February 16, 2011
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IRS provides relief for tax preparers with pending identification number applications
February 16th, 2011 The IRS is allowing certain individuals who have made a good faith effort to timely obtain Preparer Tax Identification Numbers (PTINs) to prepare tax returns during the interim period that their applications for PTINs are pending. All tax return preparers who are compensated for preparing, or assisting in the preparation of, all […]
Read more- February 15, 2011
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Obama to Seek Reversal of Tax Break
February 14th, 2011 President Barack Obama said he would fight for his long-held pledge to reverse tax cuts for upper-income taxpayers after 2012, in a budget blueprint that doesn’t stray far from tax proposals he has made since before taking office. Mr. Obama struck a compromise with congressional Republicans in December that allowed all the […]
Read more- February 14, 2011
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Filing Season 2011 Finally Begins
February 14th, 2011 Mid-day today, February 14, IRS expects to be able to begin processing 2010 tax returns for those taxpayers who itemize their deductions, take advantage of education incentives, the Homebuyer Credit and many other less frequently used tax benefits. My firm generally preparers about 1000 tax returns each season; so far we’ve been […]
Read more- February 04, 2011
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941 New HIRE Act
In order to accommodate the 2010 new HIRE Act, a check box, “Qualified for HIRE Act”, has been added to the employees’ Status Information screen (A-T-F Payroll>Input>highlight employee>Edit>Status Information). The “Date Hired” field must also be entered. If selected, checks dated between March 19, 2010 and December 31, 2010, will be handled appropriately on the […]
Read more- February 04, 2011
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Tip: What’s New on Form 1040
After months of uncertainty regarding possible tax cut extensions, we now know which breaks have been extended and which ones have hit the deck. Here’s how the major changes stack up. Health Insurance Premium Deductions for Self-Employed Taxpayers In the past, eligible self-employed taxpayers could deduct their health insurance premiums from their federal tax bill. […]
Read more- February 04, 2011
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Technology: Smartphones Usurp User Privacy
Recent media reports show that smartphone applications are regularly breaching the privacy of their users, sharing personal data widely without the knowledge or permission of their users. The mobile communications industry is relatively young. And when it comes to sharing user data with third parties, currently there are no standard industry practices and no consistent […]
Read more- February 04, 2011
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Home Based Business Deductions Worth a Close Look
Did you know that more than half of all U.S. businesses are home based? These business owners are sometimes referred to as homepreneurs. Mary Kay Cosmetics and even Ford Motor Company were once businesses based at home. This no longer conjures up the image of an unshaven man in pajamas sipping coffee in front of […]
Read more- February 04, 2011
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Stock Market: Encouraging Performance Cheers Investors
The Dow Jones Industrial Average topped 12,000 – a threshold that had not been crossed since 2008 – as January drew to a close. The excitement proved tough to sustain, however, as the market retreated and then rebounded the following day. The 12,000- point milestone doesn’t increase GDP or boost exports, but it does provide […]
Read more- February 04, 2011
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Boost Sales by Expanding Payment Choices for Clients
If your business is like most, your clients come from diverse backgrounds and income levels. Some are old, some young and more than a few of them are among the millions of baby boomers approaching retirement. What do these seemingly different types of customers – and potential customers – have in common? They all demand […]
Read more- February 04, 2011
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The Return of Estate Taxes – Should You Elect Out?
One great concern for many tax planners at the end of 2010 was how to adjust for the reversion of estate tax provisions to pre-Bush levels. Congress and the President solved that problem with the passage and enactment of the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010 – at least for […]
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