General Results:Business Owners face a 4.5% chance of auditMore audits are detailed audits with Revenue Agents rather than correspondence AuditsAlmost 1/3 of Individual Returns Audited were for the Earned Income Tax CreditIRS has issued its annual data book, which provides statistical data on its...
The Financial Accounting Standards Board is continuing to enforce FIN 48. The rule requires uncertain tax positions to be reported on financial statements. Under FIN 48, companies must disclose how much they have in reserve in case the Internal Revenue Service or state tax officials disagree with...
Cantor bill would give “small businesses” 20% domestic business income deductionOn March 21, House Majority Leader Eric Cantor (R-VA) introduced the “Small Business Tax Cut Act,” which would allow qualified small businesses (those with fewer than 500 employees) to claim a...
GOP budget proposal would reduce top tax rate for businesses and individuals to 25%On March 20, Representative Paul Ryan (R-WI), chairman of the House Budget Committee, introduced his Chairman's Mark proposing a new budget for fiscal year (FY) 2013 and setting forth appropriate budgetary levels...
The IRS has released the 2010 Data Book listing information about returns and IRS Activities.IRS Releases 2010 Data Booksee: http://www.TaxEsq.com...
All non profit organizations, including local Little Leagues, must file annually with the IRS. If the 990 is not filed, the Local Little League will lose its tax exempt status. See Noticesee: http://www.TaxEsq.com...
Congress refused for over a decade to make the Estate and Gift Tax law changes. They only passed a last-minute 2 year extension in December. The Internal Revenue Code was last overhauled in 1986 in the Reagan era attempt toward simplification. Since then, more than...
Starting in 2011 widows and widowers can add to their own estate tax exemption the unused exemption of the spouse who died most recently. This provision, plus an increase in the exemption amount to $5 million per person, enables married couples together to transfer as...
Brooklyn Bar Owner Jailed for not Paying $1.3M in Sales TaxesOn December 30, 2010 The principal owner of The Kettle Black, a popular sports bar and restaurant in the Bay Ridge section of Brooklyn, has pleaded guilty to stealing more than $1.3 million in city...
15-Year Recovery Period for Qualified ImprovementsThe Tax Bill signed December 17, 2010 extends the 15-year recovery period through 2010 and 2011 for:Qualified leasehold improvementsQualified restaurant improvements, andQualified retail improvements.The 15-year recovery period previously expired at the end of 2009. The extension applies to 2010 as...