Source: IRS.gov WASHINGTON — Internal Revenue Service officials announced today that the six-year-old Compliance Assurance Process (CAP) pilot program for large corporate taxpayers is being expanded and made permanent. “This marks another important step in our evolving relationship with corporate taxpayers,” said IRS Commissioner Doug Shulman. “Through greater cooperation and [...]
Source: IRS.gov When it comes to filing a tax return – or not filing one - the IRS can assess a penalty if you fail to file, fail to pay or both. Here are eight important points the IRS wants you to know about the two different penalties you may [...]
Source: Journal of Accountancy, AICPA August 21, 2010 The IRS has issued proposed regulations that would eliminate paper coupons for deposits of employment taxes, corporate income and estimated taxes, and many other taxes (REG-153340-09). The paper coupon payment system will be shut down at the end of this year. With [...]
Taxpayers have many options available to save and lower their tax liability before the year-end. Often, it comes down to planning, saving, and working with your tax professional. One way to use tax planning is to find out what your taxable income is prior to year-end and what tax bracket [...]
Source: IRS Issue Number: IRS Summertime Tax Tip 2010-15 Inside This Issue Nine Tips for Taxpayers Who Owe Money to the IRS Did you end up owing taxes this year? The vast majority of Americans get a tax refund from the IRS each spring, but those who receive a bill may [...]
Source: irs.gov There are typical actions that are taken when closing a business. You must file an annual return for the year you go out of business. If you have employees, you must file the final employment tax returns, in addition to making final federal tax deposits of these taxes. [...]
Source: irs.gov The checklist below provides the basic steps you should follow to start a business. This list should not be construed as all-inclusive. Other steps may be appropriate for your specific type of business. Information about specific industries can be found at the Industries/Professions Web page. Each state has [...]
Small businesses, charities face more reporting rules By Sandra Block, USA TODAY July 8, 2010 A little-known provision in the health care reform law could significantly increase tax recordkeeping requirements and costs for nearly 40 million self-employed workers, small businesses and charities, the IRS' national taxpayer advocate said Wednesday. Starting [...]
Source: S S A / I R S R e p o r t e r, s u m m e r 2 0 1 0, Page 6 Plug-In Electric Vehicle Credit Internal Revenue Code Sections 30 & 30D provide credits for certain Plug-in Electric Vehicles. Qualified vehicles may include [...]