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Andrew Presti

IRS Struggles With New Tax Changes

The Internal Revenue Service timely processed individual tax returns during the 2010 filing season, but implementing some new tax provisions presented challenges, according to a report released today by the Treasury Inspector General for Tax Administration. The IRS processed about 132 million individual income-tax returns and issued approximately 101 million refunds totaling $291.7 billion through […]

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Andrew Presti

Summary of Board Decisions—FASB Board Meeting

Accounting for financial instruments. The staff summarized for the Board significant feedback received on the proposal for classification and measurement of financial instruments included in the May 2010 Exposure Draft, Accounting for Financial Instruments and Revisions to the Accounting for Derivative Instruments and Hedging Activities—Financial Instruments (Topic 825) and Derivatives and Hedging (Topic 815), through […]

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Andrew Presti

Intuit Connect 2010 – November 16

Are you utilizing the best products and services Intuit has to offer?  Be one of the first to join this unique and informative virtual event sponsored by Intuit, the makers of QuickBooks. Learn about the power of Enterprise Solutions, Increasing Revenue with Payments, Saving Time with Payroll, Customer Service with Retail Solutions and the flexibility […]

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Andrew Presti

IRS Starts Notifying 1 Million Tax Preparers of Need to Register Online

The Internal Revenue Service Oct. 25 began notifying about 1 million tax return preparers that they need to register with the IRS and renew their preparer tax identification number (PTIN) as part of the IRS’s new tax preparer regulatory regime. The IRS will be sending approximately 125,000 notification letters each week for eight weeks, IRS […]

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Andrew Presti

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 […]

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Andrew Presti

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. […]

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Andrew Presti

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 […]

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Andrew Presti

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 […]

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Andrew Presti

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 […]

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Andrew Presti

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 […]

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