Income tax | AccountingWEB

Income tax


Ready, aim, start firing those tax returns off to the IRS

The IRS has opened the floodgates for filing of all 2010 individual income tax returns, effective Monday, February 14. Refunds are not expected to be delayed.

Justice Department announces indictment, lawsuits targeting false tax credit claims

The federal government this week has filed six lawsuits in five states to stop tax return preparers from fraudulently claiming the first-time homebuyer tax credit and the earned-income tax credit.

Using accounting-related key words to find answers

During busy season, accountants have questions and Intuit, the maker of ProLine Tax Research, among other software, has answers.
Community News

Colorado tax preparer permanently barred from practice

A federal court in Denver has permanently barred Curtis L. Morris of Elizabeth, CO, from preparing federal tax returns for others, the Justice Department announced this week.

It's the preparer, not the software

Every year, nuances of the tax returns seem to get a little more intertwined. Lawmakers' tax simplification acts never simplify much and paperwork reduction legislation seem to add more pages to the return. And that's just at the federal level.

What key words are tax accountants searching for?

Intuit, the makers of, among other software, ProLine Tax Research, has agreed to share with our readers the most-sought-after tax research terms that accountants are searching for this busy season.

State of the Union provides hope for accountants

President Obama delivered his State of the Union address to the nation Tuesday night and included verbiage that offers encouragement for accountants struggling with issues surrounding the new 1099 regulations.

Free spreadsheet-based Form 1040 available for 2010 tax year

Glenn Reeves of Burlington, Kansas, has created a free Microsoft Excel-based version of the 2010 U.S. Individual Tax Return, commonly known as Form 1040.
AccountingWEB Life

IRS launches IRS2Go App for iPhone, Android

The Internal Revenue Service this week unveiled IRS2Go, its first smartphone application that lets taxpayers check on their status of their tax refund and obtain helpful tax information.

Survey indicates general support for IRS services, intolerance for tax cheats

In an annual survey of taxpayer attitudes, 87 percent responded that cheating on taxes is "not at all" acceptable. While the vast majority said they were opposed to cheating, 8 percent said "a little here and there" is OK, while 4 percent said it is acceptable to cheat "as much as possible."

Treasury launches prepaid debit and payroll card program

The U.S. Department of the Treasury has launched a program offering taxpayers a financial account for the electronic delivery of federal tax refunds. It says the account card offers conveniences and consumer protection features.

Tax e-file season is officially open

The Internal Revenue Service is now open for 2010 tax business, ready to accept electronically filed income tax returns from most taxpayers.

IRS changes April 15 filing deadline for 2011

The Internal Revenue Service opened the 2011 tax filing season by announcing that taxpayers have until April 18 to file their tax returns.

IRS order to wait puts additional pressure on accounting firms

The Internal Revenue Service has announced that taxpayers affected by three recently reinstated deductions need to wait until mid- to late February to file their individual tax returns, as well as those taxpayers who itemize deductions on Form 1040 Schedule A.

IRS provision exempts some non-signing tax preparers from competency exam

The Internal Revenue Service has issued regulations regarding non-signing preparers and PTIN registration. The regulations provide an exemption from competency exam requirements for some non-signing tax preparers.

Regulators terminate bank’s contract with H&R Block to stop loans

H&R Block Inc. disclosed last week that HSBC Holdings had ended its long-term contract to provide refund anticipation loans to H&R Block clients. HSBC acted under a directive from its federal regulator, which prohibited HSBC from offering any form of RALs.

Year in (1099 and W-2) review

With W-2 and 1099 reporting season in full swing (along with our nation's love of year-end lists) Greatland Corporation has released its inaugural selection of some of the year’s most news-making events as they pertain to 1099 and W-2 forms.

New tax legislation creates, renews many breaks

The Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010 is packed with new provisions. Following is a rundown of what you can expect from this legislation.

Withholding tax tables available from IRS

The Internal Revenue Service has released the 2011 Percentage Method Tables for Income Tax that were developed as a result of the recently passed Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010.

BNA Income Tax Planner application includes tax law changes

BNA Software recently announced that the company has released version 2010.5 of its BNA Income Tax Planner for general availability. Version 2010.5 reflects the tax law changes contained in the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010.


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