Accounting News


Tuesday, April 26, 2011
IRS Starts Enforcement for PTIN

The IRS has sent letters to 19 people who should not have qualified for Preparer Tax Identification Numbers (PTINs). They had failed a criminal check or were bared from preparing taxes by court order. Those notified have 20 days to respond.

This is the first year the IRS required tax preparers to register with a unique number. Over 700,000 numbers were issued in the first year. They are still processing around 2,000 applications a week.

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Accounting News


Tuesday, April 19, 2011
Tax Day Tips from David Letterman

In case you missed it here is last nights top ten list from accountants in honor of tax day.

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Accounting News


Friday, April 15, 2011
FASB and IASB Postpone Convergence

Leslie Seidman of FASB and David Tweedie of IASB have announced a delay to their planed June convergence. The expected the delay would be a few months to finish their work on revenue recognition, leasing and financial instruments. The timetable still meets the deadline of the end of 2011. You can hear more details on their podcast.

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Accounting News


Thursday, April 14, 2011
Obama Proposes Tax Changes

Obama unveiled his debt reduction plan. It includes changes to the tax system. They include a reduction in the number of deductions and allowing the Bush era tax cuts to expire in 2012 for individuals earning over $250,000. The White House said the new tax code would be "simpler, fairer and not rigged in favor of those who can afford lawyers and accountants to game it."

If you still haven't filed your 2010 taxes you can still get an accountant today.

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Accounting News


Wednesday, April 13, 2011
No Passports for Tax Delinquency

A report by the Government Accountability Office (GAO) showed that in 2008 the State Department gave passports to 224,000 people who owed a combined $5.8 billion in federal income taxes. While the State Department can deny passports for felony warrants or child support depts it doesn't have access to IRS information unless the individual consents. The GAO recommends amending the law to allow the transfer of information. Those affected would be less than 1% of those seeking a passport but collecting $5.8 billion would make the check worthwhile.

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