June 07, 2011
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IRS Issues New Guidelines For Overseas Accounts
June 4th, 2011 The Internal Revenue Service issued guidelines this week to help U.S. citizens living overseas report their foreign bank accounts, and offered some taxpayers more time to get into a special program to tell the IRS about accounts they kept secret. An Aug. 31 deadline to enter a voluntary disclosure program may be […]
Read more- June 06, 2011
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When Are Legal Costs Nondeductible?
In a recent tax ruling, an appeals court contrasted an insurance company and a landlord. In the 1990s, Anthem, the predecessor of WellPoint and a for-profit seller of health insurance policies, acquired three nonprofit Blue Cross Blue Shield units — one each in Connecticut, Kentucky, and Ohio. Since both Anthem and the acquired Blues were at […]
Read more- June 03, 2011
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IRS Rejects Proposed ABA Standards for Preparers Under Circular 230
June 2nd, 2011 Several modifications that the American Bar Association Section of Taxation sought from the Internal Revenue Service in relation to the reporting of uncertain tax positions were not adopted in final rules under Circular 230, practitioners told BNA June 1. The ABA tax section had recommended that the proposed amendment to Section 10.34 […]
Read more- June 02, 2011
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Final Regulations Modify Standards of Practice Before the IRS Establish Process for Becoming a Registered Tax Return Preparer
June 1st, 2011 The IRS has issued final regulations governing practice before the IRS under Circular 230. The regulations modify the general standards of practice before the IRS and the standards with respect to tax returns, and provide guidance with respect to registered tax return preparers. The final regulations adopt, with certain revisions, proposed regulations […]
Read more- June 01, 2011
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Plan carefully to make sure your 401(k) doesn’t flounder
May 30th, 2011 In study after study, 401(k) investors come up short of the amount they need to sustain a pre-retirement lifestyle during their golden years. The reason for the failure? Lack of planning. To avoid finding yourself in short of cash just as your leisure years begin, consider these six tips. 1. Have a […]
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