Latest Tax News


Staying on top of the latest tax and accounting news isn't just for Certified Public Accountants. Everyone, including business owners, employees and the retired, need to keep informed, especially when planning for the future.




Annual Gift Tax Exclusion remains $14,000 in 2016

For More Tax News Come Back Soon









Famous Tax Quotes

The IRS has listed some famous tax quotes on paying taxes. Some are funny, some not.

I am proud to be paying taxes in the United States. The only thing is – I could be just as proud for half the money.” — Arthur Godfrey, entertainer.

People who complain about taxes can be divided into two classes: men and women.”
— Unknown

"No government can exist without taxation. This money must necessarily be levied on the people; and the grand art consists of levying so as not to oppress.'' — Frederick the Great, 18th Century Prussian king

"Like mothers, taxes are often misunderstood, but seldom forgotten.'' — Lord Bramwell, 19th Century English jurist

"The best measure of a man's honesty isn't his income tax return. It's the zero adjust on his bathroom scale.'' — Arthur C. Clarke, author

"Next to being shot at and missed, nothing is really quite as satisfying as an income tax refund.” — F. J. Raymond, humorist

A tax loophole is "something that benefits the other guy. If it benefits you, it is tax reform.''
— Russell B. Long, U.S. Senator

"Few of us ever test our powers of deduction, except when filling out an income tax form.''
— Laurence J. Peter, author

“The hardest thing in the world to understand is the income tax.” — Albert Einstein, physicist

“Taxation with representation ain’t so hot either.” — Gerald Barzan, humorist

“Where there is an income tax, the just man will pay more and the unjust less on the same amount of income.” — Plato

“Income tax has made more liars out of the American people than golf.” — Will Rogers, humorist


Rich are Targeted by IRS for Audit

For the fiscal year ended September 30, 2015, the percentage of taxpayers who were audited increased in every category of adjusted gross income above $500,000 compared with a year earlier.

The biggest yearly increase was for taxpayers making $10 million or more. For those earning $500,000 to $1,000,000, the audit rate rose to 3.4% from 2.8%