Tax news October 2009 | AccountingWEB

Tax news October 2009


First Time Homebuyer Credit riddled with fraud at taxpayers' expense

Before Congress votes to extend or expand the popular First Time Homebuyer Credit, they might want to take a look at this report just released.

IRS simplifies transcript requests for mortgage applicants

The IRS has issued a new form to aid the processing of mortgage applications and make it simpler for people to order copies of their tax return transcripts.

7,500 accept IRS amnesty, speculation program might be extended

The IRS is proudly announcing that it was able to gather up 7,500 volunteers in its international tax evasion net.
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New IRS Retirement Plan Navigator helps small businesses with retirement decisions

The IRS has created a new Web-based tool to help small business owners choose a pension plan that suits their needs

Weigh tax-favored health plans for clients

As the debate over health care reform continues, there’s no reason why your clients can’t take matters into their own hands.

Cash for Refrigerators program might not be ready by Christmas

The federal government is hoping to roll out a Cash for Clunkers program, this time designed to boost the appliance manufacturing industry.

Will the housing credit expire as planned on November 30th?

As the first time home buyer credit moves toward expiration, it is getting mixed reviews. Critics complain about cost. Proponents want an extension of the credit.

IRS announces 2010 pension plan limits

The Internal Revenue Service has announced cost-of-living adjustments applicable to dollar limitations for pension plans and other items for Tax Year 2010.

New York CPA gets 33 months for stealing refunds

A Chappaqua-N.Y. based CPA has been sentenced to 33 months in prison for pocketing more than $320,000 of his clients' tax refunds over 11 years, according to the U.S. Attorney's Office in the Southern District of New York.Randal Kase, 56, stole at least 60 refunds between 1998 and 2009 by having the refund checks mailed to himself and then forging his clients' signatures. He stated, falsely, that his clients had signed the refund checks over to him.

The IRS Whistleblower Program: a government program that works

There is no shortage of government programs, and few can claim to be genuinely successful. The IRS Whistleblower program may be an exception.

Scammers calling themselves Coopers & Lybrand try to sell worthless investments

The value of a reputation associated with a name was made evident recently when individuals claiming to be from an organization called Coopers & Lybrand tried to sell shares in worthless companies to investors.

AICPA experts find exceptional opportunities for estate plans in 2009

Accountants need to reach out to their clients as soon as possible to alert them to the opportunities presented by the highest exemption in estate tax history.

Oregon CPA admits to filing false tax return for bookie

A Redmond, Oregon-based CPA has pleaded guilty to assisting in filing a false tax return on behalf of a client who admitted to running an illegal gambling operation, the Department of Justice announced.

New per diem rates released for travel expense reimbursements

The IRS has updated the rules for determining the amount of an employee's ordinary and necessary business expenses for lodging, meals, and incidental expenses while traveling away from home.

IRS and employers gear up for employment tax audits

The Internal Revenue Service has announced plans to launch employment tax audits this fall in conjunction with its National Research Program (NRP).

April fif... I mean, October fifteenth deadline approaching

It's almost October 15th... Do you know where your tax accountant is?

Texas woman barred from preparing tax returns

A Mission, Texas tax preparer has been permanently barred from preparing tax returns for claiming improper credits on customers' federal income tax returns.

California sisters get jail time in father/daughter tax fraud case

Two California sisters have been sentenced to six years in federal prison for their part in a $31 million scheme to defraud the Internal Revenue Service.

IRS issues guidance on 2009 required minimum distribution waiver

The Internal Revenue Service has issued guidance for retirement plan administrators, plan participants and retirees regarding recent legislation affecting required minimum distributions.
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