- October 26, 2010
- Andrew Presti
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Amazon’s Sales Tax Reviewed
Amazon.com Inc. said it received an assessment of $269 million for uncollected sales tax from the state of Texas. The Seattle-based online retailer received the assessment in September for uncollected taxes, interest and penalties for the period from December 2005 to December 2009, according to Amazon’s latest 10-Q filing with the Securities and Exchange Commission. […]
Read more- October 25, 2010
- Andrew Presti
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Larger IRA Withdrawals in 2010 May Reduce Tax Hit
For U.S. taxpayers making mandatory withdrawals from an individual retirement account, 2010 may be a good year to take out more than necessary because tax rates may rise. Required minimum distributions from the accounts, which are taxed as ordinary income, generally apply to people with a tax-deferred traditional IRA who are age 70 1/2 and […]
Read more- October 22, 2010
- Andrew Presti
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Several States Eying Tax Changes To Address Budget Shortfalls
Several states are considering changes to their tax policies as a means to address budget shortfalls, the National Governors Association said in a report released Oct. 18. According to John Thomasian, director of NGA’s Center for Best Practices, state budgets still have not recovered from the economic downturn and total state revenues are not likely […]
Read more- October 21, 2010
- Andrew Presti
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5 Retirement Tax Deadlines to Plan For
To take advantage of tax perks and avoid tax penalties, you need to meet IRS deadlines. Some retirement savings accounts must be utilized by Dec. 31, 2010, to get a tax break this year, while with others you have until April 15, 2011, to make your 2010 tax year deposits. Here are five important retirement […]
Read more- October 20, 2010
- Andrew Presti
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IRS issues new guidance on identification numbers for tax return preparers
All tax return preparers who are compensated for preparing, or assisting in the preparation of, all or substantially all of a U.S. federal tax return or claim for refund must obtain a Preparer Tax Identification Number (PTIN), according to recently updated IRS Frequently Asked Questions. The PTIN will be the exclusive identifying number for tax […]
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