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, […]
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