Tax


The IRS is offering to waive certain penalties if taxpayers that participated in illegal tax shelters disclose them and identify their promoters. The amnesty does not apply to taxpayers involved in fraud, crime, concealment of foreign financial accounts or reporting of personal expenses as deductible business expenses. ( http://ftp.fedworld.gov/pub/irs-news/ir01-121.pdf )

In an annual report to Congress, National Taxpayer Advocate Nina Olson recommends that legislators uniformly define the term “qualifying child” for tax purposes. Olson’s report also proposes reducing the alternative minimum tax’s effect on individuals. As in prior years, the report found the most serious problem taxpayers face is inadequate toll-free telephone access to IRS customer service. ( http://ftp.fedworld.gov/pub/irs-news/ir-02-02.pdf )

SPONSORED REPORT

Cybersecurity threats proliferating for midsize and smaller businesses

This report details how SMBs can properly protect private information from breaches, design and implement a cybersecurity policy, and create safeguards for training and education.

CHECKLIST

Being responsive to clients

CPAs and their firms have daily pressures and hectic schedules, but being responsive is crucial to client satisfaction. Leaders in the profession offer advice for CPA firms that want to be responsive to clients.

QUIZ

Test yourself on these often confused words

The spelling checker on your word processing program can do only so much to flag problems. Your best insurance is to learn the troublesome words that trip up writers and use them correctly by the standards of formal, written English.