Tax News

A wealth of information from TaxOps

We want to share our knowledge and tools to help you achieve greater business success. For the latest tax developments and insights into leading practices, we invite you to:

Disclaimer: Before relying on information provided on this site, contact a tax professional to discuss the implications to your particular tax situation as it is not possible to provide comprehensive tax advice over the internet.

Problem or a Symptom?

Sometimes it's hard to tell the difference between the two. Is what I'm experiencing truly the problem or is it a symptom of an underlying problem?

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Application Form for the Therapeutic Discovery Project Tax Credit has just been Released!

Qualified personal service corporations cannot use these graduated tax rates...

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R&D Tax Credits

The Research Credit, the Research and Experimentation (R&E) Credit, the Research and Development (R&D) Credit, and Credit for Increasing Research Activities are all different terms for the same Federal Tax Credit. This Federal Credit is filed on Form 6765 - Credit for Increasing Research Activities.

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What happened to the extenders bill?

We typically don't comment on new legislation until it's passed, but we've been receiving many questions on the status of the American Jobs and Closing Tax Loopholes Act of 2010 which was passed by the House of Representatives of May 28.

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IRS announces new examination process for large and mid-size business taxpayers

In a new publication on its website, "Publication 4837 - Achieving Quality Examinations through Effective Planning, Execution and Resolution," IRS has announced the implementation of the Quality Examination Process (QEP) - "a systematic approach for engaging and involving Large and Mid-Size Business (LMSB) taxpayers in the tax examination process, from the earliest planning stages through resolution of all issues."

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Research and Experimentation Credit

The Federal Government provides tax benefits to companies developing new products or methods to produce products. One such benefit is a tax credit available to companies who are spending money on qualifying research expenses related to such innovation.

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IRS Transparency Initiative Part I - It's Proposed

On January 26, 2010, the Internal Revenue Service ("IRS") released Announcement 2010-09. The announcement explains the content of a proposed schedule that certain business taxpayers will be required to file with their annual tax returns.

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Updated Mileage Rates for 2010

The IRS recently released updated federal mileage rates that will apply to mileage incurred on or after January 1, 2010:

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