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IRS: What’s in Your Reserve?

Tax law and accounting collide as the IRS prepares to dig deeper into uncertain tax positions. The Internal Revenue Service is headed down the home stretch with respect to uncertain tax positions. Since June, it has been reviewing public comments on its controversial proposal to require more-detailed disclosures around tax deductions and credits that may […]

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IRS Addresses Interaction Between Two NOL Carryback Provisions

The Internal Revenue Service Aug. 20 issued guidance addressing taxpayer questions on the interplay between the two different five-year net operating loss (NOL) carryback provisions Congress enacted in 2009, one targeted at small businesses and a subsequent one providing the NOL carryback relief to most businesses. In Notice 2010-58, IRS unveiled 20 questions and answers […]

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Stimulus and tax cuts now, smaller economy later, CBO report says

The Congressional Budget Office released an improved outlook for the federal budget deficit this year, but the report also amounted to a warning to President Obama and Congress about the limits of policies designed to stimulate the economy. On the positive side, the 2010 budget deficit – though gargantuan – is now forecast at $1.3 […]

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IRS Moves Forward With Preparer Registration Plan

On Thursday, the IRS issued proposed regulations that would put into place many of the parts of its plan to register and regulate tax return preparers (REG-138637-07). Proposed amendments to Circular 230 would clarify the definition of tax practice, establish a new “registered tax return preparer” designation, define the eligibility requirements for becoming a registered […]

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Congress Urged to Scrap New Form 1099 Reporting Requirements

The U.S. Chamber of Commerce announced Aug. 17 that more than 1,099 companies around the nation have signed a letter to lawmakers asking them to repeal new Form 1099 reporting requirements, calling them burdensome, complex, and very costly. Implemented as part of the recently enacted health care reform law (Pub. L. No. 111-148 as modified […]

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