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.
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.
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."
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.
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.
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.
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.
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.
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 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.
Generally, a U.S. citizen or resident who has income from sources within the U.S. Virgin Islands or income effectively connected with a trade or business in the U.S. Virgin Islands is required to file an income tax return with both the United States and the U.S. Virgin Islands.