Tax news October 2011

Tax

Government Forces Showdown over H&R Block Merger with TaxAct

The government is seeking to block a proposed merger by H&R Block, the country's largest tax preparation firm, in its first antitrust action in seven years. The outcome will likely resonate loudly throughout the industry.
Election 2012

Video News Update for the Week of October 24, 2011

AccountingWEB's Weekly News Update for the week of October 24, 2011 is available in video format!
Tax

IRS Announces Pension Plan Limitations for 2012

The Internal Revenue Service (IRS) has announced cost-of-living adjustments affecting dollar limitations for pension plans and other retirement-related items for Tax Year 2012. In general, many of the pension plan limitations will change for 2012.
Tax

AICPA: IRS Should Revise Proposed Regs Regarding Competency Exam and Fingerprinting for Tax Preparers

Patricia A. Thompson, chair of the AICPA Tax Executive Committee, is urging the IRS to make changes to the user fee regulations it has proposed for tax return preparers as part of its preparer oversight program.
Tax

Tax Preparers Who Prepare More than 10 Returns Must Now e-File

Starting in January 2012, any paid preparer or firm that reasonably anticipates preparing and filing 11 or more Form 1040 series tax returns, Form 1041 returns, or a combination of Form 1040 series returns and Form 1041 returns, will be required to e-file those returns.
Tax

IRS is Open For Business for PTIN Renewals

Last year at this time the IRS announced that all paid tax preparers must have (and pay for) a preparer identification number (PTIN). The IRS PTIN renewal process is now open for business, so there is no reason to delay any longer.
Technology

Avalara Announces Release of AvaTax 1099

Avalara, a provider of fully automated, up-to-date sales and use tax compliance solutions, has announced the availability of AvaTax 1099, a cloud-based solution for end-to-end 1099 reporting.
Tax

Your Social Security Check Is NOT in the Mail

Do you have clients who still receive their Social Security checks in the mail? Mail carriers won't be dropping them in your clients' mailboxes in the near future.
Election 2012

As Cain's Popularity Swells, Analysts Examine 9-9-9 Tax Plan

As Herman Cain continues to grow his political muscle, the number one read on most financial professionals' lists is Cain's 9-9-9 tax reform plan, which would dramatically impact individual taxpayers, small business owners, corporations, and those who administer their taxes.
Technology

Technology and Environment Were Top Themes at KPMG Iberoamerica Tax Summit

At the latest KPMG Iberoamerica Tax Summit, where the environment and technology were key themes, over 50 percent of the audience said that the green agenda is a top strategic priority for their organizations, and 35 percent felt the cloud will be the greatest transformation from a technological point of view.
Tax

IRS Eases Up on Worker Misclassifications

The Internal Revenue Service is extending an olive branch to employers that may have misclassified "employees" as "independent contractors."
Tax

Supreme Court to Decide on Tax Audit Statute of Limitations

Can the Internal Revenue Service go as far back as six years to audit taxpayers, or is it limited to a three-year period?
Tax

IRS to Require Filing of Due Diligence Checklist

IRS issues proposed regulations that would require tax preparers to file due diligence checklist with all Earned Income Tax Credit claims submitted in 2012
Election 2012

Huntsman Tax Reform Plan Calls for Sweeping Reform, Raises Questions

Unlike many of his fellow Republican presidential candidates, Jon Huntsman, advocates a tax reform proposal that still adheres to the basic structure of the existing U.S. tax code.