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Daily Tax News
Below please find daily updates pertaining to the latest in financial, business, and tax news:
Inspector General Tells IRS to Adjust 'Tolerance Levels'
The Internal Revenue Service should reexamine the "tolerance levels" it uses to request missing tax forms and schedules from taxpayers, the Treasury Department's inspector general recommended in a new report.
IRS Names Seven New Members to IRPAC
WASHINGTON — The Internal Revenue Service today announced the selection of seven new members for the Information Reporting Program Advisory Committee. The appointees will join 27 returning members who are in the second year or third year of a three-year term.
IRS Hotlines and Toll-Free Numbers
IRS Telephone Lines and Hours of Operation
IRS - Your Federal Income Tax: For Individuals
IRS - Your Federal Income Tax: For Individuals
Tax year 2008 is quickly nearing an end. The Internal Revenue Service reminds taxpayers to avoid putting off important financial tasks until the last minute. The important deadline of Dec. 31 is fast approaching for many tax-planning issues. The IRS also urges taxpayers as part of their year-end tax planning to be aware of recent tax changes as well as recently reinstated tax deductions. Some tax breaks and a review of your current tax situation may result in a bigger refund or less taxes to be paid come tax time.
Top Errors for Taxpayers and Paid Preparers on Return Submissions
Cumulative through November 7, 2008
Advance Notice for Tax Professionals
WASHINGTON — Low- and moderate-income workers can take steps now to save for retirement and earn a special tax credit in 2008 and the years ahead, according to the Internal Revenue Service.
IRS Announces Two New Appeals Programs
WASHINGTON – The Internal Revenue Service today announced a two-year test of two programs: the post-Appeals mediation and arbitration procedures for Offer in Compromise (OIC) and Trust Fund Recovery Penalty (TFRP).
Forms 5471 - Automatic Assessment of Penalties under IRC Section 6038(b)(1)
In August, 2008, the Internal Revenue Service began issuing letters to some taxpayers to alert them to an upcoming procedural change relative to the automatic assessment of penalties. These letters were issued to taxpayers who may not have timely filed their corporate return and/or not timely filed their Forms 5471.
FICPA: IRS Tax News
Inspector General Tells IRS to Adjust 'Tolerance Levels'
The Internal Revenue Service should reexamine the "tolerance levels" it uses to request missing tax forms and schedules from taxpayers, the Treasury Department's inspector general recommended in a new report.
IRS Names Seven New Members to IRPAC
WASHINGTON — The Internal Revenue Service today announced the selection of seven new members for the Information Reporting Program Advisory Committee. The appointees will join 27 returning members who are in the second year or third year of a three-year term.
IRS Hotlines and Toll-Free Numbers
IRS Telephone Lines and Hours of Operation
IRS - Your Federal Income Tax: For Individuals
IRS - Your Federal Income Tax: For Individuals
Tax year 2008 is quickly nearing an end. The Internal Revenue Service reminds taxpayers to avoid putting off important financial tasks until the last minute. The important deadline of Dec. 31 is fast approaching for many tax-planning issues. The IRS also urges taxpayers as part of their year-end tax planning to be aware of recent tax changes as well as recently reinstated tax deductions. Some tax breaks and a review of your current tax situation may result in a bigger refund or less taxes to be paid come tax time.
Top Errors for Taxpayers and Paid Preparers on Return Submissions
Cumulative through November 7, 2008
Advance Notice for Tax Professionals
WASHINGTON — Low- and moderate-income workers can take steps now to save for retirement and earn a special tax credit in 2008 and the years ahead, according to the Internal Revenue Service.
IRS Announces Two New Appeals Programs
WASHINGTON – The Internal Revenue Service today announced a two-year test of two programs: the post-Appeals mediation and arbitration procedures for Offer in Compromise (OIC) and Trust Fund Recovery Penalty (TFRP).
Forms 5471 - Automatic Assessment of Penalties under IRC Section 6038(b)(1)
In August, 2008, the Internal Revenue Service began issuing letters to some taxpayers to alert them to an upcoming procedural change relative to the automatic assessment of penalties. These letters were issued to taxpayers who may not have timely filed their corporate return and/or not timely filed their Forms 5471.
FICPA: AICPA News
AICPA - Individual Taxation: Filing Season Update
AICPA - Individual Taxation: Filing Season Update
The American Institute of Certified Public Accountants supports the use of XBRL in Financial Statement reporting and believes that tagged data will provide investors and other users of financial information easier access to more transparent data in company reports.
The American Institute of CPAs plans to participate in a London forum hosted by Prince Charles.
AICPA To Participate In U.K. Forum Hosted By Prince Charles On “Accounting for Sustainability”
NEW YORK (Dec. 15, 2008) – The American Institute of Certified Public Accountants announced today that it has agreed to participate in a forum hosted by His Royal Highness the Prince of Wales on “Accounting for Sustainability: Decision-Making and Reporting in a Resource-Constrained World.” The forum will be held Dec. 17 in London at the Royal Family residence at St. James’s Palace.
CPA Firms See Continued Growth
New York, NY (November 17, 2008) — A large majority of CPA firms reported continuing strong growth during the past two years according to the 2008 National Management of Accounting Practice survey by the American Institute of Certified Public Accountants and the Texas Society of Certified Public Accountants.
AICPA Provides Information, Resources on Financial Crisis and Rescue Plan
As this issue of The CPA Letter was finalized, the U.S. Congress was voting on a rescue plan that intended to stabilize the financial services industry and capital markets for the benefit of both Wall Street and Main Street. The AICPA urged Congress and regulators to craft a bipartisan rescue package that will restore liquidity to the market, increase economic growth and create jobs. The Institute also has been working with the media to inform the public and investors about the current economic situation so Americans can gain a greater understanding of the issues involved.
AICPA Offers Americans Financial Advice on Job Loss
New York (October 27, 2008) – CPAs serving on the National CPA Financial Literacy Commission of the American Institute of Certified Public Accountants are offering tips on managing personal finances in the event of a job loss.
Ernest Almonte, Rhode Island Auditor General, Elected Chairman of the AICPA
TUCSON, Ariz., Oct. 21 /PRNewswire/ -- Ernest Almonte, auditor general of the State of Rhode Island, today became chairman of the American Institute of Certified Public Accountants. He is the first government official to serve in this volunteer position since the organization's founding in 1887. His term is one year.
AICPA Addresses Economic Crisis
Barry Melancon, president and chief executive of the American Institute of CPAs, opened his annual remarks regarding the state of the profession at the Fall Meeting of Council and Members by addressing the current economic crisis and the controversy around fair value accounting.
2007-2008 AICPA Annual Report
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