June 15, 2011

 
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Automatic Revocation of Exemption List
The IRS has started publishing a list of organizations that have had their federal tax-exempt status automatically revoked for failing to file an annual information return or notice with the IRS for three consecutive years. The Automatic Revocation of Exemption List (Auto-Revocation List) is available in Adobe and Excel formats, and divided into separate lists by jurisdiction. The Auto-Revocation List provides the name, employer identification number (EIN), organization (subsection) code, last known address, effective date of revocation, and date on which the name was posted on IRS.gov.
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IRS reaches milestone of 1 billion
The Internal Revenue Service (IRS) has announced that its e-file service has reached a major milestone as it passed the one billion mark for individual tax returns processed safely and securely since 1986.
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Colorado Enacts Tax Amnesty Program
The Colorado Governor has signed legislation (SB 11-184) creating a Tax Amnesty Program to run from October 1, 2011 to November 15, 2011. The Amnesty program applies to the following types of taxes for which a return was required to be filed before December 31, 2010
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Majority of Banking Executives See Difficulty Addressing Tax Implications of Dodd-Frank Act and Basel III: KPMG Survey
Financial executives in the banking industry believe it will be difficult for their institutions to address the various tax implications of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) and Basel III, according to a recent survey from KPMG LLP, the U.S. audit, tax and advisory firm.
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Tax Strategy: Set up a CRUT for a business sale
If a client is planning to sell a business, the sale could result in a huge capital gain. But there’s a way to reduce the tax bill, provide for a comfortable retirement and help out a favorite charity – all in one shot.
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June is strut your stuff month
We've worked hard all tax season. Now it's time to have fun. Our little NAEA PR committee came up with an idea to help promote EAs in general - and specific EAs. In this little event, everyone is a winner. I'll tell you why in just a moment.
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The clock has stopped ticking for organizations that have had their federal tax status revoked as a result of not filing information returns for at least three years. What are you doing for clients whose names are on the revocation list? Are the clients going forward as for profit entities? Are they filing for tax exempt status anew? Is this a non-issue for you?
Best wishes,
Gail Perry, CPA
Editor-in-Chief
editor@accountingweb.com


Tax Talk Today July 12, 2011 Program: Small Business Filings

The July Live webcast, “Small Business Filings - Expenses, Credits & Recordkeeping” will feature IRS and tax practitioner experts in a lively panel discussion. You can earn 2 CPE credits for viewing the Live and Archived programs by purchasing them at TaxTalkToday.com.

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With its smart enhancements and fresh content, Checkpoint's intuitive environment lets you focus on your work rather than on learning a new system. Find the answers you need when you need them and gain deeper insights to be even more effective. Call 800.950.1216 or visit http://yourcheckpoint.thomsonreuters.com to try Checkpoint today.

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