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| Our new Software as a Service (SaaS) based practice management solution will allow you to save time and increase your productivity by using one application to track and update client contact, engagement, and billinformation across Lacerte and QuickBooks real-time, anytime, and from any place. Free Pilot Offer. |
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| Editor's Note |
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  Thanks to our always entertaining members of Congress, what we know as the Bush tax cuts will probably hang around until after the next presidential election. The good news is that new tax legislation provides a reason to contact our clients, fodder for small talk around the water cooler (even if it's a virtual water cooler like Facebook), and fresh ammunition for heated political arguments with family members over holiday meals. The new legislation also means some interesting changes, including that short-term reduction in Social Security withholding, an end to the pre-payment of Earned Income Tax Credit, and plenty of other fascinating and controversial bits. Lower tax rates apparently aren't enough of a Christmas present for certain jolly red-suited gentlemen this season who might not be paying their fair share of taxes. Humbug!
Best wishes,
Gail Perry, CPA
Managing Editor
editor@accountingweb.com
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Obama signs tax bill into law
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President Barack Obama signed a tax bill into law Friday that allows tax cuts for all income levels to continue for another two years and extends unemployment benefits for the next 13 months.
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Withholding tax tables available from IRS
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The Internal Revenue Service has released the 2011 Percentage Method Tables for Income Tax that were developed as a result of the recently passed Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010.
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Does tax court jurisdiction extend to U.S. Virgin Islands?
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Generally, a U.S. citizen or resident who has income from sources within the U.S. Virgin Islands or income effectively connected with a trade or business in the Virgin Islands is required to file an income tax return with both the United States and the U.S. Virgin Islands.
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| Partner News |
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| BNA Income Tax Planner application includes tax law changes |
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| BNA Software recently announced that the company has released version 2010.5 of its BNA Income Tax Planner for general availability. Version 2010.5 reflects the tax law changes contained in the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010.
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| Kaplan Weekly Quiz |
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 Are you prepared for the CPA exam? Test your knowledge and keep your skills sharp by taking the weekly CPA Exam Quiz, brought to you by Kaplan Schweser CPA Review and AccountingWEB Education & Careers Zone. New questions will be posted for each section weekly. Take this week's quiz. |
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From our office to yours—We're sending our best wishes for a wonderful holiday and happy New Year. Learn more about us.
