Tax news January 2010

Tax

IRS announces qualified disaster treatment for Haiti earthquake

The Internal Revenue Service has issued guidance that designates the earthquake in Haiti in January 2010 as a qualified disaster for federal tax purposes.
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Tax

Swiss government bows to court ruling: Will review UBS tax agreement

The Swiss government announced this week that it will respect a Swiss court decision last week that declared parts of a deal reached in August with the United States illegal under Swiss law and would reopen talks with the United States.
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Tax

Musician Wyclef Jean's Haiti charity under fire for irregular activities

Organizations collecting contributions for Haiti are popping up everywhere, and as always, so are the scams that misuse those donations. That's why Yele Haiti, a not-for-profit group founded by Haitian musician Wyclef Jean is finding itself under scrutiny.
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Tax

Obama signs H.R. 4462 making Haiti donations deductible on 2009 tax returns

All members of Congress came together late last week with both the House and Senate voting unanimously to approve legislation that will allow eligible taxpayers to claim a deduction on their 2009 income tax returns for contributions to earthquake relief efforts in Haiti.
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Tax

Brooke Shields, Nicolas Cage, Diego Armando Maradona, back in the news with tax problems

Some celebrities end up in the news whenever they make a new movie or sign a great deal. Others would probably prefer to stay out of the news as their personal lives are strewn across the headlines.
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Tax

House unanimously passes bill to expedite tax deductions for Haiti contributions

The U.S. House of Representatives voted unanimously to approve legislation that would allow taxpayers to take a deduction on their 2009 tax return for 2010 contributions to relief efforts for Haiti earthquake victims.
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Tax

Ohio accountant nailed for mortgage fraud and obstruction of justice

Dennis G. Sartain of Hilliard, Ohio; and Bonnie Helt, of Columbus, Ohio, have pleaded guilty to conspiring to commit mortgage fraud, money laundering and obstruction of justice.
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Tax

Does your 2009 P&L statement contain a hidden tax deduction?

What if there was one line on your P&L statement – a line that has a "hidden" deduction possibility - that could actually generate a significant tax advantage and put cash back into your pocket?
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Tax

A life sentence for tax evasion: Elevating tax cheating to a "sacred cause"

It's one thing to hate income tax. It's another thing to express yourself with a cache of homemade bombs, assault rifles, and deadly booby-traps.
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Practice Management

Realistic tech organizational goals for the upcoming tax season

The resources that a modern day accountant can utilize exist to make their lives easier and, in turn, make their customers happier. This seems like a win-win situation for all, and the best part is that the technology needed to accomplish this inexpensive and easy to use.
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Workplace Fitness

The Bo-tax vs. the tanning tax: Tanning revenue pales in comparison

Congress's health plan is projected to cost $849 billion over the next decade according to a Congressional Budget Office estimate. That's why they are shining their searchlight into every corner, looking for places where they can raise taxes to pay the price.
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Tax

Two more celebrities do battle with the taxman

The news for comedian Sinbad seems to grow worse every day. So far, he owes the state of California $2.5 million, and his growing total debt to the federal government now stands at $8.15 million. Meanwhile, a famous author and mistress has lost her home and faces a large tax debt.
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Tax

New tax forms 5405 and Schedule L complicate tax returns

Claiming the First Time Homebuyer Credit and additions to standard deduction gets complicated with new tax forms and required documentation.
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Tax

Making Work Pay Credit may mean smaller refunds

Refunds may be smaller this year for some people, and paychecks will definitely be smaller in 2010 than in 2009, because of the Internal Revenue Service's withholding calculations for the Making Work Pay Credit.
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Tax

Congress introduces legislation making Haiti contributions deductible for 2009

Several Congressmen have announced plans to introduce legislation to allow charitable contributions to the relief effort in Haiti to be treated as itemized charitable deductions on 2009 tax returns.
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Tax

The biggest IRS headaches that plagued taxpayers in 2009

Every year the National Taxpayer Advocate submits a report to Congress which takes a critical look at the IRS. It’s her job to identify at least the 20 most serious issues taxpayers face in dealing with the tax agency, and to recommend solutions.
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Tax

Internal Revenue Service: The new health care police

Someone will have to serve as the health care police. So far, it appears those tasks will fall to the IRS. Take a look at some of the new tasks that will be required once the health law takes effect.
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Tax

Former IRS employee pleads guilty to accepting bribe

A former Dallas IRS employee has pleaded guilty to taking a $2,000 bribe from a taxpayer in return for a promise that the IRS would not audit the taxpayer's return.
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Tax

Are you ready for the redesigned IRS Form 990? More disclosure, more detailed schedules and more pitfalls abound

In December of last year, the IRS released the first major redesign of the form 990 in nearly 30 years in order to keep pace with the increasing size, diversity and complexity of the tax-exempt sector.
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Tax

Roth IRA conversions post-2009

According to a recent study by USAA, 9% of Baby Boomers with AGIs of $100,000 or more are planning to do a Roth IRA conversion in 2010, and more than half (57%) are not aware that the income limits on conversions are eliminated in 2010.
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Pages

Voice of the Editor

Even though any accounting auditor would tell you it seems like there are an awful lot of tax accountants out there, surely one-third of the country isn't made up of tax preparers, so it's rather startling news to learn that one-third of Americans like to do their taxes. Who knew?
Read more
Gail Perry, CPA
Publisher/Editor-in-Chief, AccountingWEB
editor@accountingweb.com
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This Week on AccountingWEB

Bill Walter of Gross, Mendelsohn & Associates and Harold Gaar of TravisWolff LLP weigh in on mobile technology use while employees are at work.
WestArk RSVP and Fayette County Community Action Agency – organizations that received grant funding through the IRS Tax Counseling for the Elderly (TCE) program – spoke with AccountingWEB about how they assist senior citizens in their communities.
CPA Robert Raiola, who heads the Sports & Entertainment Group of Fazio, Mannuzza, Roche, Tankel, LaPilusa, LLC, talks NFL player income taxes with AccountingWEB.
Retiring KPMG Centennial Professor of Accounting at the University of Texas at Austin McCombs School of Business Robert May, PhD talks with AccountingWEB about his rewarding forty-three-year career.
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