Income tax

A&A

Hobby or business? Tax preparer due diligence (Part 1)

This is the first of two articles about expenses incurred by clients who are engaged in an activity, and whether such activity can be considered a business or a hobby. In the first article, the scenario of a freelance writer is used to discuss the business vs. hobby issue.
Tax

Obama strikes tentative deal to extend tax cuts, unemployment compensation

President Barack Obama announced a compromise with Republican congressional leaders to extend the Bush-era income tax rates, extend unemployment compensation, and cut payroll taxes.
Tax

IRS announces increase for 2011 standard mileage rates

The 2011 standard mileage rates have been announced. Taxpayers can expect an increase in the allowance for business miles, and also for medical and moving miles.
Tax

Democrats in House vote to extend Bush tax cuts for middle class only

The House on Thursday passed legislation H.R. 4853, extending the Bush tax cuts for middle class Americans, but not for the highest earners.
Tax

Year-end tax planning tips

As 2010 winds down, there is still plenty of time to put last-minute tax-planning techniques into play, according to Grant Thornton LLP.
Tax

New per diem rates for business travel reimbursement

If your company pays employees to travel, you need to know your options when it comes to reimbursing them for travel expenses.
Tax

Thousands of not-for-profits could have tax-exempt status revoked

Now that the October 15 deadline has passed, as many as 400,000 not-for-profit organizations could be in danger of losing their tax exempt status.
Tax

H&R Block takes HSBC to court to save RALs

H&R Block clients accustomed to receiving Refund Anticipation Loans (RALs) might be disappointed this tax season because the only bank that underwrites these loans for the company, HSBC Bank USA, might pull out of the program.
Tax

NBA's Lamar Odom cries foul, challenges IRS

Los Angeles Lakers forward Lamar Odom is accustomed to facing formidable opponents on the basketball court. But these days, he’s taking on the Internal Revenue Service in a different court setting over what he sees as a personal foul.
Tax

Expanded Recovery Act tax credits help homeowners winterize homes

The Internal Revenue Service is reminding consumers that they can weatherize their homes and be rewarded for their efforts. Homeowners making energy-saving improvements this fall can cut winter heating bills and lower their 2010 tax bill, too, according to the IRS.
Tax

Four celebrities face battles with the IRS

Even the thin, beautiful, and talented have to pay their fair share of taxes. Beverly Johnson, Janice Dickinson, Jaime Pressly, and Toni Braxton have run-ins with the IRS.
A&A

Exclusive: IRS commissioner announces interim relief from tax preparer testing requirement

Speaking at this week's National Tax Conference in Washington, D.C., IRS Commissioner Mark Schulman addressed concerns about the new tax preparer identification guidelines that are about to take effect. Managing Editor Gail Perry reports.
Tax

FTC rule prohibits debt-relief companies from collecting up-front fees

Starting today, for-profit companies marketing debt-relief services over the telephone are prohibited from charging a fee before they settle or reduce a customer’s debt to the Internal Revenue Service, credit card company, or other unsecured debt.
Tax

Deadline approaching for elimination of paper coupon deposits

Companies currently making their federal payroll tax deposits by taking them directly to an authorized bank will no longer be able to use paper coupon as of January 1, 2011.
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.
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.
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.
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.
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.
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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