T.I.E. BlogT.I.E. Blog

(The.Idea.Exchange) Blog. Timely articles on a wide range of topics including new tax legislation, accounting regulations, best practices, industry news, business insights and more.

IRS Repeats Warning about Phone Scams

The Internal Revenue Service and the Treasury Inspector General for Tax Administration continue to hear from taxpayers who have received unsolicited calls from individuals demanding payment while fraudulently claiming to be from the IRS. Based on the 90,000 complaints that…

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Is Your Student’s Athletic Scholarship Taxable?

Do Recent Rulings Make Your Student’s Athletic Scholarship Taxable? The IRS, in a just-released “information letter,” described the tax treatment of college athletic scholarships. The IRS reiterated that because an individual is treated as an employee for labor law purposes, …

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New Taxpayer Bill of Rights

The Tax Code contains many taxpayer rights and protections. However, because the Tax Code is so large and complex, many taxpayers, who do not have the advice of a tax professional, are unaware of their rights. To clarify these protections,…

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Illinois Small Business Jobs Creation Tax Program

The Illinois Small Business Jobs Creation Tax Credit program provides incentive for small businesses to grow. Through the program, small businesses can receive a $2,500 tax credit for each new full-time position they create that meets the eligibility requirements. The…

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Check Your Charitable Donation Letters Carefully

By: David Faje, CPA, MST, Tax Manager, Warady & Davis LLP – February 13, 2014 Many of you are now in the process of gathering your 2013 tax information including acknowledgement letters from your favorite charities for any contributions made…

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2014 Social Security Wage Base Delayed:

The 2014 Social Security wage base and other key tax figures will be announced later than usual due to the government shutdown. Many key tax figures are tied to the Consumer Price Index (CPI) for the 12-month period ending in…

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