, "How long should I keep these records?" all too often.