January 14, 2011
Andrew Presti
Blog Posts
0 CommentsThe U.S. Treasury Department plans to launch a pilot program Thursday to deliver tax refunds through prepaid debit cards, an effort to cut the expense of paper checks and aid lower-income taxpayers who don’t have bank accounts. About 600,000 low- and moderate-income taxpayers nationwide, a slice of those earning about $35,000 or less annually, will […]
Read moreJanuary 13, 2011Andrew PrestiBlog Posts0 CommentsThe IRS has issued a new revenue procedure that taxpayers must follow when they want to obtain automatic consent to change accounting methods. The new procedure generally applies to applications to change accounting methods that are filed on or after January 10, 2011, for a year of change ending on or after April 30, 2010. […]
Read moreJanuary 11, 2011Andrew PrestiBlog Posts0 CommentsAs the start of tax filing season looms, some CPA preparers are reporting difficulties meeting the new IRS requirement to register and obtain or renew a preparer tax identification number (PTIN). All paid tax return preparers, including CPAs, now must use a PTIN when signing all tax returns, forms or claims for refund (except for […]
Read moreJanuary 10, 2011Andrew PrestiBlog Posts0 CommentsWhile Congress and the Obama Administration were making news negotiating the fate of the expiring Bush tax cuts, corporate taxpayers had to keep an eye on several other key tax issues in 2010. High on the list were the contentious disclosure rules governing uncertain tax positions that were issued by the Internal Revenue Service earlier […]
Read moreJanuary 07, 2011Andrew PrestiBlog Posts0 CommentsDuring 2010, new laws, such as the Affordable Care Act and the Small Business Jobs Act of 2010, created or expanded deductions and credits that small businesses and self-employed individuals should consider when completing their tax returns and making business decisions in 2011. Health Insurance Deduction Reduces Self Employment Tax With the enactment of the […]
Read moreJanuary 06, 2011Andrew PrestiBlog Posts0 CommentsConfused about what to do as you gather your boxes of receipts and prepare for the dreaded tax deadline in the coming months? This past year has brought several tax changes affecting small business owners, capped by President Obama’s Dec. 17, signing of the tax-cut extension law. Even as you prepare your 2010 taxes, consider […]
Read moreJanuary 05, 2011Andrew PrestiBlog Posts0 CommentsThe Internal Revenue Service today opened the 2011 tax filing season by announcing that taxpayers have until April 18 to file their tax returns. The IRS reminded taxpayers impacted by recent tax law changes that using e-file is the best way to ensure accurate tax returns and get faster refunds. Taxpayers will have until Monday, […]
Read moreJanuary 04, 2011Andrew PrestiBlog Posts0 CommentsTax collections are surpassing projections, the clearest sign yet that state and local government finances are on the mend as the economy improves. Sharp rises in tax collections since July, especially in the last three months, have boosted tax revenues to levels not seen since 2008, a review of tax reports shows. Including federal aid, […]
Read moreJanuary 03, 2011Andrew PrestiBlog Posts0 CommentsOn Thursday, the IRS released guidance on the implementation of new regulations governing tax return preparers (Notice 2011-6), and provided an exception to its return preparer regulation plan for non-signing preparers supervised by a CPA, attorney, enrolled agent or other Circular 230 practitioner. The notice also provides an exception for individuals who prepare returns that […]
Read moreDecember 21, 2010Andrew PrestiBlog Posts0 CommentsThe recently enacted “Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010” includes a two-year extension of the American Opportunity tax credit for college costs. Added to the tax code in 2009 as a temporary replacement of the previous Hope tax credit, the American Opportunity credit both increased the tax relief available for […]
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