Tax news October 2010

A&A

Assessing your company's fraud risk

The most recent study by the Association of Certified Fraud Examiners (ACFE), The Report to the Nations – 2010, indicates that, on average, an organization loses 5 percent of top-line revenue to internal fraud alone.
A&A

Exclusive: IRS commissioner announces interim relief from tax preparer testing requirement

Speaking at this week's National Tax Conference in Washington, D.C., IRS Commissioner Mark Schulman addressed concerns about the new tax preparer identification guidelines that are about to take effect. Managing Editor Gail Perry reports.
Tax

FTC rule prohibits debt-relief companies from collecting up-front fees

Starting today, for-profit companies marketing debt-relief services over the telephone are prohibited from charging a fee before they settle or reduce a customer’s debt to the Internal Revenue Service, credit card company, or other unsecured debt.
A&A

Highlights of the 2010 IRPAC Report

This month, the Information Reporting Program Advisory Committee (IRPAC) released its report for 2010 outlining recommendations to the IRS regarding several key issues that have recently become law, or are soon to take effect.
A&A

Exclusive: National Tax Conference kicks off in D.C.

Approximately 600 CPAs are gathered in Washington, D.C., this week to get the latest on tax reforms and the potential impact of the mid-term elections at the 35th annual National Tax Conference sponsored by the AICPA. Managing Editor Gail Perry reports.
Tax

Deadline approaching for elimination of paper coupon deposits

Companies currently making their federal payroll tax deposits by taking them directly to an authorized bank will no longer be able to use paper coupon as of January 1, 2011.
Tax

Serial tax evader pleads guilty

A former Pittsfield, MA, man pleaded guilty this week in federal court in Boston to his role in a series of frauds and attempts to avoid paying taxes over more than a decade, as well as lying to federal authorities and financial institutions about his illegal activities.
Tax

Thomson Reuters customers gather for back-to-back tax and accounting conferences

The Tax & Accounting business of Thomson Reuters will host more than 2,000 customers at two user conferences this fall – one for its professional tax and accounting firm customers on October 27 and another for corporate tax department and trust tax customers on November 1.
Tax

New W-2 form defers requirement to report cost of health coverage

The IRS has issued a draft Form W-2 for 2011 and has announced that it will defer the new requirement for employers to report the cost of coverage under an employer-sponsored group health plan.
Tax

New IRS regs: Reporting gains and losses is about to get easier

The Internal Revenue Service has issued final regulations under a law change that will require reporting of basis and other information by stock brokers and mutual fund companies for most stock purchased in 2011 and all stock purchased in 2012 and later years.
Tax

Top personal income tax rates are rising worldwide

The worldwide decline in top personal income tax rates over the past seven years generally appears to have come to an end, as this year’s average rate increased 0.3 percent globally, according to KPMG International’s 2010 Individual Income Tax and Social Security Rate Report.
Tax

Paid tax return preparers must obtain PTIN by January 1, 2011

Paid tax return preparers, including attorneys, CPAs, and enrolled agents, must apply for a Preparer Tax Identification Number (PTIN) from the IRS before signing and filing any federal tax returns in 2011. Paid preparers who already have a PTIN must renew it.
Tax

Report indicates big increase in state sales taxes

State governments have boosted sales tax rates to the highest levels in 28 years, according to a new report by Vertex, an enterprise tax software company.
Tax

Federal judge shutters American Tax Relief

You’ve probably seen the ads for American Tax Relief. They claim to provide help to beleaguered taxpayers by dramatically reducing tax debt, including penalties and interest. But chances are good you will not be seeing those ads again anytime soon.
A&A

IASB cracking down on window dressing

The International Accounting Standards Board (IASB), the global body whose rules are used in more than 100 countries, has strengthened regulations requiring banks to disclose window dressing transactions.
Tax

Star athlete, celebrity wife surprised by tax lien

Even nice guys end up in tax trouble sometimes. Former Detroit Lions quarterback Rodney Peete and his actress wife, Holly Robinson Peete, did not see it coming…the Internal Revenue Service lien for more than $156,000 that hit them last summer.
AccountingWEB Life

Does the health care bill impose a tax on the sale of your home?

We have received many inquiries from clients and friends of the firm regarding the veracity of claims that the new health care legislation will impose a 3.8 percent Medicare tax on sales of personal residences beginning in 2013.
Tax

Sharpton, his civil rights organization facing tax issues

Troubles continue to mount for the Reverend Al Sharpton, both personally and for his civil rights organization. The Internal Revenue Service has filed a tax lien against Sharpton in the amount of $538, 652.
Tax

Online registration system for paid tax return preparers now available

The Internal Revenue Service has issued final regulations requiring paid tax return preparers to register with the IRS to obtain a Preparer Tax Identification Number (PTIN). A new online application system to obtain a PTIN is now available.
Tax

IRS gives in to outcry, makes changes to reporting of uncertain tax positions

The Internal Revenue Service recently has released its final version of Schedule UTP, Uncertain Tax Positions Statement. Missing are major reporting requirements contained in the agency's original proposal.

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