March 30, 2011
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Free File Program Expanded to Include Returns Filed From Overseas
The IRS on Friday announced that taxpayers who live in foreign countries can now use the Free File program to prepare and e-file their federal tax returns (IR-2011-30). The program is available to both U.S. citizens and resident aliens, and currently five of the Free File software providers can accept returns filed from foreign addresses. […]
Read more- March 29, 2011
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Hitting the Target: National Survey Looks at How CPA Firms of All Sizes Stack Up
March 29th, 2011 Practitioners have put their business management skills to the test within their own firms during the past two years to minimize potential damage from the economic downturn, according to a biennial survey conducted by the AICPA’s Private Companies Practice Section in conjunction with the Texas Society of CPAs. The results of the […]
Read more- March 28, 2011
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CBO: Taxing mileage a ‘practical option’ for revenue enhancement
March 24th, 2011 The Congressional Budget Office (CBO) this week released a report that said taxing people based on how many miles they drive is a possible option for raising new revenues and that these taxes could be used to offset the costs of highway maintenance at a time when federal funds are short. The […]
Read more- March 25, 2011
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Update on First Time Homebuyer Credit and Tax Refunds
March 23th, 2011 The IRS today released information on processing issues that are impacting a small percentage of tax returns involving repayment of the First Time Homebuyer Credit (FTHB), primarily involving 2008 home purchases. While most of these returns are processing normally, the IRS recognizes the hardship caused by delayed refunds, and it has assigned […]
Read more- March 24, 2011
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When Financial and Tax Accounting Diverge
March 21th, 2011 Under GAAP, issuers of convertible bonds can account for inducements to convert them into stock as an expense. But the IRS calls them a nondeductible dividend. Issuers of convertible debt that has fallen “out of the money” (the conversion price is more than the applicable stock price) sometimes want to encourage conversion […]
Read more- March 23, 2011
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How Offshore Tax Havens Save Companies Billions
March 17th, 2011 The top corporate income tax level in the United States is 35 percent. In the United Kingdom, it’s 28 percent. But in Ireland, it’s only 12.5 percent, and in Bermuda there’s no corporate income tax at all. That means multinational companies that shift their earnings through Ireland or Bermuda can save billions […]
Read more- March 22, 2011
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E-File or Else: What’s New for Tax Season
March 19th, 2011 Tax season is in full swing. But something is missing: the forms the Internal Revenue Service sends out in the mail every year. It isn’t a mistake. As part of a push to have more taxpayers file electronically, this year the IRS ended its decades-long practice of mailing paper packages to taxpayers. […]
Read more- March 21, 2011
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Estate Tax Lawyers Push IRS to Clarify Automatic Allocation of GST Rules
March 17th, 2011 With the April 18 deadline for filing some 2010 Form 709 returns looming, estate tax attorneys have asked the Treasury Department to issue formal guidance that will clarify that there will be no automatic allocation of the generation-skipping transfer tax (GST tax) exemption where there can be no benefit. The 2010 Tax […]
Read more- March 18, 2011
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March 14, 2011 FASB/IASB Joint Videoconference Board Meeting
Insurance contracts. The IASB and the FASB continued their discussions on insurance contracts by considering the following topics: Alternative presentation models Recognition of the composite margin in earnings Whether the Boards should permit or require a practical expedient for the discount rate. Alternative Presentation Models The Boards discussed several presentation approaches for the performance statement […]
Read more- March 17, 2011
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IRS Issues Final Regs on Disclosing Return Information to Whistleblowers
March 14th, 2011 On Monday, the IRS released final regulations regarding disclosure of return information by the Treasury Department in connection with written contracts among the IRS, whistleblowers and, if applicable, their legal representatives. The new IRS Whistleblower Office may determine during the course of an investigation that it needs the assistance of a whistleblower […]
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