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| Wed, 12 Nov 2008 |
New Law Extends and Expands Tax Breaks for Individuals and Businesses
TIME-SENSITIVE [Affects 2008 Returns] The recent Emergency Economic Stabilization Act (P.L. 110-343) did more than bail out Wall Street. For economic stability, the Act also includes extensions - and, in some cases, expansions - of the temporary and so-called tax "extenders." Tax specialists Terry Myers and Dee DeScherer break down these changes for individuals and businesses - and add a client letter you can adapt as needed. |
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| Wed, 12 Nov 2008 |
New Law Improves Odds in Preparer Penalty Game
TIME-SENSITIVE [Affects 2008 Returns]: The so-called bailout law includes some welcome news to tax practitioners. One provision significantly lowers the chances of a practitioner being hit with a tax return preparer penalty when the IRS disagrees with a position taken on a client's return. |
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| Fri, 10 Oct 2008 |
Clients Short of Cash? Weigh the Tax Angles
Times are tough, but you can save your clients from desperate efforts to save cash now that will cost even more come tax time. Not all credit options are created equal. Terry Myers and Dee DeScherer identify the smart credit choices for your clients from the tax view. Plus a client letter you can adapt as needed. |
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| Fri, 10 Oct 2008 |
Taxes: What the Presidential Candidates Want to Do
One way your clients may be looking at the upcoming presidential election is from concerns about the effect on their own tax situation. While budget deficits, politics and other priorities may play a big part in what income taxes will be like in a new administration, the candidates' proposals are still a useful indicator. Here's a nonpolitical summary of the two proposals. |
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| Fri, 10 Oct 2008 |
IRS Updates Automatic Accounting Change Rules
TIME-SENSITIVE [Oct. 2008] Because clients usually need approval from the IRS before changing accounting methods, it's important to understand recent changes in the process. One change hits automatic filing extensions, and the other, deductions for start-up and business organizational expenses. We believe one or both of these changes can affect most tax preparers. |
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| Mon, 29 Sep 2008 |
IRS Issues Two Regulations Impacting Tax Return Procedures
TIME-SENSITIVE [Sept. 2008] The IRS recently finalized two sets of regulations with important changes. One hits automatic filing extensions and the other with deductions for start-up and business organizational expenses. One or both will affect most tax preparers. |
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| Wed, 23 July 2008 |
Proposed RAL Crackdown Sparks Controversy
Debate remains hot on Refund Anticipation Loans, as the IRS has collected comments on a tough new proposal. But the fire also helps to shine light on the key issues at stake, as reported by tax specialists, Terry Myers and Dee DeScherer |
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| Wed, 23 July 2008 |
Clients May Need a Summertime Tax Checkup
Instead of reviewing a client's tax health at year-end, you can help clients more by starting while there's time for clients to make adjustments. That's why tax specialists Terry Myers and Dee DeScherer recommend you schedule a summertime tax checkup. |
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| Tues, 03 Jun 2008 |
When Can You Charge a Client a Contingent Fee?
You can still charge contingent fees for a few kinds of tax work, even if rules effective earlier this year barred most such fees. Now - in response to requests from tax preparers - the IRS has clarified the rules on the remaining exceptions. Here's an explanation of the new guidance. |
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| Mon, 19 May 2008 |
New Dependency Rules Provide Simplification for Some-But Not for Others
[May 2008] Although 2004 legislation tried to simplify the rules on tax breaks for families with children, a recent Tax Court case shows that requirements remain toufh for some clients. Those clients who are part of nontraditional families are particularly liable to find complications yet remain. |
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