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If a client receives a settlement or other damages compensating him or her for a physical injury or illness, the payment is tax-free to the recipient. Conversely, an amount representing damages for emotional distress is taxable. As evidenced by a new case, Collins, TC Memo...

source: AccountingWEB

Most Americans don't know much about President Donald Trump's new tax proposal but don't think it will be in their favor. That's the conclusion of polls run by CNBC since the Republicans unveiled the framework for a tax reform...

source: CNBC

Offering new information on an old controversy, a watchdog painted an altered image of the Internal Revenue Service's much-disputed past scrutiny of nonprofits seeking tax-exempt status. The Treasury Inspector General for...

source: Government Executive

An effort to promote a proposed model state statute for conforming with new Internal Revenue Service partnership audit and assessment rules is taking on a sense of urgency as 2018 state legislative sessions loom. "We only have a few months," Bruce Ely, a partner at Bradley...

source: Bloomberg BNA

While 143 million individual tax returns were filed by July 21, the IRS expects an additional 9 million to be filed by the extended due date of Oct. 16, according to IRS Commissioner John Koskinen. (The normal due date of Oct. 15 falls...

source: Tax Pro Today

More than 40 percent of U.S. adults struggle to make ends meet, according to a new national survey on the financial well-being of U.S. consumers. The survey was conducted by the Consumer Financial Protection Bureau.

source: CPA Practice Advisor

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