Tax news September 2010

Tax

Pastors challenge restricted speech on Pulpit Freedom Sunday

In what is becoming an annual event, pastors across the country recently challenged the Internal Revenue Service's ban on political advocacy in churches for the third year in a row.
Tax

Organizations ask Congress to ban tax strategy patents

National organizations representing consumer, taxpayer, charitable, financial planning, and tax advisor groups have united to urge Congress to enact legislation to ban tax strategy patents.
A&A

Obama signs bill designed to jump-start small business

President Obama signed into law this week the Small Business Jobs Act, which is intended to help small businesses by way of tax breaks and credits, as well as make it easier for small businesses to obtain much-needed loans and hire additional employees.
A&A

Greed is good: Wall Street sequel opens 23 years after original

More than two decades have zoomed by since Oliver Stone's blockbuster film Wall Street appeared on theatre screens across America, capturing the go-go 80s and the era's money-must-be-made vibe.
Tax

Stealing your way to prosperity one bogus tax refund at a time

After learning that a Florida man is accused of getting $2.7 million in bogus tax refunds, you might think stealing from the IRS is like taking candy from a baby. Actually, many of the identities that Bryan A. Copeland allegedly used to file fake tax returns did belong to children.
A&A

New IRS tax preparer regulations: What they mean for you

In June of 2009, the IRS began a review of tax preparers to investigate whether greater oversight was needed for those who collect compensation for preparing tax returns. The IRS released a report in December of 2009 giving recommendations on further oversight for tax preparers. How will the new regulations affect you?
Tax

Bush tax cut dithering might lead to shrinking paychecks

The clock is ticking on the Bush tax cuts, and the likelihood that a vote to extend them will happen before November is not looking good. Why the urgency? Because the Internal Revenue Service needs lead time to create, publish, and distribute tax tables for the first payroll of 2011.
AccountingWEB Life

Converting to a Roth IRA easier in 2010

A provision within the Small Business Jobs and Credit Act of 2010 passed by the House Thursday will allow participants in 401(k), 403(b), and 457 tax deferred plans to convert those savings into a Roth IRA account if employers sponsor a Roth IRA in their plan.
Tax

Small accounting firms could see large benefits from new tax legislation

A small-business jobs bill awaiting approval from President Obama that aims to boost billions of dollars of lending and investment to entrepreneurs and provides $12 billion in tax cuts to small businesses is getting mostly positive reviews from two small accounting firms.
Tax

New report shows Americans might fall short on retirement saving

Retirees may not have enough income from retirement plans alone to cover their financial needs during retirement, according to a report publicly released by the Treasury Inspector General for Tax Administration (TIGTA).
Tax

Debate over tax cuts continues

If Congress doesn’t act to change existing legislation, the Bush tax cuts will soon expire. With the economy still in the doldrums, there has been much talk about keeping the lower tax rates to help boost economic activity, at least for all but the top 2 percent of earners in the nation.
Tax

Homebuyer credits: Like taking candy from a baby?

The federal homebuyer tax credit can be considered a great boon to the housing market and the economy, or as a phenomenal waste of tax dollars. The watchdogs over at the Internal Revenue Service have taken another look at the credits.
Tax

Audit report: IRS must set deadline for SSN fixes

The Internal Revenue Service needs to pick a deadline to stop or reduce the use of Social Security numbers on its outgoing correspondence, according to a new audit report.
Tax

Tax planning for 2010 remains uncertain

With the tax cuts enacted in 2001 and 2003 expiring at the end of 2010, many critical decisions remain up in the air. Congress has moved slowly on tax law in recent years but this year, watching paint dry or metal rust would seem speedy by comparison.
A&A

What’s hot for 2010 tax season?

The 2010 tax season is full of opportunities for tax professionals. The challenge is to keep up with the record number of federal tax updates and make sure clients can take advantage of them.
Practice

To contest or not to contest: Unemployment compensation claims

Former employees occasionally seek unemployment benefits they don’t deserve, either because they are desperate, confused, or trying to cheat the system. Employers, bearing the cost of unemployment payments, must evaluate whether to challenge those unemployment claims.
Tax

Terrorist? No. Tax debtor. Yes.

A Yemeni man held on suspicion of terrorist activity was released by Amsterdam authorities earlier this month. After some confusion, Ahmed Mohamed Nasser al Soofi was found to have no terrorist connections, but a hefty unpaid tax bill in the amount of nearly $14,000.
Tax

Reality Star Teresa Guidice Caught in Financial Pickle

You don’t have to be a financial wizard to understand that you shouldn't go on lavish shopping sprees just days after you file bankruptcy papers. While that goes for everyone, it’s especially true for celebrities who are likely to be recognized.
Practice

Management example, peer pressures bring benefits

Research studies from the Ethics Resource Center examine how a strong ethical culture and effective tone at the top permeate through all levels of an organization, while a study by the Association of Certified Fraud Examiners emphasizes the importance of an anonymous hotline for the reporting of misdeeds.
Tax

CPE Link provides resources on HIRE tax credits

More than half of small businesses are optimistic about the U.S. economy, and 25 percent plan to hire new employees, according to the SurePayroll Scorecard , which tracks small business hiring trends.

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