IRS

A&A

IRS order to wait puts additional pressure on accounting firms

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.
A&A

IRS provision exempts some non-signing tax preparers from competency exam

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.
Tax

Year in (1099 and W-2) review

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.
Tax

Celebrity stew: Stars up to their necks in IRS trouble

Rounding out 2010's cavalcade of celebrities mired in tax issues are actor Val Kilmer, songwriter Lamont Dozier, rapper Trick Daddy, and all-around weirdo Grace Jones.
Tax

Withholding tax tables available from IRS

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.
A&A

IRS watchdog: Six months of work saved taxpayers nearly $3 billion

The watchdog over costs and efficiency at the Internal Revenue Service has saved taxpayers almost $3 billion over six months, according to a new report to Congress.
Tax

More famous people in hot water with the tax man

Another bunch of celebrities is in trouble with Uncle Sam over tax debt. Singer Kelly Rowland, Eddie Murphy's ex-wife, and actor Cary Elwes are the latest.
Tax

IRS, FBI seeking financial records of Florida Republican Party

The Republican Party of Florida has been served with a subpoena seeking financial records related to $500,000 in charges on American Express credit cards issued by the party.
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.

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