July 26, 2011
Andrew Presti
Blog Posts
0 CommentsJuly 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 moreJuly 15, 2011Andrew PrestiBlog Posts0 CommentsJuly 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 moreJuly 14, 2011Andrew PrestiBlog Posts0 CommentsJuly 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 moreJuly 13, 2011Andrew PrestiBlog Posts0 CommentsThe 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 […]
Read moreJuly 13, 2011Andrew PrestiBlog Posts0 CommentsConsumers are ready to embrace smart phone payment options as long as the systems involved are safe. The question now is: are more small businesses ready to consider using them – especially since some major providers have reduced fees in an effort to capture their business? The service is especially attractive (and much more affordable) […]
Read moreJuly 13, 2011Andrew PrestiBlog Posts0 CommentsYou’ve probably seen Robert Wagner or Fred Thompson in television commercials extolling the benefits of reverse mortgages. But if the trend of tumbling home prices continues, the future of reverse mortgages is uncertain. One thing we are certain of, however, is that the two biggest providers of reverse home mortgages recently announced they are leaving […]
Read moreJuly 13, 2011Andrew PrestiBlog Posts0 CommentsInvestors were pleased to note that first quarter economic results showed a modest expansion despite lingering weakness in the housing sector. The nation’s gross domestic product grew at an inflation-adjusted annual rate of 1.9 percent – a little better than original estimates of 1.8 percent, but a drop-off from 2010 when GDP increased 3.1 percent. […]
Read moreJuly 13, 2011Andrew PrestiBlog Posts0 CommentsAs a small business owner, both you and your employees need a plan that will provide the income flow needed for a secure retirement. There are many variables involved in choosing the right one. These include the number of employees, business income, age of employees, tax regulations and how much you and your employees plan […]
Read moreJuly 13, 2011Andrew PrestiBlog Posts0 CommentsUnless you are in the tax return preparation business, it’s not likely that you’ve heard much about the controversies surrounding the Internal Revenue Service’s proposed return preparer regulations. Why would you even care about them if you’re not a tax return preparer? That’s what we will explore this month. Why Preparer Regulations Matter Until this […]
Read moreJuly 13, 2011Andrew PrestiBlog Posts0 CommentsJuly 7 2011 Identifies Priority Challenges and Issues for Upcoming Year National Taxpayer Advocate Nina E. Olson today released a report to Congress that identifies the priority issues the Taxpayer Advocate Service (TAS) will address during the coming fiscal year. The report expresses particular concern about the impact of IRS budget cuts on taxpayer […]
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