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| Mon, 2 Feb 2010 |
IRS Issues Guidance on Tough New Reporting Requirements for Stock Sales in 2010
The IRS will soon be looking over the shoulders of tax return preparers and their clients when they report stock sales on Schedule D, Form 1040. For stock acquired and sold after 2010, the IRS will receive information returns from security brokers reporting the adjusted basis of the stock sold and whether the capital gain or loss on the sale is short-term or long-term. Here are details and a client letter you can adapt as needed. |
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| Mon, 25 Jan 2010 |
IRS Unveils New Regime for Regulation of Tax Return Preparers
Culminating a Tax Return Preparer Review begun last spring, the IRS has unveiled plans for new rules that will require registration by all paid preparers, impose new competency and continuing education requirements, and step up IRS enforcement of preparer standards. Learn more about what the IRS has in mind for you. |
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| Mon, 25 Jan 2010 |
IRS Eases Rules on Disclosure of Client Information
The IRS has apparently had second thoughts about earlier regulations on the use and disclosure of clients’ tax information (when used for purposes other than preparing tax returns). The Service has issued new proposed and temporary regulations and related revenue rulings that ease the use and disclosure rules in several key areas. Learn what is now permitted. |
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| Fri, 11 Jan 2010 |
New Law Offers Tax Relief to Military Families
A new federal law may have a big impact on the state income tax bills of clients who are married to members of the Armed Services. Under the new law, these clients may be able to avoid paying income taxes in the state they are currently living in. Article includes client letter. |
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| Fri, 11 Dec 2009 |
Peer Assistance Program Provides Training and Valued Relationships
The Intuit® ProLine™ Peer Assistance Program pairs experienced veterans of Lacerte and ProSeries with new users of the software to form a confidential, no-cost connection. While the Peer Assistance Program's concept is based on traditional education and training efforts, one of the more unique benefits is the result of the teacher/student relationship in which the mentor also realizes significant gains. As one recent example, John Littel, EA, and Eura Tunstall, CPA, share their experiences. |
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| Fri, 11 Dec 2009 |
Quick Tax Relief for Clients with Net Operating Losses
For your individual and corporate business clients with net operating losses (NOLs), a new tax law offers potential relief. The new law extends and expands an earlier provision to help certain small businesses to maximize their refunds from a 2008 net operating loss (NOL). Now your business clients who were ineligible for the earlier refund provision could qualify for a quick cash infusion. Clients that were eligible for the earlier provision could now qualify for additional refunds. Plus a client letter to educate clients or bring in prospects. |
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| Fri, 11 Dec 2009 |
Three Versions of Homebuyer Credit May Confuse Clients
If your clients have bought a home in the last year or more, they have good reason to be confused about tax treatments. Taxpayers have seen Congress roll out three different versions of the Homebuyer Credit in less than two years. Our article goes through each of the versions and the opportunities they provide homebuyers – either first-time buyers or (in some cases) previous owners. Plus a client letter to educate clients or bring in prospects. |
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| Fri, 11 Dec 2009 |
New Law Mandates Electronic Filing by Return Preparers
A new law will push e-filing on tax return preparers of more than ten and less than 250 returns each year. The law may help the IRS hit its numbers. And if it puts new pressure on tax return preparers, they have time to get ready: Compliance won’t be required until the 2011 filing season. Learn the new rules here. |
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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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