Tax news March 2011

Technology

AICPA urges IRS to help safeguard electronic accounting records

In a letter this week, the American Institute of Certified Public Accountants urged the IRS to work with small business owners to safeguard private data included in electronic accounting software records that the IRS may request as part of an examination.
Tax

TaxSqueal.com: Former IRS investigator lends his old employer a hand

After 30 years with the IRS, 25 of them as a special agent with the criminal investigation division, Al Drucker has heard just about everything when it comes to tax cheats.
A&A

Student tax preparers perform 'marriage' ceremony

Accounting students preparing tax returns at Northeastern State University's VITA clinic got to say, "I now pronounce you... Married Filing Jointly."
Tax

Accountants gone bad...

The following is a summary of the latest news about accountants, both public and private, whose careers have taken a turn for the worse.
Tax

Sister act: Alabama tax prep sisters each face 129 years in prison

Loretta and Tracey Fergerson have been indicted by a federal grand jury in the Middle District of Alabama on a variety of charges stemming from an identity theft and tax fraud conspiracy.
Tax

Rules for claiming the student loan interest deduction

The mortgage interest deduction is cherished by many, but the much-maligned student loan is another interest deduction not to be overlooked. And in some cases, parents can even reap the benefit.
Tax

IRS filling vacancies on Taxpayer Advocacy Panel

The Internal Revenue Service is seeking civic-minded volunteers to serve on the Taxpayer Advocacy Panel (TAP), a federal advisory committee that listens to taxpayers, identifies key issues, and makes recommendations for improving IRS service.
Practice

Year one, ObamaCare report card shows health care costs rising

As health care reform marks its one-year anniversary, a new Deloitte report reveals that consumers are spending $363 billion, or 14.7 percent more, on health care than traditionally reported in official government accounts.
Tax

Japan disaster provides proving ground for IRS tax scams

In the aftermath of the recent catastrophes in Japan, the tremendous generosity of average Americans will once again be in full swing. Scammers are well aware of this.
Tax

Charlie Sheen, out of work, faces tax issues

Unlike many other celebrities, Sheen has not been in the news for tax trouble. But his new situation poses some interesting tax issues.
Tax

Dubious achievement: Californian offers IRS revenue officer largest bribe ever recorded

Kulwant Lasher has been sentenced to four years and nine months in prison to be followed by three years of supervised release for conspiring to bribe an IRS Revenue Officer and failing to pay withholding and payroll taxes.
Tax

E-filing mandate tightens for firms handling fiduciary tax returns

For the Spring, 2012, tax season, any firm filing more than 10 Federal fiduciary income tax returns will be required to file electronically, as will firms filing New York State fidiciary income tax returns This change will impact thousands of firms next tax season.
Tax

The prescription for medical deductions

Do you have clients who need a clear explanation of how the medical deduction works? This article explains it all.
Tax

Increase in number of first time e-filers spurs Intuit to create resource center for its users

Intuit’s Accounting Professionals Division is seeing increases in the number of e-filed returns, and an increase in the number of first-time e-filers due to recent IRS mandates.
Tax

Accountants gone bad...

The following is a summary of the latest news about accountants, both public and private, whose careers have taken a turn for the worse.
Tax

Celebrities and their tax woes: Young Buck, Joe Francis, Jaime Pressly, and Richard Hatch

The latest celebrity tax round-up features several repeat offenders. It's great to be in the spotlight, but is sparring with the IRS the best way to stay in the public eye?
Tax

IRS sticks former Duke lacrosse player and falsely accused rapist with $6.5M tax bill

The name Reade Seligmann has been out of the headlines for awhile, but lately he's been back in the limelight. The former Duke lacrosse player and falsely accused rapist is dealing with a hefty IRS bill.
Tax

Plenty of reasons to hang on to a credit shelter trust

Preserve credit shelter trusts for the future Are some of your clients looking to ditch their credit shelter trusts? Not so fast.
Tax

Using EPAct to reduce payback and offset tax liability

EPAct, aka Section 179D, is a government method to encourage U.S. building owners, lease holders, and designers of government buildings to be more efficient for commercial buildings or residential properties with four or more stories.
Tax

The latest news on the Alternative Minimum Tax

Good tax planning can help minimize some of the AMT impact. The Texas Society of CPAs explains what it's all about and provides an update on the newest tax laws affecting the AMT.

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