August 17, 2011

 
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Prepare your clients for upcoming 401(k) regulations
A new regulation set forth by the Department of Labor (DOL) states that 401(k) plan vendors will have until April 1, 2012, to disclose fees to plan sponsors, while plan sponsors will have until May 31, 2012, to disclose fees to employees on their quarterly statements.
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Congressional Super Panel to debate tax reform behind closed doors
The special committee, which is meeting in secrecy, will begin its work after Labor Day. It has until November 23, 2011, to present recommendations to Congress. Although no one knows what solutions, if any, will emerge from these sessions, tax reform is certain to be on the agenda.
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AICPA letter requests extension for 2010 decedent tax forms
The AICPA has requested that the IRS issue a blanket extension of time to file the 2010 Form 706, United States Estate (and Generation-Skipping Transfer) Tax Return, and the 2010 Form 8939, Allocation of Increase in Basis for Property Acquired from a Decedent, for the estates of persons who died in 2010.
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Warren Buffett: "Stop coddling the super-rich"
Billionaire investor Warren Buffett, chief executive of Berkshire Hathaway (BRKA, Fortune 500), wrote in an op-ed piece published Sunday, Augsut 14, 2011, in The New York Times that taxes should be raised on Americans who make at least $1 million per year.
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IRS explains dependent care credits for kindergarten costs
As a new school year beckons, parents may be enrolling their young children in kindergarten and various other after-school programs. Can taxpayers claim the dependent care credit for any part of those expenses? In final regulations, the IRS recently spelled out definitive guidelines for determining eligibility for the credit.
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IRS customer service is good but needs to be better
The Internal Revenue Service (IRS) still needs to improve the quality of its customer service, according to the latest report issued by the Treasury Inspector General for Tax Administration (TIGTA).
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Is it time for major tax reform? The new congressional committee on deficit reduction that was organized in conjunction with raising the debt ceiling has been given the task of finding ways to reduce government spending and raise revenue. Some speculate that a major tax act could come out of this panel and be enacted in 2012. Not only would new tax legislation give accountants plenty to share with their clients, but changes in the tax laws could potentially wreak havoc with 2012 elections. This week, Ken Berry examined some of the key issues that will likely be discussed behind the closed doors of the Super Panel.
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Best wishes,
Gail Perry, CPA
Editor-in-Chief
editor@accountingweb.com


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