IRS

Tax

IRS assists small employers claim new health care tax credit

The Internal Revenue Service recently released final guidance for small employers eligible to claim the new small business health care tax credit for the 2010 tax year.
Tax

IRS will face 'major challenge' if Congress fails to extend tax breaks, AMT patch

The IRS has warned that although the agency's computers have been programmed to assume that Congress will pass a fix to the AMT, the computers do not assume that any other tax breaks that have already expired will be extended.
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

IRS Doghouse Web site enables consumers to rate IRS employees

Consumers with a bone to pick with the IRS have the opportunity to share their experiences. Originally designed as an IRS profile database, IRSDoghouse.com has evolved into a free and anonymous Web site where anyone can rate agency employees.
Tax

UBS releases names of U.S. taxpayers with unreported accounts

The Internal Revenue Service has dropped its legal action against Swiss bank UBS AG after the Swiss government handed over the names of 4,000 U.S. taxpayers who had undisclosed accounts at the bank.
AccountingWEB Life

Advise clients about donor-advised funds

Affluent individuals may be less inclined to establish or continue a private foundation. Private foundations can involve substantial start-up costs and annual administrative fees. Some clients may consider another option that is growing in popularity.
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.
A&A

AICPA calls on Congress to repeal 1099 reporting requirements

The American Institute of Certified Public Accountants (AICPA) called on Congress this week to repeal what it considers burdensome information reporting requirements placed on businesses and rental property owners by the Patient Protection and Affordable Care Act and the Small Business Jobs Act of 2010.
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

Legal showdown between Roni Deutch, Jerry Brown heats up

Heading into the next tax season, California Attorney General and Governor-elect Jerry Brown is still dogging “Tax Lady” Roni Deutch with fraud charges.
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.
Tax

TIGTA questions handling of foreclosures

Recent legislation aimed at easing foreclosure proceedings, along with a rise in loan modification activity, has not done enough to address the need for intervention, according to the Treasury Inspector General for Tax Administration (TIGTA).
Tax

IRS announces 2011 pension plan limitations

The Internal Revenue Service recently announced cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2011.
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.
A&A

Highlights of the 2010 IRPAC Report

This month, the Information Reporting Program Advisory Committee (IRPAC) released its report for 2010 outlining recommendations to the IRS regarding several key issues that have recently become law, or are soon to take effect.
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

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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