The Highway Trust Fund Extension Act of 2015, which was passed by Congress and signed by President Obama on July 31, 2015, revised the filing of tax returns for calendar and fiscal year taxpayers for years beginning after December 31, 2015, resulting in a major restructuring of entity return due dates.

Thank you, our readers, for your ongoing interest in the TaxStringer and contributing to its five years of success. 

Currently, there are 21 Democrats and Republicans running for their party’s nomination for the office of President of the United States. Each candidate has said some pretty interesting things when it comes to taxes. See if you can match the quote to the candidate (Here’s a hint: Quotes are presented in the order in which the candidates declared their intention to run).  

Through fundraising solicitations, charities inform donors about how supporting their activities will advance their missions.  To a great extent, these missions are the core reason why they are tax exempt under IRC section 501(c)(3). 

It is a common practice, even among large firms, to rotate staff accountants to other departments when needed. Small to mid-size firms, given their relatively limited staff, find it particularly challenging to meet the demand for accounting services: audit staff often assist with tax preparation during tax season, and tax professionals assist on audits when needed.

As a gesture of gratitude to the members of our armed forces engaged in combat overseas, the U.S. federal government has granted these dutiful men and women an exemption from federal income tax on their regular compensation, instituted bonus pay packages, and established special savings programs.  

Entertainers and athletes that come into the United States to perform are subject to U.S. taxation at the federal level, and possibly at the state and local levels as well. This article will highlight various federal U.S. tax compliance issues they could face.