January 14, 2011
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Tax Refunds Move to Debit Cards
The U.S. Treasury Department plans to launch a pilot program Thursday to deliver tax refunds through prepaid debit cards, an effort to cut the expense of paper checks and aid lower-income taxpayers who don’t have bank accounts. About 600,000 low- and moderate-income taxpayers nationwide, a slice of those earning about $35,000 or less annually, will […]
Read more- January 13, 2011
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IRS Issues New Automatic Consent Procedure for Changing Accounting Methods
The IRS has issued a new revenue procedure that taxpayers must follow when they want to obtain automatic consent to change accounting methods. The new procedure generally applies to applications to change accounting methods that are filed on or after January 10, 2011, for a year of change ending on or after April 30, 2010. […]
Read more- January 11, 2011
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PTINs a Pain for Some CPAs
As the start of tax filing season looms, some CPA preparers are reporting difficulties meeting the new IRS requirement to register and obtain or renew a preparer tax identification number (PTIN). All paid tax return preparers, including CPAs, now must use a PTIN when signing all tax returns, forms or claims for refund (except for […]
Read more- January 10, 2011
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Best of 2010: Tax
While Congress and the Obama Administration were making news negotiating the fate of the expiring Bush tax cuts, corporate taxpayers had to keep an eye on several other key tax issues in 2010. High on the list were the contentious disclosure rules governing uncertain tax positions that were issued by the Internal Revenue Service earlier […]
Read more- January 07, 2011
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Tax Changes for Small Businesses
During 2010, new laws, such as the Affordable Care Act and the Small Business Jobs Act of 2010, created or expanded deductions and credits that small businesses and self-employed individuals should consider when completing their tax returns and making business decisions in 2011. Health Insurance Deduction Reduces Self Employment Tax With the enactment of the […]
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