Tax news January 2012

A&A

Talk of Taxes and Economic Growth Rose above Fray at Florida Debate

On January 23, the remaining contenders for the GOP presidential nomination hit the ground running in Tampa. Romney and Gingrich dominated the debate and traded barbs over character and electability. But, despite the fireworks, core issues – tax reform, deregulation, and economic growth – were discussed.
Tax

Teaching How to Cheat

Concerns about cheating in school are nothing new, but they usually don't include teachers. The widespread scandals of teachers cheating on standardized tests provide the wrong ethical guidance to those who will later staff and lead business organizations.
Practice Management

KPMG Repair Regulations Survey - Tax Execs Unsure of Business Impact

Tax executives are unsure what impact the IRS’s recently released “Repair Regulations” might have on their businesses, but they expect the new rules to be more difficult to administer or comply with in practice, according to results of a survey conducted by KPMG LLP, the audit, tax, and advisory firm.
A&A

Enhancing Your Clients' Experiences

What does the Ritz-Carlton do, that other hotels don't, that makes your stay with them such a memorable experience? The hotel chain has instilled a culture of treating guests like royalty.
Tax

GOP Tax Debate Could Coalesce around Ron Paul's Ascension in Primaries

Despite his decisive second-place finish in the New Hampshire primary and his strong third-place showing in the Iowa caucus, there are still some political pundits who question whether Ron Paul, who was initially a middle-of-the pack candidate, is a viable contender for the GOP presidential nomination.
Tax

NTEU Backs National Taxpayer Advocate Report on IRS Budget Cuts

The union leader representing the IRS workforce has long argued that the most serious problem facing taxpayers is insufficient funding at the IRS. This undercuts the agency's ability to fully perform its duties. Now, Colleen M. Kelley, the president of NTEU, has a powerful ally to echo her message.
Tax

There's Still Time to Renew Your 2012 PTIN

The Internal Revenue Service (IRS) is giving procrastinators a second chance. It says it will continue to accept renewals for Preparer Tax Identification Numbers (PTINs) after the official deadline for 2012 has passed. There's no definitive length of the extension, so it's up to you to act as soon as possible.
Tax

Video News Update for Week of January 9, 2012

AccountingWEB's Weekly News Update for the week of January 9, 2012 is available in video format!
Tax

IRS Targets the Super-Rich for More Audits

It's not who you are or what you do, but how much you earn, as far as the IRS is concerned. New data released by the IRS indicates that the chances of being audited increase dramatically if your income reaches into seven figures. On the flip side, taxpayers earning less than $200,000 can rest a little easier.
Election 2012

Cain Vows to Keep 9-9-9 Part of GOP Presidential Race

Earlier this month, Herman Cain announced that, despite the fact he is no longer on the GOP ballot, he will continue to take his 9-9-9 tax reform and economic recovery plan to the public through his newly formed Solutions Revolution bus tour and media blitz.
Tax

IRS Releases "Extra Points" about 2011 Tax Returns

The Internal Revenue Service (IRS) has kicked off the 2012 tax return season with a series of five new Fact Sheets that were released the first week of January. In them, the IRS discusses recent changes, improvements, free services, and more that are relevant to both taxpayers and practitioners.
Tax

New York Tax Preparer Pleads Guilty to Filing Fictitious Tax Returns

New York tax preparer Howard Levine has pleaded guilty to filing false tax returns containing contained fictitious deductions, business expenses, and corporate losses.
Tax

IRS Kicks Off 2012 Tax Season with Deadline Extended to April 17

On January 4, the IRS announced that taxpayers have until April 17 to file their tax returns. The IRS encourages taxpayers to e-file as it's the best way to ensure accurate tax returns and get faster refunds. The IRS has made a number of improvements to help make tax season easy for taxpayers.
Tax

Pride of the Yankees? Hal Steinbrenner Sued by the IRS

A lawsuit – filed by the IRS on December 27, 2011, in federal court in Tampa, Florida – aims to recover the funds issued to Hal Steinbrenner, managing general partner of the Yankees, on December 28, 2009. The refund resulted from a dispute between the Steinbrenner family and the IRS for the 2001 tax year as well as audits of the team's parent company for the 2001 and 2002 tax years.
Election 2012

Some CPA Analysts Question if Romney's Tax Reform Approach Will Fly

Some Republican candidates' tax reform platforms have spurred discussion and controversy, but Mitt Romney's "Believe in America" plan for jobs and economic growth has drawn relatively little discussion. One CPA analyst argues that Romney is "staying status quo on the personal side of the tax equation."