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  • +6

    Tax Preparers get new Guidance on Section 7216

    Tax Preparers get new Guidance on Section 7216
    The IRS strikes ... and just in time for tax season, too. The agency has released temporary guidance that's meant to clarify what tax preparers can do to comply with Section 7216 of the Internal Revenue Code. According to the AICPA, Section 7216 "generally prohibits the disclosure or use of tax return information without the client’s explicit, written consent" -- and ...
    Rated: +6
  • +4

    IRS to start regulating paid tax preparers

    IRS to start regulating paid tax preparers
    WASHINGTON - The Internal Revenue Service plans to start regulating paid tax preparers, requiring them to register with the government, pass competency tests and adhere to ethical standards. The new regulations, announced Monday, will not be in effect for the current filing season - individual tax returns are due April 15. But IRS Commissioner Doug Shulman said tax preparers will be ...
    Rated: +4
  • +5

    AICPA Expresses Concern Over Plan to Certify Non-CPAs

    AICPA Expresses Concern Over Plan to Certify Non-CPAs
    WASHINGTON, Jan. 5 /PRNewswire-USNewswire/ -- The American Institute of Certified Public Accountants supports a proposal announced today by the IRS to regulate U.S. tax preparers by requiring nationwide registration of paid tax return preparers in 2011. The IRS's goals are to enhance compliance and elevate ethical conduct of tax preparers which are consistent with the AICPA's code of conduct and tax ...
    Rated: +5
  • +6

    IRS, Maryland prepare for tax season

    IRS, Maryland prepare for tax season
    Jan. 6--Although the dreaded April 15 deadline for paying income taxes is some time away, the Internal Revenue Service and Maryland Comptroller's Office are gearing up for the filing season. At both the state and national levels, officials are moving to license preparers and help consumers avoid fraudulent preparers. In last year's General Assembly session, Maryland enacted a licensing requirement for ...
    Rated: +6
  • +5

    National Taxpayer Advocate Delivers Annual Report to Congress; Focuses on Taxpayer Service, Collection, Preparer Regulation

    National Taxpayer Advocate Delivers Annual Report to Congress; Focuses on Taxpayer Service, Collection, Preparer Regulation
    WASHINGTON — National Taxpayer Advocate Nina E. Olson today released her annual report to Congress, warning that increased demands on the IRS have eroded the agency’s ability to meet taxpayer service needs and expressing concern that IRS collection practices are harming financially struggling taxpayers without producing significant revenue gains. In the preface to the report, Olson noted that she is required ...
    Rated: +5
  • +2

    Family Business Owners and the Estate Tax - Part 1

    Family Business Owners and the Estate Tax - Part 1
    For many entrepreneurs and family business owners, the legacy and wealth they have worked so hard to build has long been threatened by the federal estate tax. Without proper planning, families can see up to 45% of their assets go to Uncle Sam rather than their intended beneficiaries (in some cases, certain assets can be subject to multiple levels of taxation ...
    Rated: +2
  • +2

    Family Business Owners and the Estate Tax - Part 2

    Family Business Owners and the Estate Tax - Part 2
    In my first post, Family Business Owners and the Estate Tax - Part 1, I discussed the not-so-probable repeal of the estate tax in 2010. As a recap, the administration has proposed that the 2009 rates and exemption amount be extended through 2010 (top rate of 45% and exemption amount of $3.5 million). This means it is likely that the estate ...
    Rated: +2
  • +5

    Customer Service a Big Problem for IRS

    Customer Service a Big Problem for IRS
    Your favorite retailer thrives on customer service. I mean, if they don't make you happy, you stop shopping there, right? The IRS doesn't have that problem. If you're not happy with their service, well, so what? You still have to pay your taxes. Still, customer service at the IRS remains a big problem -- the biggest problem, in fact, according to ...
    Rated: +5
  • +5

    IRS Announces Streamlined and Simplified Notices to Taxpayers

    IRS Announces Streamlined and Simplified Notices to Taxpayers
    WASHINGTON — The Internal Revenue Service today unveiled its first redesigned notices that are part of an on-going effort to improve the way it corresponds with taxpayers. The nine new notices are among the first to be reviewed and revised for clarity, effectiveness and efficiency. The agency also will create an office that ensures the effort to improve communications is on-going ...
    Rated: +5
  • +1

    Business or Hobby? Answer Has Implications for Deductions

    Business or Hobby? Answer Has Implications for Deductions
    The Internal Revenue Service reminds taxpayers to follow appropriate guidelines when determining whether an activity is a business or a hobby, an activity not engaged in for profit. In order to educate taxpayers regarding their filing obligations, this fact sheet, the eleventh in a series, explains the rules for determining if an activity qualifies as a business and what limitations apply ...
    Rated: +1
  • +1

    Alien Taxation - Certain Essential Concepts

    Alien Taxation - Certain Essential Concepts
    The taxation of aliens involves certain essential concepts as follows. Resident Aliens A resident alien's income is generally subject to tax in the same manner as a U.S. citizen. If you are a resident alien, you must report all interest, dividends, wages, or other compensation for services, income from rental property or royalties, and other types of income on your U.S. ...
    Rated: +1
  • +1

    Filing Requirements for Filing Status Change from a "C Corp" to an "S Corp"

    Filing Requirements for Filing Status Change from a "C Corp" to an "S Corp"
    C Corporation Requesting a Change to File as an S Corporation In an effort to more accurately receive and process returns from taxpayers who are requesting to change their filing status from a C Corporation (filing Form 1120) to an S Corporation (filing Form 1120S), the Internal Revenue Service recommends that taxpayers follow the steps below and use the following form. ...
    Rated: +1
  • +1

    Income from Abroad is Taxable

    Income from Abroad is Taxable
    Many United States (U.S.) citizens and resident aliens receive income from foreign sources. There have been recent reports about the interest of the Internal Revenue Service (IRS) in taxpayers with accounts in Liechtenstein. The interest of the IRS, however, extends beyond accounts in Liechtenstein to accounts anywhere in the world. Consequently, the IRS reminds you to report your worldwide income on ...
    Rated: +1
  • +1

    Identity Theft and your Tax Records

    Identity Theft and your Tax Records
    The IRS does not initiate communication with taxpayers through e-mail. Before identity theft happens, safeguard your information. What do I do if the IRS contacts me because of a tax issue that may have been created by an identity theft? If you receive a notice or letter in the mail from the IRS that leads you to believe someone may have ...
    Rated: +1
  • +1

    Costs of Getting a Divorce

    Costs of Getting a Divorce
    You cannot deduct legal fees and court costs for getting a divorce. But you may be able to deduct legal fees paid for tax advice in connection with a divorce and legal fees to get alimony. In addition, you may be able to deduct fees you pay to appraisers, actuaries, and accountants for services in determining your correct tax or in ...
    Rated: +1
  • +2

    How to Avoid an Audit of Your Taxes

    How to Avoid an Audit of Your Taxes
    Taxes are high enough; you don’t want to also pay penalties and interest because an audit reveals you’ve broken the rules. And Internal Revenue Service audits aren’t a vanishing anomaly; they’re on the upswing. The IRS “has gotten almost nasty” in its pursuit of tax payments that could help reduce the federal deficit, says Sanford Botkin, a lawyer and CPA. Audit ...
    Rated: +2
  • +3

    Worker, Homeownership, and Business Assistance Act of 2009

    Worker, Homeownership, and Business Assistance Act of 2009
    Last week congress overwhelmingly passed the “Worker, Homeownership, and Business Assistance Act of 2009.” This bill, which is expected to be signed into law shortly, includes several important tax law changes (one of those changes could result in a windfall for your business). The most published change in this bill is the extension of the First-Time Homebuyer Tax Credit. Under current ...
    Rated: +3
  • +4

    IRS Updates Method Thresholds for Vehicle Fringe Benefits

    IRS Updates Method Thresholds for Vehicle Fringe Benefits
    The IRS has updated for 2010 (Revenue Procedure 2010-10) the maximum allowable fair market value (FMV) of an employer-provided vehicle for which the cents-per-mile and fleet-average rules may be used in determining the value of an employee’s personal use of the vehicle. For passenger automobiles, the new maximum FMV is $15,300 for the cents-per-mile rule and $20,300 for the fleet-average valuation ...
    Rated: +4
  • +5

    New Deductions, Credits for 2009 Taxes

    New Deductions, Credits for 2009 Taxes
    WASHINGTON – More forms to file. New and expanded credits and deductions. When taxpayers sit down to file their 2009 returns, they will find plenty new — some the result of adjusting for inflation, and others changes passed by Congress last year to try to bring the country out of recession. "Depending on their individual situation, there could be good news ...
    Rated: +5
  • +1

    States Bank on Gambling Taxes

    States Bank on Gambling Taxes
    States are aggressively expanding legalized gambling, eager to shore up battered revenue sources during the economic crisis and concerned that residents will cross state lines to gamble elsewhere if they don't. Gambling will expand in about a dozen states this year in an effort to generate an extra $2 billion in gambling taxes by 2010, a record-breaking increase if state projections ...
    Rated: +1