November 16, 2010
Andrew Presti- Author's Bio
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What Every Tax Return Preparer Needs to Know about Applying for a PTIN
New regulations require all paid tax return preparers to apply for a Preparer Tax Identification Number — even those who already have one — before preparing any federal tax returns in 2011. The PTIN requirement is one of the first provisions being implemented in a new oversight program to help regulate the tax preparation industry. […]
Read more- November 15, 2010
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Senate Finance Expected to Consider Tax-Exempt Qualifications Next Year
The Senate Finance Committee will be looking at some of the qualifications for tax-exempt status when the 112th Congress convenes in January, Patricia Read, senior vice president at Independent Sector, said Nov. 9. “The definitions about who and what should be exempt from taxation, who and what should be eligible to receive tax deductible contributions, […]
Read more- November 12, 2010
- Andrew Presti
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November 10, 2010—Summary of Board Decisions—FASB Board Meeting
Going concern. The Board discussed a summary of key issues raised by external reviewers on a preliminary staff draft of a proposed Accounting Standards Update for this project. The Board decided that those issues should be deliberated at a future meeting and the staff draft revised based on the deliberations. Because this project may overlap […]
Read more- November 11, 2010
- Andrew Presti
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U.S. Debt Proposal Would Cut Social Security, Taxes, Medicare
A presidential commission’s leaders proposed a $3.8 trillion deficit-cutting plan that would cut Social Security and Medicare, reduce income-tax rates and eliminate tax breaks including the mortgage-interest deduction. The co-chairmen of the panel appointed by President Barack Obama suggested reducing Social Security spending by raising the retirement age to 68 in about 2050 and 69 […]
Read more- November 05, 2010
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