April 20, 2011

 
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IRS commissioner proposes changes to the tax preparation process
Internal Revenue Service Commissioner Douglas Shulman says "looking back" has been the business model of the IRS since its inception in 1862, but dealing with taxpayer issues up-front is where the tax agency should be headed.
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1040 e-file disaster averted: How to meet the filing deadline when your tax return has been rejected
Procrastinators beware! Just because you e-filed your tax return before Midnight on April 18, that doesn't mean your tax return is timely filed. The IRS can take up to two days to formally accept the electronically filed tax return once the return is dispatched.
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2009 hiatus on mandatory IRA withdrawals contributes to 2010 penalties
Some taxpayers who had arranged for the RMD to be automatically deposited into their checking accounts every December deactivated that service in 2009, when the withdrawal was not required. They're paying the price now in unexpected penalties.
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Obama signs repeal of expanded 1099 requirements
On Thursday April 14, President Barack Obama signed legislation that repeals both the expanded Form 1099 information reporting requirements mandated by last year's health care legislation and the 1099 reporting requirements imposed on taxpayers who receive rental income enacted as part of last year's Small Business Jobs Act.
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Ozzy and Sharon Osbourne at odds with the IRS
Not long ago they were one of the richest couples in the United Kingdom. Now Ozzy (real name John) and Sharon Osbourne are up to their eyeballs in tax trouble with Uncle Sam.
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Pennsylvania's CPA Players bring levity to accounting profession
Darth Vader, CPA? Rick and Ilsa always having Paris and tax write-offs? Hannibal Lecter dining on his CPA with fava beans and Chianti? Memorable scenes from classic movies have all undergone a remake, thanks to the Pennsylvania Institute of Certified Public Accountants (PICPA).
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When IRS Commissioner Douglas Shulman speaks, people listen. And so it is that we're listening carefully as he describes his vision for the future of tax preparation. I have gone on record stating that my personal prediction for the future of public accounting includes an end to individual income tax preparation as we know it.
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Best wishes,
Gail Perry, CPA
Editor-in-Chief
editor@accountingweb.com


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