Tax news February 2010

Community News

Tax return preparation fees vary by type of return, geographic region

Individuals who hire professional tax return preparers are getting their money's worth, according to the National Society of Accountants (NSA).
Tax

IRS addresses issues regarding disclosure of uncertain tax positions

Heather Maloy, IRS commissioner, large and mid-size business division, joined Ernst & Young LLP professionals this week for a discussion of the IRS proposal to require disclosure of uncertain tax positions on a schedule that will be attached to corporate income tax returns.
Tax

The Internet nexus sales tax debate: "Amazon Laws" vs. the Streamlined Sales Tax Project

While the precise amount of sales tax revenue that is lost through online retailing may be in question, there is little doubt that the amounts are large enough to warrant attention by state budget directors who are looking for money.
A&A

The growing convergence of finance and tax

Facing closer SEC scrutiny of financial reporting of income taxes and related internal controls, along with talent shortages, tax and financial executives need solutions that can help them work together to get the job done.
Tax

Hair stylist to the stars gains fame he never wanted

He's not a national celebrity himself, but celebrities like Maya Angelou, Mary Tyler Moore, and Britain's former princess Sarah Fergusson depend on him for their beauty. Now, Teddie Kossof is getting some media attention he'd like to avoid.
Tax

10 new tax savings on 2009 Form 1040

"The payoff for grasping new tax breaks can be substantial on the 2009 version of Form 1040," said Bob D. Scharin, senior tax analyst for the Tax & Accounting business of Thomson Reuters.
Tax

Sacramento accountant with lavish lifestyle charged with stealing from clients

A prominent Sacramento CPA has been accused of stealing more than $13.3 million from his clients, according to reports.
Tax

Partnership taxation: New ownership disclosures require extra digging

Beginning with the 2009 tax year, partnerships are required to answer two new questions when filing Form 1065. These two questions essentially ask for a chain of ownership involving the partnership.
Tax

California woman racks up hotel bills posing as IRS agent

A woman who amassed more than $55,000 in debt to a Marin County, CA, hotel by posing as an Internal Revenue Service agent has been charged with impersonating a federal employee.
Tax

Tips for European VAT recovery

European Value-Added Tax (VAT) can pose a number of problems for U.S. companies unfamiliar with the procedures involved, but taking control of your company’s VAT has never been more important.
Tax

How Arnold Schwarzenegger cleared an $80,000 tax lien for twenty bucks

Ten months ago the IRS slapped a lien on California Governor Arnold Schwarzenegger for nearly $80,000. Now after paying only $20.50, the debt is cleared. How did that happen?
Tax

IRS wants businesses to disclose all uncertain tax positions

The IRS has announced that it is developing a schedule to be filed with the Form 1120 that will require certain business taxpayers to disclose and describe uncertain tax positions on their tax returns.
Tax

Tax Court allows deduction for sex-change operation

The U.S. Tax Court in Boston ruled in favor of a plaintiff who claimed approximately $5,000 in medical deductions for expenses relating to her sex-change operation.
Tax

Obama's budget and related tax plans will affect the grass roots

President Obama’s State of the Union speech last week outlined a broad agenda of tax provisions that he hopes will breathe new life into the economy.
Tax

Nine states and District of Columbia will file tax returns in new locations

The Internal Revenue Service has announced that some taxpayers who file paper income tax returns will send them to different processing centers this year. 
Technology

iDonatedIt: CPA firm produces donation-tracking iPhone App

The Lincoln, NE-based firm BMG Certified Public Accountants, LLP has released a $2.99 donation-tracking application for iPhone, iPod Touch, and iPad users.