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  • +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
  • +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
  • +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
  • +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
  • +4

    Series LLCs: Pros and Cons of a Growing Trend

    Series LLCs: Pros and Cons of a Growing Trend
    Eight states allow the formation of series LLCs (Delaware, Illinois, Iowa, Nevada, Oklahoma, Tennessee, Texas and Utah). A series LLC consists of a “master” LLC with one or more series of members, managers, interests or assets. Although contained within the master LLC, each series can have separate rights, powers and duties with respect to specific property and liabilities and can have ...
    Rated: +4
  • +6

    Business Entertainment: What Can You Deduct?

    Business Entertainment: What Can You Deduct?
    NEW YORK – Taking a client out for lunch is one of the most basic business activities there is. And it's one that can run a small business owner afoul of the IRS. There has been a tug of war for years between the government and businesses over entertainment expenses. The agency is on the lookout for companies that take excessive ...
    Rated: +6