March 02, 2011
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IRS Has $1.1 Billion for People Who Have Not Filed a 2007 Income Tax Return
February 28th, 2011 Refunds totaling more than $1.1 billion may be waiting for nearly 1.1 million people who did not file a federal income tax return for 2007, the Internal Revenue Service announced today. However, to collect the money, a return for 2007 must be filed with the IRS no later than Monday, April 18, […]
Read more- March 01, 2011
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Economists list U.S. budget deficit as No. 1 worry
February 28th, 2011 The massive U.S. budget deficit is the gravest threat facing the economy, topping high unemployment and the risk of inflation or deflation, according to a survey of forecasters released on Monday. The National Association for Business Economics said its 47-member panel of forecasters increased its estimate for the 2011 federal deficit to […]
Read more- February 28, 2011
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IRS Announces New Effort to Help Struggling Taxpayers Get a Fresh Start; Major Changes Made to Lien Process
In its latest effort to help struggling taxpayers, the Internal Revenue Service today announced a series of new steps to help people get a fresh start with their tax liabilities. The goal is to help individuals and small businesses meet their tax obligations, without adding unnecessary burden to taxpayers. Specifically, the IRS is announcing new […]
Read more- February 25, 2011
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Tax burden falls for first time in decade
State tax burdens for Americans fell for the first time in a decade during the recession. U.S. residents paid an average 9.8% of their income in state and local taxes in 2009, according to a study the Tax Foundation released Wednesday. That’s down modestly from 9.9% in 2008 and reverses the upward trend seen over […]
Read more- February 24, 2011
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Family Businesses Catch a Big Break
It is the gift tax that keeps on giving. Families now have the chance to pass a substantial stake in their businesses to the next generation—even before handing over the reins. But transferring ownership can raise complicated succession and estate-planning issues that families need to address before giving away so much as a share of […]
Read more- February 23, 2011
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Standards Overseer to Consider Proposal for Financial Reporting of Private Company
The Financial Accounting Foundation (FAF), FASB’s parent organization, is expected this month to discuss a report recommending a new standard-setting board to establish exceptions and modifications to U.S. GAAP for private companies. This discussion follows the culmination of a year’s worth of work by a blue-ribbon panel, formed in December 2009 as part of a joint […]
Read more- February 22, 2011
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Multistate Tax Considerations for S Corporations
Many S corporations do business in multiple states and must file income or other tax returns in them. Many states have been more aggressive in going after out-of-state companies doing business in their states. Many of these businesses do not realize they have an exposure to a state’s taxes until they receive a nexus questionnaire […]
Read more- February 21, 2011
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February 16, 2011 FASB/IASB Joint Board Meeting
February 16th, 2011 Insurance contracts. The IASB and the FASB invited guest speakers from PricewaterhouseCoopers and MetLife to provide an education session on separating insurance contracts into insurance and noninsurance components, which is referred to as unbundling. The IASB’s Exposure Draft, Insurance Contracts and the FASB’s Discussion Paper, Preliminary Views on Insurance Contracts, proposed that […]
Read more- February 18, 2011
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Tax breaks make Fed more upbeat on economy
February 16th, 2011 Federal Reserve officials were slightly more optimistic last month about economic growth for this year than they were in November, reflecting expected gains in consumer and business spending from tax cuts. In an updated forecast released Wednesday, they said they believe the economy will grow 3.4% to 3.9% this year. That’s an […]
Read more- February 17, 2011
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Budget Proposal Relies on Tax Proposals Previously Rejected by Congress
February 15th, 2011 President Obama’s $3.7 trillion budget proposal for fiscal year 2012 relies on dozens of ideas that have been previously rejected by a Democrat-led Congress and will face an even tougher road ahead under a new, larger Republican presence in the Capitol, lawmakers said Feb. 14. In his Feb. 14 budget submission, Obama […]
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