Tax news May 2010 | AccountingWEB

Tax news May 2010


NAEA gives testimony regarding preparer identification number regulations

The National Association of Enrolled Agents (NAEA) recently has presented testimony at the Internal Revenue Service Public Hearing on Proposed Regulations.

Many small nonprofits may lose tax-exempt status

Many small nonprofit organizations with annual receipts of less than $25,000 will lose their tax exempt status if they do not file a full return or a Form 990 N, an electronic notice e-postcard, with the Internal Revenue Service by May 15.

Philadelphia launches first tax amnesty program in more than two decades

For the first time since 1986, Philadelphia is offering individuals and businesses delinquent in paying city taxes an opportunity to settle up on what they owe.

Humbling moments: Words to the wise, “Put it in writing”

The silent approach to communication might be fine for a mime, but it can lead to trouble for accountants. One area where lack of written communication repeatedly opens the door for claims is preparation of estate tax returns.

Michigan CPA to serve up to 20 years for embezzlement

An accountant from Kalamazoo, Michigan, has been sentenced to pay $3 million in restitution and to serve five to 20 years in prison for embezzlement from clients.

RSM McGladrey survey finds significant concern about potential tax increases

RSM McGladrey, a Minneapolis-based accounting, tax, and business consulting firm, recently released results regarding tax policy excerpted from its fifth annual Manufacturing and Wholesale Distribution National Survey.

E&Y and UBS settle HealthSouth lawsuits

Swiss bank UBS AG and accounting firm Ernst & Young LLP have agreed to pay $250.5 million to resolve investor lawsuits regarding an accounting fraud uncovered at HealthSouth Corp. in 2003.


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