Tax news April 2010

Tax

IRS continues audit trend away from large corporations and toward smaller businesses

The IRS has reduced the hours spent auditing large corporations by one-third since 2005 and at the same time has increased the hours spent on audits of small companies by 30 percent
Tax

Court case could create an upside to severance payments

Severance pay has become an unfortunate fact of life for many companies and employees. But based on a recent court case, there may be some good news for both.
Tax

HIRE Act affidavit form now available

Employers who hope to take advantage of a tax break signed into law last month must fill out a new form by the Internal Revenue Service to claim the payroll tax exemption.
Tax

Perkins & Co. organizes Taxgiving celebration

It’s not quite April 15th, but at Perkins & Co, a Portland, OR-based accounting firm, employees already are giving thanks for the upcoming end of tax season.
AccountingWEB Life

Accountant sues Craigslist for unflattering postings

Four million dollars. That's the amount ringing up on accountant, Leo Kehoe's calculator these days. The CPA in Whitestone, NY, is suing Craigslist over several advertisements that called him a "crook."
A&A

SEC opens broad inquiry into accounting for repurchase transactions

Chief financial officers from 24 financial institutions received a Dear CFO letter from the chief accountant of the SEC last week asking for detailed information about their accounting for repurchase agreements.
Tax

IRS delays causing increased taxpayer penalties

The Internal Revenue Service should improve the way it deals with balance-due payments from delinquent taxpayers, according to a recent TIGTA report. Unnecessary delays are resulting in extra penalties and interest costs to taxpayers.
Tax

From country to rhythm and blues to rap: tax trouble has no favorite genre

Grammy winning country singer Dwight Yoakam might have new material for a sad, sad song now that the Internal Revenue Service has filed a lien against him for nearly half a million dollars.
Tax

Reasons behind bigger tax refunds depend on who you ask

Just when America needs a financial boost, income tax refunds are up an average of nearly 10 percent, according to the Internal Revenue Service.

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