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Category Archives: Accounting & Tax
FACT CHECK: Are rich taxed less than secretaries?
President Barack Obama makes it sound like there are millionaires all over America paying taxes at lower rates than their secretaries.
“Middle-class families shouldn’t pay higher taxes than millionaires and billionaires,” Obama said Monday. “That’s pretty straightforward. It’s hard to…
Posted in Accounting & Tax
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The light in the tunnel is a train – updating the tax code
IRS Commissioner Doug Shulman warned lawmakers Wednesday that making retroactive changes to the tax code in early 2011 could create an “unprecedented and daunting operational challenge” that could lead to service disruptions and delayed refunds for millions of taxpayers.
Several…
Posted in Accounting & Tax
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Regulations Released on 2011 E-file Requirement and Opt-Out Provisions
The IRS issued proposed regulations (REG-100194-10) that detail the two-year phase-in plan and provide exclusions from the e-file requirement for undue hardship waivers approved by the IRS and for certain administrative exemptions. In addition, under the proposed regulations, the e-file…
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IRS Updates PTIN FAQs
The IRS is continuously updating the FAQs regarding preparer registration and the PTIN requirements on its website.
The most recent additions include guidance on payroll reporting agents who prepare Forms W-2, W-3, and Forms 94X.
Check this page often…
Posted in Accounting & Tax
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Dear Individual Taxpayer:
Here is a list of action items that will help you save tax dollars if you act before tear-end:
1. FLEXIBLE SPENDING ACCOUNT Increase the amount you set aside for next year in your employer’s health FSA if you set…
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Universal Accounting – Good Management Motivates
As the recession continues to apply a full-court press, you may find that your employees are feeling discouraged, which can translate to poor work performance. It’s amazing how motivating good employee management can be.
Do not wait to strike
…
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IRS RemindsTax Return Preparers on PTIN Renewals
The Internal Revenue Service is notifying about 1 million tax return preparers to remind them that they must renew their Preparer Tax Identification Numbers (PTIN) if they are still paid preparers. Use of the PTIN will be required on…
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Expanded Recovery Act Tax Credits Help Homeowners Winterize their Homes
The IRS is reminding people that they can now weatherize their homes and be rewarded for their efforts. According to the Internal Revenue Service, homeowners making energy-saving improvements this fall can cut their winter heating bills and lower their…
Posted in Accounting & Tax
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