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| Thu, 05 Nov 2009 |
New Rulings Impact 2009 Form 1040
Clients may know the rough outlines of how the American Recovery and Reinvestment Act of 2009 may significantly affect tax returns in 2009. However, 2009 also brings important new rulings from the IRS and the courts that could affect certain clients in a big way. Here is your quick review of the most important changes and how they may affect your clients. Plus a client letter to educate clients or bring in prospects. |
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| Thu, 05 Nov 2009 |
What's New on the 2009 Form 1040
The durable Form 1040 changes more some years than others, and this year is one of those marked by change - including new forms and more complex requirements for the standard deduction. Our tax specialists walk you through the 1040 for the 2009 tax year - line by line. Plus a client letter to educate clients or bring in prospects. |
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| Thu, 05 Nov 2009 |
Help Clients by Looking beyond Form 1099-C
Because of the economic downturn, many individuals have found it harder and harder to pay off their debts, and lenders are sometimes cutting their losses by forgiving or cancelling debt. You are likely to see more returns where the lender has provided a Form 1099-C, but here are the practical steps you need to take to look beyond the form to make sure your clients' interests are represented. Plus a client letter to educate clients or bring in prospects. |
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| Wed, 07 Oct 2009 |
IRS Shuts Down (and Other News)
For several days just before the October 15 deadline for extensions, the IRS will be shutting down for critical operations and maintenance. That's just one of the news items in this October 2009 roundup. Plus learn more where you can find IRS videos and podcasts. |
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| Sun, 04 Oct 2009 |
Tell Clients Where to Stick Their Refund
Three out of four taxpayers receive a refund each year, despite financial advice to the contrary. Soon taxpayers will have a new option for receiving their refund: a portion of the refund can go to real savings in the form of U.S. savings bonds. |
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| Sun, 04 Oct 2009 |
Eight Year-End Moves That Can Cut Clients Tax Bills for 2009 and 2010
Help clients move beyond simple tax-return reporting to tax planning by sharing these eight year-end moves. Autumn is a good time to get this tax planning process started, when you are not inundated with tax returns and there is time for your clients to take action before the end of the tax year. |
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| Tue, 08 Sep 2009 |
Doing the Cleanup When a Client Loses Independent Contractor Status
It seems like the IRS is looking harder at independent contractors, and in recent months, many individuals are being reclassified as employees. This change can create extra headaches in dealing with tax returns for the individual in prior years. Here's guidance on how to proceed, plus a client letter you can adapt as needed. |
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| Tue, 08 Sep 2009 |
Is 2010 the "Year of the Roth"?
Many of your higher-income clients don't realize that they will have additional tax planning options starting in 2010. You can bring the good news and make tax-savvy suggestions about changes with Roth IRAs starting next year. Plus a client letter you can adapt as needed. |
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| Tue, 08 Sep 2009 |
When Clients Need Extra Help Dealing with the IRS: Taxpayer Assistance Orders
If you're working with a tax client who is not getting anywhere working with the IRS to resolve an issue, new guidance shows how to contact the National Taxpayer Advocate (NTA) for extra help. Specifically, the NTA can issue a Taxpayer Assistance Order when a taxpayer is suffering or is about to suffer a significant hardship and the laws and facts support relief. |
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| Tue, 04 Aug 2009 |
IRS Okays "Quickie" S Elections for Converted Partnerships
In a new revenue ruling, the IRS says that a partnership that converts to a corporation under the check-the-box rules or under a state formless conversion law can also make an immediate S election. Tax specialists Terry Myers and Dee DeScherer share the good news unlocked by Revenue Ruling 2009-15. |
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| Tue, 04 Aug 2009 |
Unemployment Can Be Taxing
Unemployment can be taxing on the individuals who lose their jobs and on their families. And unemployment can be "taxing" in another way, as the unemployed individual must grapple with unfamiliar tax rules-and sometimes unexpected tax bills. We review the tax planning opportunities for individuals thrown into unemployment, and provide a client letter you can use to reach out to clients and prospects. |
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| Thu, 18 June 2009 |
Tax Court Eases Innocent Spouse Rules
CHANGE IN RULES: Sometimes when a joint return results in liabilities in the form of penalties, tax, and interest, one spouse may be innocent. It used to be that an innocent spouse had only two years to apply for relief in such cases. Now a recent Tax Court decision loosens the restrictions in some circumstances. Tax specialists Terry Myers and Dee DeScherer bring us up to date on the current landscape around innocent spouse rules. |
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