April 19, 2011
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IRS Extends, Modifies Program Allowing Truncated Social Security Numbers on Information Returns
April 15, 2011 The IRS announced that it is extending and modifying a pilot program designed to deter identity theft. Under the program, which was introduced in 2009, filers of certain paper information returns are allowed to truncate the payee’s Social Security number on the payee statement. The notice extends the program to payee statements […]
Read more- April 18, 2011
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President Signs Repeal of Expanded 1099 Requirements
April 14th, 2011 On Thursday, President Barack Obama signed into law the Comprehensive 1099 Taxpayer Protection and Repayment of Exchange Subsidy Overpayments Act of 2011 (HR 4; 1099 Act), which repeals both the expanded Form 1099 information reporting requirements mandated by last year’s health care legislation and also the 1099 reporting requirements imposed on taxpayers […]
Read more- April 15, 2011
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Obama Embraces Individual U.S. Tax Code Rewrite
April 13th, 2011 President Barack Obama is making his clearest pitch yet for an overhaul of the entire U.S. tax code for individuals and businesses. Obama wants Congress to eliminate so-called tax expenditures and lower rates. The goal is to raise more revenue than an extension of current tax policy would generate, according to a […]
Read more- April 14, 2011
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IRS Unveils FATCA Guidance, but Practitioners Say Challenges Remain
April 11th, 2011 The Internal Revenue Service April 8 unveiled its eagerly awaited second notice on the Foreign Account Tax Compliance Act, offering what practitioners said is welcome guidance under the new law that requires foreign banks to disclose their U.S.-owned accounts or face a 30 percent withholding tax in some cases. In Notice 2011-34, […]
Read more- April 05, 2011
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Tip: Being the Boss – Managing People Well
Many entrepreneurs had their share of bad bosses before setting up their own business operations. Trying not to fall into the bad habits of others – or avoiding your own versions – can be a challenge, especially for people who excel in doing rather than managing. Here’s a short checklist that might help you avoid […]
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