IRS mandated new security, privacy, and Business Standards

The IRS has mandated six (6) new security, privacy, and business standards to better serve taxpayers and protect their information collected, processed and stored by Online Providers of individual income tax returns. Individual income tax returns generally refer to the

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Posted in Privacy

Projected Revenue from Marijuana Tax

There has been much commentary on the revenue that could be raised by legalizing and taxing marijuana: American Journal of Economics and Sociology, Potential Tax Revenue From a Regulated Marijuana Market: A Meaningful Revenue Source Business Week, Legalize Marijuana for

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Posted in Tax Guidance & Preparation, Tax Preparer

5 year N.O.L. carry back expands

Large and midsized companies can now take advantage of expanded net operating loss carryback rules to use the losses they incurred during the economic downturn to reduce their income from prior tax years. The Worker, Homeownership and Business Assistance Act

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Posted in Net Operating Loss, NOL

Car Sales Tax Deduction for 2009 Only

People who buy a new car, motorcycle, truck or other vehicle can deduct the entire amount of sales tax paid (up to the first $49,500 of purchase price) either as an itemized deduction or as an addition to their standard

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Posted in Sales Tax

American Opportunity Credit for Undergraduates

A new tax credit for students attending the first four-years of college. The credit is worth up to $2,500, 40% of which is refundable (meaning it can increase your tax refund even if you have zero tax liability). This new

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Posted in Children, Dependent, Education Expense, Tax Credit

Tax on sales of human body parts

It may seem ghoulish, but there does seem to be a controversy brewing over the appropriate tax treatment of sales of anatomical specimens such as human eggs and blood plasma, and even black market sales of kidneys and other vital

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Posted in Sales Tax

Tips for small business on avoiding IRS audit

1. Use accounting software to keep books on a daily basis and input all financial transactions into this software. The client should use one database for their business and one for personal financial data to ensure that 100 percent of

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Posted in Appeals & Audit Resolution, IRS Audit

Reduce the chance of getting audited

Except for tax protestors, no one wants to fight with the Internal Revenue Service. That's why there's such a mystique about avoiding an audit. While what-triggers-an-audit theories abound, there are some basic things you can do to reduce your chances

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Posted in Appeals & Audit Resolution, IRS Audit

Nonbusiness Energy Property credit

Taxpayers who take energy saving steps this year may get bigger tax savings next year. The Nonbusiness Energy Property Credit, a tax credit for making energy efficient improvements to homes has been increased as part of the American Recovery and

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Posted in Energy Efficient Tax Credit, Tax Credit

Personal exemption change for 2010

For the year 2010, the personal exemption amount is $3,650 for yourself, your spouse and each dependent you are eligible to claim. This amount is unchanged from the 2009 amount. However there's one significant change for 2010. Unlike previous years,

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Posted in Exemption
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