Archive for the ‘tax laws’ Category
Wednesday, September 21st, 2011
The IRS has released details on the competency exam many tax professionals will be required to take. The high-level content breakdown includes:
15% Domain 1: Preliminary Work and Collection of Taxpayer Data
22% Domain 2: Treatment of Income and Assets
22% Domain 3: Deductions and Credits
11% Domain 4: Other Taxes
10% Domain 5: Completion of the Filing Process
5% Domain 6: ...
Posted in tax laws | Comments Off
Wednesday, July 6th, 2011
As part of a new certification process, the IRS, in association with Prometric Inc., will begin administering a competency exam for paid tax return preparers in October of 2011. On June 7, the IRS issued Notice 2011-48, requesting suggestions from “tax return preparers, the associated industry and consumer groups, and ...
Posted in tax laws, Uncategorized | Comments Off
Wednesday, June 29th, 2011
In IR-2011-69, the IRS announced an increase in the standard mileage rates for the second half of 2011. The business mileage rate will increase to 55.5 cents per mile and the medical or moving expense mileage rate will increase to 23.5 cents per mile. The mileage rate for service to ...
Posted in tax laws | Comments Off
Monday, April 4th, 2011
The Treasury Department and the Internal Revenue Service (IRS) today announced that Form 8939 is not due on April 18, 2011, and should not be filed with the final Form 1040 of persons who died in 2010. New guidance that announces the form due date will be issued at a ...
Posted in tax laws | Comments Off
Tuesday, January 11th, 2011
The IRS released IR-2010-124, providing additional guidance on social security and income tax withholding for calendar year 2011. Under the Tax Relief Act of 2010, the social security tax withholding rate in 2011 decreases from 6.2% to 4.2% for all employees. Unlike the Making Work Pay Credit of 2009 and ...
Posted in tax laws | Comments Off
Tuesday, January 4th, 2011
The IRS recently published Notice 2011-6, giving intermediate requirements for PTIN applicants and provisional PTIN holders.
Rules for provisional PTIN holders.
Those who are not EAs, attorneys or CPAs are allowed to obtain a provisional PTIN before the IRS begins to offer a competency exam in mid-2011. The IRS does not plan ...
Posted in tax laws | Comments Off
Thursday, December 16th, 2010
The Florida Department of Revenue announced in TIP 1060BB-04 that the unemployment wage base will remain at $7,000 for 2011. However, it will increase to $8,500 in 2012-2014.
In addition, employers will be required to pay a special annual assessment in 2011. The special assessment is a share of Florida’s interest ...
Posted in tax laws | Comments Off
Thursday, October 7th, 2010
The IRS announced in IR-2010-90 that interest rates for the fourth calendar quarter of 2010 (beginning October 1) remain unchanged. This is the sixth quarter in a row that rates have not changed. The rates are:
• 4 percent for overpayments (3 percent in the case of a corporation);
• 4 percent ...
Posted in tax laws | Comments Off
Thursday, September 30th, 2010
The IRS has provided FAQs on the new 10% indoor tanning excise tax that took effect on July 1, 2010. Generally, businesses that provide indoor tanning services are responsible for collecting the tax from customers and sending collected amounts to the IRS. The indoor tanning services subject to the tax ...
Posted in tax laws | Comments Off
Wednesday, August 18th, 2010
The Florida Department of Revenue has issued Tax Information Publication 1060BB-03 explaining legislative changes affecting the unemployment tax. The publication discusses the following changes:
Compliance Penalties. Beginning with the third quarter 2010 Employer’s Quarter Report (UCT-6), a penalty on erroneous, incomplete, or insufficient reports equal to the greater of $50 or ...
Posted in tax laws | Comments Off
