October 27, 2010
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Key Tax Breaks at Risk as Panel Looks at Cuts
Sacrosanct tax breaks, including deductions on mortgage interest, remain on the table just weeks before the deficit commission issues recommendations on policies to pare back with the aim of balancing the budget by 2015. The tax benefits are hugely popular with the public but they have drawn the panel’s focus, in part because the White […]
Read more- October 26, 2010
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Amazon’s Sales Tax Reviewed
Amazon.com Inc. said it received an assessment of $269 million for uncollected sales tax from the state of Texas. The Seattle-based online retailer received the assessment in September for uncollected taxes, interest and penalties for the period from December 2005 to December 2009, according to Amazon’s latest 10-Q filing with the Securities and Exchange Commission. […]
Read more- October 25, 2010
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Larger IRA Withdrawals in 2010 May Reduce Tax Hit
For U.S. taxpayers making mandatory withdrawals from an individual retirement account, 2010 may be a good year to take out more than necessary because tax rates may rise. Required minimum distributions from the accounts, which are taxed as ordinary income, generally apply to people with a tax-deferred traditional IRA who are age 70 1/2 and […]
Read more- October 22, 2010
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Several States Eying Tax Changes To Address Budget Shortfalls
Several states are considering changes to their tax policies as a means to address budget shortfalls, the National Governors Association said in a report released Oct. 18. According to John Thomasian, director of NGA’s Center for Best Practices, state budgets still have not recovered from the economic downturn and total state revenues are not likely […]
Read more- October 21, 2010
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5 Retirement Tax Deadlines to Plan For
To take advantage of tax perks and avoid tax penalties, you need to meet IRS deadlines. Some retirement savings accounts must be utilized by Dec. 31, 2010, to get a tax break this year, while with others you have until April 15, 2011, to make your 2010 tax year deposits. Here are five important retirement […]
Read more- October 20, 2010
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IRS issues new guidance on identification numbers for tax return preparers
All tax return preparers who are compensated for preparing, or assisting in the preparation of, all or substantially all of a U.S. federal tax return or claim for refund must obtain a Preparer Tax Identification Number (PTIN), according to recently updated IRS Frequently Asked Questions. The PTIN will be the exclusive identifying number for tax […]
Read more- October 19, 2010
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AICPA to SEC: Companies Will Need as Much as Five Years to Ready for IFRS Adoption
Giving companies enough time to carefully prepare for a move from U.S. GAAP to IFRS is critical, the AICPA told the SEC in a comment letter filed Thursday. The AICPA assembled members from business and industry with public company backgrounds to discuss questions the SEC posed in a recent request for comment about a potential […]
Read more- October 18, 2010
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Small Business Act Increases I.R.C. Decoupling Concerns
The prospect of another round of state decoupling from recently enacted federal tax breaks feeds a growing concern about the apparent indifference of federal policymakers to state fiscal problems, several state tax specialists told BNA. “Every time the federal government acts to expand or contract the tax base, the states must react by increasing their […]
Read more- October 15, 2010
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1099s for Landlords Included in Small Business Jobs Act
President Obama recently announced a series of tax breaks designed to specifically help small businesses, it is known as the Small Business Jobs Act. Along with the recently advertised tax breaks for capital improvements another piece to the legislation has been tacked onto to the H.R. 5297 bill. This new law will require that all […]
Read more- October 14, 2010
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AICPA Faces Tough Questioning as Preparers Seek Rule Revisions
The American Institute of Certified Public Accountants Oct. 8 faced tough questioning from Internal Revenue Service officials at a hearing on proposed rules (REG-138637-07) that would incorporate unenrolled tax preparers into Circular 230. An AICPA representative was one of a dozen speakers who made their case for various revisions to the service’s proposed plan for […]
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