Income tax

Tax

Serial tax evader pleads guilty

A former Pittsfield, MA, man pleaded guilty this week in federal court in Boston to his role in a series of frauds and attempts to avoid paying taxes over more than a decade, as well as lying to federal authorities and financial institutions about his illegal activities.
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Tax

New W-2 form defers requirement to report cost of health coverage

The IRS has issued a draft Form W-2 for 2011 and has announced that it will defer the new requirement for employers to report the cost of coverage under an employer-sponsored group health plan.
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Tax

New IRS regs: Reporting gains and losses is about to get easier

The Internal Revenue Service has issued final regulations under a law change that will require reporting of basis and other information by stock brokers and mutual fund companies for most stock purchased in 2011 and all stock purchased in 2012 and later years.
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Tax

Top personal income tax rates are rising worldwide

The worldwide decline in top personal income tax rates over the past seven years generally appears to have come to an end, as this year’s average rate increased 0.3 percent globally, according to KPMG International’s 2010 Individual Income Tax and Social Security Rate Report.
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Tax

Paid tax return preparers must obtain PTIN by January 1, 2011

Paid tax return preparers, including attorneys, CPAs, and enrolled agents, must apply for a Preparer Tax Identification Number (PTIN) from the IRS before signing and filing any federal tax returns in 2011. Paid preparers who already have a PTIN must renew it.
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Tax

Online registration system for paid tax return preparers now available

The Internal Revenue Service has issued final regulations requiring paid tax return preparers to register with the IRS to obtain a Preparer Tax Identification Number (PTIN). A new online application system to obtain a PTIN is now available.
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AccountingWEB Life

Good bookkeeping helps small businesses prepare for quarterly tax payments

Small business owners can benefit by paying taxes quarterly rather than annually. Good planning can help a business owner avoid having to pay a large lump sum when it's time to file the tax return.
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A&A

New IRS tax preparer regulations: What they mean for you

In June of 2009, the IRS began a review of tax preparers to investigate whether greater oversight was needed for those who collect compensation for preparing tax returns. The IRS released a report in December of 2009 giving recommendations on further oversight for tax preparers. How will the new regulations affect you?
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Tax

Bush tax cut dithering might lead to shrinking paychecks

The clock is ticking on the Bush tax cuts, and the likelihood that a vote to extend them will happen before November is not looking good. Why the urgency? Because the Internal Revenue Service needs lead time to create, publish, and distribute tax tables for the first payroll of 2011.
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Tax

Debate over tax cuts continues

If Congress doesn’t act to change existing legislation, the Bush tax cuts will soon expire. With the economy still in the doldrums, there has been much talk about keeping the lower tax rates to help boost economic activity, at least for all but the top 2 percent of earners in the nation.
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Tax

Homebuyer credits: Like taking candy from a baby?

The federal homebuyer tax credit can be considered a great boon to the housing market and the economy, or as a phenomenal waste of tax dollars. The watchdogs over at the Internal Revenue Service have taken another look at the credits.
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Tax

Terrorist? No. Tax debtor. Yes.

A Yemeni man held on suspicion of terrorist activity was released by Amsterdam authorities earlier this month. After some confusion, Ahmed Mohamed Nasser al Soofi was found to have no terrorist connections, but a hefty unpaid tax bill in the amount of nearly $14,000.
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Tax

Crocodile Dundee's Paul Hogan feels the bite of the tax man

Crocodile Dundee star Paul Hogan owes tax on AU $37.6 million (approximately $34 million U.S.) of undeclared income, according to the Australian Tax Office, which temporarily banned him from leaving the continent until he agreed to pay up.
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Tax

IRS can spell tax relief for disaster victims

"I'm from the government and I'm here to help you" may be regarded by some to be the most terrifying words in the English language, but not so when you are dealing with a disaster.
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A&A

Resolution seeks tax equity for same-sex married couples in California

California lawmakers earlier this month got one step closer to what Assemblyman Mike Feuer (D-Los Angeles) calls tax equity for same-sex married couples. Assembly Joint Resolution 29 (AJR 29) passed both houses in a vote of 52-9.
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Tax

Justice Department shuts down tax return preparer, seeks to shutter another

A federal district judge in Atlanta has permanently barred Saloum A. Njie and his company, MIAAS Associates LLC, from preparing federal tax returns for others.
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Tax

IRS to eliminate paper coupon deposits

The IRS has issued proposed regulations that will eliminate the rules for making federal tax deposits by paper coupon. Electronic deposits will be required effective January 1, 2011.
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Tax

Film tax credits: A hot topic for state budgets

You might have heard that many states use film tax credits as a way to attract production companies to make movies and TV shows within their borders, resulting in jobs for residents and publicity for the state. With budgets tightening, some states are suspending or reducing the incentives, while others are enhancing their existing programs and creating new ones.
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Tax

IRS announces plans for return preparer applications, user fees, and updates Circular 230 rules

The IRS has announced that its new online application system for compensated tax return preparers is expected to go live in mid-September. All preparers are to have a Preparer Tax Identification Number (PTIN).
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Tax

Congress asks the IRS to make changes to planned tax preparer regulations

In a letter addressed to Treasury Secretary Timothy Geithner, 31 members of Congress from both parties expressed their concern with two aspects of the Internal Revenue Service's proposal to regulate paid tax preparers.
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Voice of the Editor

What makes a company a great place to work? Experience, a ConnectEDU company, uses criteria that include benefits, career advancement opportunities, culture, and work/life balance to form its annual list of the Best Places to Work for Recent Grads. BDO USA and Ernst & Young both made the Top 25 list. Read what makes these firms stand out and find out what can be done at your firm to entice college grads.

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Gail Perry, CPA
Publisher/Editor-in-Chief, AccountingWEB
editor@accountingweb.com
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