Income tax

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.
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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.
4908
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.
3496
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.
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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?
5007
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
1951
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.
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Election 2012

Tax talk leads off GOP debate in Florida

The latest Republican debate in Orlando kicked off with a clear focus on taxes and their effect on small businesses and overall economic growth.
2009
Tax

Recap of tax winners and losers in new jobs bill

President Obama has proposed a number of significant tax changes in the American Jobs Act of 2011, including payroll tax cuts, tax credits to encourage hiring, extension of the 100 percent bonus depreciation tax break, and several revenue-raisers.
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Tax

Detroit tax preparer accused of falsifying client income to maximize Earned Income Tax Credits

The United States has sued Crystal Ireland and her business, Master Mind Preparation, to bar them from preparing tax returns for others.
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Tax

California to tax scofflaws: Pay up or lose your driver's (or CPA) license

The California State Assembly has approved Assembly Bill 1424, the Delinquent Taxpayer Accountability Act, aimed at the state's worst tax debtors. The bill delivers a clear message: pay your back taxes or we'll suspend your driver's license and/or professional licenses.
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Tax

Feds charge tax pro with filing thousands of false returns

Do you tell your clients to comply with the tax law? Make sure you practice what you preach. In an extreme example, a tax return preparer in Washington D.C. is facing criminal charges in federal court for allegedly scamming the IRS out of almost $14 million.
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Tax

It's National Tax Preparer Recruiting Week at Jackson Hewitt

Jackson Hewitt expects to hire 25,000 tax preparers this week in preparation for the 2012 tax season.
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Tax

IRS issues new guidance on tax treatment of cell phones

The Internal Revenue Service (IRS) has issued guidance and also a new memo which together clarify the tax treatment of cell phones provided by employers and cell phone reimbursement plans.
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Tax

IRS extends additional tax relief to Hurricane Irene victims

In the aftermath of Hurricane Irene, the IRS has updated its Web site to provide filing and payment relief to more taxpayers in federal disaster areas declared in Connecticut, Massachusetts, New Hampshire, New Jersey, New York, North Carolina, Puerto Rico, and Vermont.
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Tax

IRS announces topics for tax return preparer test

The Internal Revenue Service has released the specifications for the competency test individuals must pass to become a Registered Tax Return Preparer. The test is part of an ongoing effort by the IRS to enhance oversight of the tax preparation industry.
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Tax

IRS announces extensions and other relief to Hurricane Irene victims

The Internal Revenue Service is providing tax relief to individual and business taxpayers impacted by Hurricane Irene.
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Tax

Treasury issues new guidelines on health insurance premium tax credits

The Department of the Treasury has released new proposed regulations providing guidance on upcoming health insurance premium tax credits.
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Tax

Congressional Super Panel to debate tax reform behind closed doors

All of the members of the Super Panel have been seated. Now we'll have to wait to see what they work out behind closed doors.
3285
Tax

IRS explains dependent care credits for kindergarten costs

As a new school year beckons, parents may be enrolling their young children in kindergarten and various other after-school programs. Can taxpayers claim the dependent care credit for any part of those expenses?
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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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