December 1, 2012
|
BY
Steven F. Holub, CPA
|
Article
Rarely has there been such a major difference between the laws in effect in one year and the next. The maximum income tax rates next year could be as high as 43.4% on ordinary income (44.6% if the potential impact of reinstated limitations on itemized deductions is taken into account) and 23.8% on long-term capital gains (or 25% if itemized deduction limitations are factored in).
|
|
|
December 1, 2012
|
BY
Steven F. Holub, CPA
|
Article
Rarely has there been such a major difference between the laws in effect in one year and the next. The maximum income tax rates next year could be as high as 43.4% on ordinary income (44.6% if the potential impact of reinstated limitations on itemized deductions is taken into account) and 23.8% on long-term capital gains (or 25% if itemized deduction limitations are factored in).
|
|
|
December 1, 2012
|
BY
Steven F. Holub, CPA
|
Article
Rarely has there been such a major difference between the laws in effect in one year and the next. The maximum income tax rates next year could be as high as 43.4% on ordinary income (44.6% if the potential impact of reinstated limitations on itemized deductions is taken into account) and 23.8% on long-term capital gains (or 25% if itemized deduction limitations are factored in).
|
|
|
December 1, 2012
|
BY
Paul Bonner
|
Article
Once the IRS began requiring tax return preparers to register and obtain preparer tax identification numbers (PTINs), third parties began requesting their registration information because much of the information was subject to public release under the Freedom of Information Act (FOIA). These third parties have in some cases published this information in online directories of preparers.
|
|
|
December 1, 2012
|
BY
Paul Bonner
|
Article
Once the IRS began requiring tax return preparers to register and obtain preparer tax identification numbers (PTINs), third parties began requesting their registration information because much of the information was subject to public release under the Freedom of Information Act (FOIA). These third parties have in some cases published this information in online directories of preparers.
|
|
|
December 1, 2012
|
BY
Paul Bonner
|
Article
Once the IRS began requiring tax return preparers to register and obtain preparer tax identification numbers (PTINs), third parties began requesting their registration information because much of the information was subject to public release under the Freedom of Information Act (FOIA). These third parties have in some cases published this information in online directories of preparers.
|
|
|
December 1, 2012
|
Article
The IRS released proposed regulations that would eliminate the complex rules in Circular 230, Section 10.35, governing covered opinions (REG-138367-06). To replace them, the proposed regulations would expand the requirements for written advice under Circular 230, Section 10.37. The IRS notes in the preamble to the proposed regulations that “[y]ears of practical experience ...
|
|
|
December 1, 2012
|
Article
The IRS released proposed regulations that would eliminate the complex rules in Circular 230, Section 10.35, governing covered opinions (REG-138367-06). To replace them, the proposed regulations would expand the requirements for written advice under Circular 230, Section 10.37. The IRS notes in the preamble to the proposed regulations that “[y]ears of practical experience ...
|
|
|
December 1, 2012
|
BY
Janet A. Meade, CPA, Ph.D.
|
Article
The Office of Chief Counsel (OCC) advised in Chief Counsel Advice (CCA) 201238026 that the assessment period is not extended for the personal tax liability of a shareholder who did not take part in the fraud reflected on his S corporation’s Form 1120S, U.S. Income Tax Return for an S Corporation.
|
|
|
December 1, 2012
|
BY
Janet A. Meade, CPA, Ph.D.
|
Article
The Office of Chief Counsel (OCC) advised in Chief Counsel Advice (CCA) 201238026 that the assessment period is not extended for the personal tax liability of a shareholder who did not take part in the fraud reflected on his S corporation’s Form 1120S, U.S. Income Tax Return for an S Corporation.
|