Tax news November 2010

Tax

Get through airport quickly by keeping your fashion sense at home

Fellow travelers: Take a cue from Fergie, the latest victim of the Transportation Security Administration’s more aggressive airport screening procedures. The singer learned that being a celebrity didn’t earn her the privilege of avoiding the much-criticized tactics at LAX.
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Tax

New per diem rates for business travel reimbursement

If your company pays employees to travel, you need to know your options when it comes to reimbursing them for travel expenses.
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Tax

IRS Doghouse Web site enables consumers to rate IRS employees

Consumers with a bone to pick with the IRS have the opportunity to share their experiences. Originally designed as an IRS profile database, IRSDoghouse.com has evolved into a free and anonymous Web site where anyone can rate agency employees.
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Tax

UBS releases names of U.S. taxpayers with unreported accounts

The Internal Revenue Service has dropped its legal action against Swiss bank UBS AG after the Swiss government handed over the names of 4,000 U.S. taxpayers who had undisclosed accounts at the bank.
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Tax

Tips to consider when making year-end estate planning decisions

Big changes are coming to the estate tax in 2011 with or without Congressional action. At the end of this year, the estate tax reform passed in 2001 is set to expire. Lawmakers still have not made up their minds what to do about estate tax reform.
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Tax

SEC charges two Madoff employees with fraud

The Securities and Exchange Commission has charged a pair of longtime employees at Bernard L. Madoff Investment Securities LLC with playing key roles in the Madoff Ponzi scheme.
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Tax

Rep. Charles Rangel gets his day in court, faces an unexpected loss

Rep. Charles Rangel (D-N.Y.) once again is in the news for ethics violations. For more than two years, Rangel, the former chairman of the House Ways and Means Committee, has been the target of an investigation involving a growing list of charges.
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A&A

New Congress Part 1: Deficits, tax cuts, lame ducks

Following the November 2 elections, Republicans are taking the lead in the House and have strengthened their position in the Senate, which means there is much talk of permanently extending the Bush tax cuts.
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A&A

New Congress Part 2: Health care, Form 1099, financial reform

With Republicans poised to take control of the House in just a few weeks, there is no shortage of speculation about what they will address. To study the possibilities, President Obama appointed a bipartisan commission to make recommendations.
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Tax

Convicted felon hired to teach accounting at university in Missouri

Missouri Southern State University has hired a convicted felon, who embezzled at least $129,000 from a former employer, to teach accounting.
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Tax

Actor Wesley Snipes taken into custody for tax evasion

Actor Wesley Snipes, known for his roles in White Men Can't Jump and Blade, has been taken into custody by federal authorities to begin serving three years in prison for failing to file income tax returns.
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AccountingWEB Life

Advise clients about donor-advised funds

Affluent individuals may be less inclined to establish or continue a private foundation. Private foundations can involve substantial start-up costs and annual administrative fees. Some clients may consider another option that is growing in popularity.
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Tax

Increased motivation for whistle-blowing

New statutory and regulatory changes provide greater rewards to individuals who blow the whistle on fraudulent activities and to organizations that actively encourage an effective ethical culture.
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Tax

Thousands of not-for-profits could have tax-exempt status revoked

Now that the October 15 deadline has passed, as many as 400,000 not-for-profit organizations could be in danger of losing their tax exempt status.
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A&A

Thomson Reuters Tax and Accounting asks the question: "r u ready?"

Approximately 800 accounting professionals from around the country gathered recently in Washington, D.C., not to try to lobby Congress or push a tax agenda, but to learn and absorb tools and tips from the mother ship, Thomson Reuters Tax & Accounting.
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Tax

H&R Block takes HSBC to court to save RALs

H&R Block clients accustomed to receiving Refund Anticipation Loans (RALs) might be disappointed this tax season because the only bank that underwrites these loans for the company, HSBC Bank USA, might pull out of the program.
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Tax

SEC, Madoff associates settle civil charges

Associates of convicted fraudster Bernard Madoff and the U.S. Securities and Exchange Commission have agreed to settle civil charges.
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Tax

What voters said about tax hikes in November elections

As lawmakers try to solve budgetary shortfalls by raising taxes in most states, taxpayers are not pleased, and they said so earlier this month at the polls.
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A&A

AICPA calls on Congress to repeal 1099 reporting requirements

The American Institute of Certified Public Accountants (AICPA) called on Congress this week to repeal what it considers burdensome information reporting requirements placed on businesses and rental property owners by the Patient Protection and Affordable Care Act and the Small Business Jobs Act of 2010.
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Tax

Survey: Four out of five companies report increased sales tax audits

Thomson Reuters survey reveals four out of five companies report increased sales tax audits. State and local governments are hiring new staff to handle increased audit activity.
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Pages

Voice of the Editor

What would you do if one of your clients won the lottery? We asked several accountants to weigh in with their advice for the lucky Powerball winner, and the tips we received are useful for anyone who receives a windfall, whether it's a lottery win, an inheritance, a big bonus on the job, or a killing in the stock market.
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Gail Perry, CPA
Publisher/Editor-in-Chief, AccountingWEB
editor@accountingweb.com
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This Week on AccountingWEB

CPAs Mira Finé, Scott Hitchcock, Rob Keasal, Kathy Scorcio, and Ken Travis offer ten pieces of financial advice for the newest Powerball winner.
Hang Bower of BDO USA and Dan Black of Ernst & Young share their perspectives on why their firms made the Best Places to Work for Recent Grads 2013 list.
Herbein + Company, Inc. firm members talked with AccountingWEB about their year-round employee wellness program.
Bill Walter of Gross, Mendelsohn & Associates and Harold Gaar of TravisWolff LLP weigh in on mobile technology use while employees are at work.
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