Category Archives: IRS

The Answer: $64.25

Posted on August 19, 2010 by Russ

As part of the IRS announcement today on the new PTIN regulations, we now what it will cost tax professionals to either re-register their PTINs or to obtain a new PTIN: $64.25. Compensated tax return preparers would pay a $64.25 … Continue reading →

Posted in IRS | Tagged , | Comments Off on The Answer: $64.25

PTINs and the SEE: Unintended Consequences

Posted on August 19, 2010 by Russ

The IRS announced today that as part of the new PTIN procedure the IRS will temporarily stop issuing new PTINs on Monday, August 23rd. No big deal, right? After all, in a month or two you will be able to … Continue reading →

Posted in IRS | Tagged , | Comments Off on PTINs and the SEE: Unintended Consequences

1099 Repeal?

Posted on July 30, 2010 by Russ

Before I head out the door, I just saw a short article that a repeal of the new requirement on issuance of 1099s (part of the health care fiasco) was introduced by Democrats today. The measure was an amendment to … Continue reading →

Posted in IRS, Legislation | Tagged | 1 Comment

Relief for Non-Profits

Posted on July 27, 2010 by Russ

I don’t do much work for non-profits, but there was a deadline just weeks ago and important news today. All non-profits are now required to file a version of Form 990. The deadline was May 17th, and non-profits that ignored … Continue reading →

Posted in IRS | Tagged | Comments Off on Relief for Non-Profits

Trading a Cellphone to a Porsche

Posted on July 25, 2010 by Russ

Recently, I saw a short blurb on the local news regarding a teenager who bartered his way from a cellphone to a Porsche. There’s an issue with this, of course, taxes. When you barter goods, you’re supposed to send a … Continue reading →

Posted in IRS | Tagged | Comments Off on Trading a Cellphone to a Porsche

$50 Here, $50 There: $50 From Me and Every Other EA, CPA, and Tax Preparer

Posted on July 23, 2010 by Russ

I received an email yesterday from my local IRS liaison: IRS Issues Proposed Rules Setting Fee for Tax Preparers to Get Unique ID Numbers By Diane Freda The Internal Revenue Service July 21 issued proposed rules (REG-139343-08) establishing a new … Continue reading →

Posted in IRS | Tagged , | Comments Off on $50 Here, $50 There: $50 From Me and Every Other EA, CPA, and Tax Preparer

Must a Practitioner Audit a Client’s Financials?

Posted on July 6, 2010 by Russ

The IRS today released IR-2010-82 noting the disbarment of CPA Tim Kaskey for, “finding, among other things, that Kaskey failed to exercise due diligence in preparing tax returns for a corporation and its husband and wife shareholders.” Here’s the key … Continue reading →

Posted in IRS | Tagged , | Comments Off on Must a Practitioner Audit a Client’s Financials?

FBAR Deadline Is Today

Posted on June 30, 2010 by Russ

Almost all tax deadlines are on the fifteenth day of the month. However, there’s one that falls on June 30th: The filing deadline for the Report of Foreign Bank and Financial Accounts (FBAR, Form TD F 90-22.1). This is the … Continue reading →

Posted in Gambling, IRS | Comments Off on FBAR Deadline Is Today

Mandatory IRS eFiling Is Coming

Posted on June 9, 2010 by Russ

If you’re a tax preparer, get ready to efile. Mandatory efiling is coming to the IRS. For the 2010 tax year (the next tax season, in 2011), if you prepare 100 or more returns you must efile; for the 2011 … Continue reading →

Posted in IRS | 1 Comment

2011 Doesn’t Look Bright

Posted on June 8, 2010 by Russ

Arthur Laffer, the noted economist, penned an op-ed in the Wall Street Journal. An excerpt: But at the tax boundary of Jan. 1, 1983 the economy took off like a rocket, with average real growth reaching 7.5% in 1983 and … Continue reading →

Posted in IRS, Legislation | Comments Off on 2011 Doesn’t Look Bright