Tax Filing Season Resources—Tax Year 2010

March 25, 2011

This is the one-stop shop for all the updates you need to know for this year’s tax filing season. Find resources from the Journal of Accountancy, plus tax return checklists and tax savings tips from the AICPA, categorized by tax topic.

 

INDIVIDUAL TAX

 

Free File Program Expanded to Include Returns Filed From Overseas
March 25, 2011

The IRS announced that taxpayers who live in foreign countries can now use the Free File program to prepare and e-file their federal tax returns. The program is available to both U.S. citizens and resident aliens, and currently five of the Free File software providers can accept returns filed from foreign addresses.

 

IRS Starts Accepting Tax Returns From Itemizers
Feb. 15, 2011

The IRS has started accepting tax returns from individuals who itemize their deductions as well as those who deduct higher education tuition and fees and educator expenses. The IRS had to revise forms and update its computer systems to accommodate changes made in December by the 2010 Tax Relief Act. The IRS also warned that there are several business forms that it is still updating and cannot accept at this time.

 

IRS to Start Accepting Delayed Returns Feb. 14

Jan. 21, 2011

The IRS announced that it will be ready to start accepting returns from individuals who itemize and those who claim certain other deductions on Feb. 14. Because of tax law changes enacted late in 2010, the IRS needed time to reprogram its systems and update certain forms.

 

2011 Tax Filing Season Gets Under Way With Many Changes

Jan. 14, 2011
The IRS started accepting e-filed and Free File returns on Jan. 14, marking the official start of the 2011 tax filing season. However, many taxpayers will not be able to file until some time in February while the IRS updates forms and reprograms its systems to account for legislative changes made late in 2010.

 

Tax Season Brings New Twists
January 2011
Besides numerous law changes for the 2010 tax year, developments for this income tax return filing season affecting CPAs include new requirements for preparer tax identification numbers (PTINs) and e-filing. Plus: A downloadable card with a handy collection of important numbers for individual returns to keep at your fingertips for tax season.

 

Maximizing Tax Season Efficiency
January 2011
A well-run tax season depends on efficient firm processes. This article offers tips for success.

 

Washington Update: Tax Compromise in Washington

January 2011

In this video, Edward Karl, CPA, vice president of Taxation at the AICPA, gives an overview of the recently passed tax legislation.

 

IRS Updates Guidance on Adequate Disclosure of Positions
Dec. 29, 2010
The IRS has released updated guidance identifying when a taxpayer’s disclosure of an item or position in an income tax return is adequate for purposes of reducing the understatement of tax penalty and the tax return preparer penalty for understatement due to unreasonable positions.

 

Tax Law Changes Will Delay Start of Filing Season for Some Taxpayers
Dec. 28, 2010
The IRS is warning taxpayers that it will not accept certain 2010 individual tax returns until mid- or late February due to tax law changes recently enacted by Congress.

IRS Releases 2011 Tax Tables and Other Inflation Adjustments
Dec. 23, 2010
The IRS released the 2011 tax rate tables and other inflation adjustments, which it had been holding while waiting for Congress to resolve various tax issues.

IRS Releases 2011 Standard Mileage Rates

Dec. 3, 2010

The IRS released the standard mileage rates for use in 2011 . The optional standard mileage rates can be used by taxpayers to calculate the deductible costs of operating an automobile.

 

 

BUSINESS TAX

 

IRS Gives Hospitals Automatic Form 990 Extension
Feb. 23, 2011

Tax-exempt hospitals have been given an automatic three-month extension to file their Forms 990 for 2010 under guidance issued by the IRS. The extension will give the IRS time to update Form 990, Schedule H, and its systems to reflect changes made by last year's health care legislation.

 

IRS Revises Withholding Rules for Nonresident Alient Employees

Feb. 2, 2011

The IRS announced the 2011 procedures for withholding on wages of nonresident alien employees who work in the United States . The new procedures apply to wages paid on or after Jan. 1, 2011.

 

IRS Releases 2011 Withholding Tables

Dec. 17, 2010
In the wake of the passage of the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act, the IRS released the withholding tables for employers to use in 2011. The IRS was unable to issue the tables earlier because of uncertainty over whether the current tax rates would be extended or would expire in 2011.

 

IRS Releases 2011 Standard Mileage Rates

Dec. 3, 2010

The IRS released the standard mileage rates for use in 2011 . The optional standard mileage rates can be used by taxpayers to calculate the deductible costs of operating an automobile.

 

 

ESTATES, TRUSTS & GIFTS

 

IRS Releases 2010 Gift Tax Return
March 18, 2011
The IRS has finalized and issued the 2010 version of Form 709, United States Gift (and Generation-Skipping Transfer) Tax Return, and instructions. The form is generally due April 18 for gifts made in 2010. The 2010 form reflects changes made by the 2010 Tax Relief Act, which was enacted in December.

 

 

PRACTICE, PROCEDURES AND COMPLIANCE

 

IRS Makes Major Changes to Lien Procedures
Feb. 24, 2011
The IRS unveiled changes to the way it files federal tax liens, as well as changes to installment agreements for small businesses and streamlined offers in compromise.

 

IRS Updates and Expands Procedures for Changing Accounting Methods

Jan. 10, 2011

The Internal Revenue Service has updated the procedures taxpayers must use to obtain automatic consent for a change in accounting method and to request and obtain nonautomatic advance consent for a change in accounting method. The revenue procedure also lists additional changes in accounting methods for which taxpayers may obtain automatic consent.

 

ADDITIONAL RESOURCES TO CHECK FOR ASSISTANCE

AICPA Tax Season Resources
The AICPA's annual
Tax Saving Tips resources are available in the CPA Marketing Toolkit. The resources include a PDF brochure, speech and companion PowerPoint slides with notes for you to market your tax services and provide tax solutions to current and potential clients. There is also a sample media advisory and advertisements to promote your services and expertise in your community. New this year are sample messages for social media sites, such as Facebook, Twitter and LinkedIn, to be used on your individual or firm accounts.

 

Keep up to date through various additional resources for tax preparers:

 

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