February 03, 2011
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Small Business Health Care Tax Credit: Frequently Asked Questions
The new health reform law gives a tax credit to certain small employers that provide health care coverage to their employees, effective with tax years beginning in 2010. The following questions and answers provide information on the credit as it applies for 2010-2013, including information on transition relief for 2010. Additional guidance on the credit […]
Read more- February 02, 2011
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IRS provides relief for tax return preparers with pending PTINs
The IRS has provided relief for tax return preparers who have pending PTIN applications but have not yet received a PTIN. The relief provided applies only during the 2011 filing season and does not apply to individuals who engage in conduct that constitutes a willful violation of the applicable duties and restrictions or disreputable conduct […]
Read more- February 01, 2011
- Andrew Presti
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PTIN Relief Is Welcome, Practitioners Say, Although Problems Remain
The Internal Revenue Service’s announcement that it will allow tax preparers who have been unable to get a preparer tax identification number to use alternative means of identifying themselves came as welcome relief, tax practitioners told BNA Jan. 27. However, some of the core issues that have been raised in relation to the IRS preparer […]
Read more- January 31, 2011
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Standards Overseer to Consider Proposal for Private Company Financial Reporting
FASB’s parent organization, the Financial Accounting Foundation (FAF), this month is expected to discuss a report recommending a new standard-setting board to establish exceptions and modifications to U.S. GAAP for private companies. This discussion follows the culmination of a year’s worth of work by a blue-ribbon panel, formed in December 2009 as part of a […]
Read more- January 28, 2011
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Tax Redo to Seek ‘Level Playing Field’
In his State of the Union address, President Barack Obama called on Congress to embark on a major revamp of corporate taxes: “[S]implify the system. Get rid of the loopholes. And use the savings to lower the corporate tax rate for the first time in 25 years—without adding to our deficit.” On Wednesday, Treasury Secretary […]
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