IRS Expands Use of Electronic Payments, Discontinues Paper Coupons
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 [...]
Ten Tips for Taxpayers Making Charitable Donations
Source: IRS.gov Issue Number: IRS Summertime Tax Tip 2010-21 Ten Tips for Taxpayers Making Charitable Donations Did you make a donation to a charity this year? If so, you may be able to take a deduction for it on your 2010 tax return. Here are the top 10 things the IRS [...]
Tax Savings Tips for Small Business
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 [...]
Seven Facts about the Nonbusiness Energy Property Credit
Source: IRS.gov Issue Number: IRS Summertime Tax Tip 2010-16 Inside This Issue Thinking about making some energy saving improvements to your home this summer? Taking some energy saving steps now may lead to bigger tax savings next year. The Nonbusiness Energy Property Credit, a tax credit for making energy efficient improvements [...]
Five Tax Tips for Recently Married Taxpayers
Source: IRS.gov Issue Number: IRS Summertime Tax Tip 2010-17 Inside This Issue Five Tax Tips for Recently Married Taxpayers Are you getting married this summer? If you recently got married or are planning a wedding, the last thing on your mind is taxes. However, there are some important steps you need [...]
Accounting for Trust Accounts
The Florida Bar and Law Office Management Assistance Service (LOMAS) have released information about some of the reasons attorney’s become subject to license suspension and penalties due to issues with their trust accounts. More and more law firms including small individual practices and large partnerships are going to be subject [...]
Nine Tips for Taxpayers Who Owe Money to the IRS
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 [...]
IR-2010-089: IRS Removes Debt Indicator for 2011 Tax Filing Season
IRS Issue Number: IR-2010-089 Inside This Issue WASHINGTON — The Internal Revenue Service today announced that starting with next year’s tax filing season it will no longer provide tax preparers and associated financial institutions with the “debt indicator,” which is used to facilitate refund anticipation loans (RALs). “As we prepare for [...]
Online Payment for Taxes Owed Under $25k
ONLINE PAYMENT AGREEMENT APPLICATION Source: IRS.gov Paying your taxes in full and on time avoids unnecessary penalties and interest. However, if you cannot pay your taxes in full, you may request a payment agreement. Individuals who owe $25,000 or less in combined tax, penalties, and interest can use the OPA [...]
