Tax news March 2012 | AccountingWEB

Tax news March 2012


Tax Tip: Choose the 'Biggest and Best' State Tax Deduction

Are your clients better off deducting income tax or sales tax on a 2011 return? It depends on the situation. An itemizer on a 2011 return can deduct annual state and local income taxes or, as an alternative, sales tax paid during the year. But it's either one or the other.

Tax Tip: How to Secure an 'Extra' Dependency Exemption

Why should clients use your tax return preparation services instead of finding a tax software program online? Even in this era of do-it-yourself technology, you can provide valuable insights that individual taxpayers simply can't get from standard software.
Election 2012

Romney Takes Super Tuesday, but Close Race Still on Rivals Say

On the morning after Super Tuesday voting, Mitt Romney was able to declare himself the winner, tallying up a total of 419 total Republican delegate votes, nearly double the delegate count garnered by his closest rival Rick Santorum, who currently stands at 178 total votes, according to Associated Press statistics.

KPMG Addresses Tax Issues Associated with Working in the Cloud

Do you have a client considering a move to the Cloud? If so, you and your client should be addressing certain tax issues before the move is made.

IRS Announces "Fresh Start" Initiative to Help Struggling Taxpayers

The IRS announced a major expansion of its "Fresh Start" initiative to help struggling taxpayers. It is taking steps to provide new penalty relief to the unemployed and making installment agreements available to more people.

CPA Accused of Tax Fraud Is Now Suspect in Plot to Murder Witnesses

A San Diego-area CPA, heading to trial on an $11 million tax fraud scheme, has been arrested for allegedly plotting to hire an acquaintance to murder two people planning to testify for the prosecution.

IRS Ends Tax Rule Unpopular with Small Businesses

The IRS has eliminated an unpopular rule relating to how credit card and debit card payments are accounted for on tax returns, prompting relief from small business owners.
Community News

Big Win for Accounting Profession in New Jersey Supreme Court

In a unanimous decision, the New Jersey Supreme Court on February 16 reversed an Appellate Court decision in a case brought by a third party that found KPMG LLP guilty of negligence for failing to uncover accounting fraud by a former client, Papel Entities.

IRS Sends Warning about New Education Tax Credit Scam

A new scam is targeted at those with so little income that they normally don't need to file a tax return. The scam involves trying to persuade victims to file a false tax return to claim a refund or stimulus payment based on the American Opportunity Tax Credit, even if the victim isn't eligible.
Election 2012

Tax Talk to Resurface on Super Tuesday. Where Does Santorum Stand?

While Romney managed to maintain his status as the GOP front-runner, there's little doubt the momentum Santorum built in Michigan in February means he still poses a threat to Romney's once all-but-certain ascendency to the Republican nomination going into the ten-state Super Tuesday primary Tuesday, March 6.

Quick Steps to Take in Advance of Google's Privacy Policy Changes

If you use Google products - Gmail, Google, YouTube, etc. - on or after March 1, you'll give them implicit permission to aggregate your web search history and other information Google has gleaned about you into a single mega-dossier.


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