April 05, 2011
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AICPA Highlights Need for IASB Funding and Independence
April 1st, 2011 The AICPA called on the SEC to contribute funds to support the International Financial Reporting Standards Foundation, the parent organization of the International Accounting Standards Board (IASB). In a comment letter to the IFRS Foundation Monitoring Board, the Institute wrote, “We believe any solution by the SEC would go a long way […]
Read more- April 04, 2011
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IRS Unveils Bonus Depreciation Guidance Giving 2010 Election Flexibility
March 30th, 2011 The Internal Revenue Service March 29 unveiled eagerly awaited guidance on two pieces of legislation that provided taxpayers generous bonus depreciation incentives, offering flexibility for taxpayers caught in difficulties over whether to take 50 percent depreciation, an additional 100 percent depreciation available in some cases, or neither. In Revenue Procedure 2011-26, IRS […]
Read more- April 01, 2011
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Tax refunds average $3,000, add $300B to economy
March 31, 2011 WASHINGTON – Here’s a potential boost for the economy: The Internal Revenue Service expects to issue up to $300 billion in tax refunds this year. IRS Commissioner Doug Shulman told Congress on Thursday the average federal tax refund is about $3,000 this year. The Internal Revenue Service has received a little more […]
Read more- March 31, 2011
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IRS Issues Final Regs and Guidance on Mandatory E-Filing Requirements
The IRS issued final regulations (TD 9518) and several pieces of guidance relating to the requirement that return preparers e-file tax returns, starting this year. The final regulations adopt, with minor amendments, proposed regulations (REG-100194-10) that were published last December, and they require specified tax return preparers to e-file if they reasonably expect to file […]
Read more- March 30, 2011
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Free File Program Expanded to Include Returns Filed From Overseas
The IRS on Friday announced that taxpayers who live in foreign countries can now use the Free File program to prepare and e-file their federal tax returns (IR-2011-30). The program is available to both U.S. citizens and resident aliens, and currently five of the Free File software providers can accept returns filed from foreign addresses. […]
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