August 27, 2010
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AICPA Seeks Break for Nonsigning Preparers; Others Call Fees Valid
The National Society of Accountants Aug. 24 opposed any break from tax preparer identification proposed rules (REG-139343-08), for those who are licensed at the state level, while the American Institute of Certified Public Accountants argued that only tax preparers who sign a return should be forced to meet the Internal Revenue Service’s new requirements. Tax […]
Read more- August 26, 2010
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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 […]
Read more- August 25, 2010
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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 […]
Read more- August 24, 2010
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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 […]
Read more- August 23, 2010
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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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