Income tax

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.
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?
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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).
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.
Tax

Khloe Kardashian, Wyclef Jean, Lena Olin share tax authorities' spotlight

Khloe Kardashian is a star in Hollywood, but with tax authorities…not so much. On July 28th the California Franchise Tax Board filed a tax lien against Kardashian in the amount of nearly $18,500 relating to income from 2007.
Tax

The many personalities of tax returns (and the clients behind them)

Anyone who has prepared tax returns for a number of years likely has come to the conclusion that individual income tax returns have their own personalities as do the taxpayers that they represent.
Tax

IRS removes automatic debt indicator, discourages refund anticipation loans

The IRS has announced that starting with next year’s tax filing season it will no longer provide tax preparers and associated financial institutions with the “debt indicator,” which is used to facilitate refund anticipation loans (RALs).
Tax

Chris Tucker, Rob Lowe do battle with taxman

Right about now, 'Rush Hour' star Chris Tucker might be feeling a bit of a squeeze in the form of a federal tax bill for nearly $12 million. And, chances are, he’s still reeling from last year’s pinch from Arnold Schwarzenegger, which seems small in comparison.
Tax

Three famous tax cheaters take issue with the authorities

AccountingWEB appears to be developing a rogues gallery of taxation ne'er-do-wells as the same celebrities continue to make headlines. Wesley Snipes, Conrad Black, Lil Wayne, and Suge Knight are, once again, in the news.
A&A

D.C. launches amnesty program waiving penalties, fees on back taxes

Delinquent taxpayers will get a rare opportunity to pay outstanding taxes and interest to the District of Columbia, have their penalties and fees waived, and avoid criminal prosecution. The DC Tax Amnesty program will run from August 2 through September 30, 2010.

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