Tax Exempt Organization Governance – Audit materials

The IRS has developed a check sheet to be used by IRS Exempt Organizations agents to capture data about the governance practices and the related internal controls of organizations under examination. The data collected will be included in a long-term

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Posted in Charitable Contribution, Non-profit

Filing Status Facts

Everyone who files a federal tax return must determine which filing status applies to them. It’s important you choose your correct filing status as it determines your standard deduction, the amount of tax you owe and ultimately, any refund owed

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Recently Married or Divorced?

If you were married or divorced recently, there are a couple of things you’ll want to do to ensure the name on your tax return matches the name registered with the Social Security Administration. Here are five facts from the

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Posted in Family, Marriage

Use of Taxpayer Info

IRS Issues Proposed Regulations Adjusting Use of Some Taxpayer Information WASHINGTON — The Internal Revenue Service today announced the issuance of proposed and temporary regulations and related revenue rulings addressing the use or disclosure of tax return information by tax

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Posted in Privacy, Tax Guidance & Preparation

Are Taxes the Root of Unhappiness?

Wall Street Journal op-ed, Are Taxes the Root of Unhappiness? States with the Highest Taxes Also Rank as the Unhappiest, by Allysia Finley (Assistant Editor, Does living in a blue state make people blue? It seems so, according to

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Posted in Tax Guidance & Preparation

Tax Strategy Patents

Christopher C. Anderson (J.D. 2010, Illinois) has published Note, Patents on Tax Strategies: Just Another Harmless Subject, 2009 U. Ill. L. Rev. 1591. Here is the abstract: This Note analyzes the subject matter eligibility of patents on tax strategies. In

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Posted in Tax Abuse, Tax Court

Retirement and Death

Should you convert your taxable retirement account to a tax-free Roth individual retirement account and how should you deal with the uncertainty over the estate tax? ROTH CONVERSION Starting in 2010, there will no longer be an income limit for

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Posted in Death, Retirement

Plug in electric vehicle tax credit

The new qualified plug-in electric drive motor vehicle credit of $5,836.00 [IRC §30D, as added by the 2008 Energy Act] is not phased out for high income taxpayers. For 2009, it is allowed to offset the taxpayer's regular tax reduced

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Posted in Tax Credit

EITC Due Diligence Training Module Now Online

Brush up on EITC law changes and your due diligence responsibilities with the new online training module and other materials in the updated tax preparer toolkit you may even get CPE credits.

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Posted in Earned Income Tax Credit, Tax Credit, Uncategorized

IRS – Transfer Pricing crack down

IRS Commissioner Douglas Shulman said the agency would focus more of its efforts on closely scrutinizing transfer pricing arrangements that allow U.S. companies to avoid taxes on income earned abroad, as well as conduct joint audits with tax authorities in

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