August 03, 2011
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Minimizing Taxes on Your Investment Income – Part 1
If you watch television, surf the Internet, listen to the radio or read any news publication, you’ve heard a lot about income taxes. Say what you will, but every American has a stake in the ongoing debate in Washington about who is taxed and how high their rate should be. Much of the debate centers […]
Read more- August 02, 2011
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Tax Breaks For Your Business
July 27,2011 Legislation enacted last year included some very favorable, but very temporary, business tax changes. The best of the bunch are scheduled to expire at the end of this year unless Congress acts. These are the breaks. 100% First-Year Bonus Depreciation For qualifying new (not used) assets that are put to use in your […]
Read more- August 01, 2011
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IRS to build database of regulated tax preparers
July 28, 2011 Taxpayers will be able to examine the qualifications of paid tax-return preparers in a database being built by the Internal Revenue Service that may be available as soon as 2013, according to congressional testimony by an IRS official. The database is part of the phased-in regulation of tax preparers that began in […]
Read more- July 29, 2011
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Final Regulations Simplify Rules for Electing Reduced Research Tax Credit
July 27 2011 The Internal Revenue Service issued final regulations (T.D. 9539) July 26 that simplify how taxpayers elect to claim the reduced research tax credit. The final regulations follow proposed rules from July 2009 (REG-130200–08). There was no public hearing on the proposed regulations, but IRS considered written comments in revising the final rules. […]
Read more- July 28, 2011
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Did the IRS Get it Right on the Registered Tax Preparer Program?
July 18 2011 For years, AICPA members have approached me at conferences and asked, “Ed, why doesn’t the AICPA support efforts to regulate paid income tax preparers?” Or, “Why can’t the IRS discipline ‘unenrolled’ preparers under Circular 230 (the rules governing practice before the IRS)?” They believed that the playing field deserved a little bit […]
Read more- July 27, 2011
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IRS Discontinues High-Low Method for Substantiating Travel Expenses
July 19, On Tuesday, the IRS announced that it is discontinuing the high-low method for substantiating lodging, meal and incidental expenses incurred in traveling away from home (Announcement 2011-42). Last year, the IRS asked for comments on whether the high-low method was still needed, and it received no comments. Under the high-low substantiation method, […]
Read more- July 26, 2011
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Comments Sought on Updated Rules for IRS Communications with Appeals Office
July 19 WASHINGTON — The Internal Revenue Service today requested public comment on proposed updates to existing rules on permissible communications between the Office of Appeals and other parts of the IRS. The updates are necessary because the IRS has made changes to some of its business practices and adopted new ones since the existing […]
Read more- July 15, 2011
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What Recession? Accounting Sector Grows 4th Month in a Row; Hours and Wages Up Also
July 15 2011 Total employment in the accounting and bookkeeping sector grew by 2,200 positions in June (preliminary, seasonally-adjusted), to 933,200, the fourth straight month of gains and the highest headcount since 944,600 in December 2008, according to new government data. The surge is being fueled by big gains in tax prep shops and in […]
Read more- July 14, 2011
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IRS Targets 100,000 Tax Professionals For Noncompliance
July 13 2011 About 1 out of every 8 of the nation’s professional tax return preparers failed to comply with new regulations for 2011, according to information released by the IRS. The IRS has announced that approximately 100,000 paid preparers prepared federal tax returns in 2011 without being properly registered. About 712,2000 paid preparers did […]
Read more- July 13, 2011
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Tip: Update on IRS Revised Guidelines for Overseas Accounts
The IRS has extended its deadline for U.S. taxpayers to enter a voluntary disclosure program regarding their offshore foreign bank accounts. The IRS decided to extend its initial Aug. 31 deadline by as many as 90 days to help taxpayers who are struggling to meet the deadline and who are making a good faith effort […]
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