Archive for July, 2010

IRS Agents To Request Electronic Copies of Taxpayer QuickBooks Records

NATP has learned that IRS agents are being instructed to obtain a copy of the taxpayer’s data base for examinations for any taxpayer who uses QuickBooks. This will not be done in all examinations, only for those that the IRS agent deems necessary based on the judgment of the agent. If the taxpayer refuses to […]

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Senate Considers Beefed-up Small Business Tax Package

Late on June 29, Senate Finance Committee Chair Max Baucus (D-MT) introduced a substitute amendment to the House-passed H.R. 5297, the Small Business Jobs and Credit Act of 2010, which includes a tax title called the Small Business Jobs Tax Relief Act of 2010. The substitute amendment, called the Small Business Jobs Act of 2010, […]

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Anxiety Over Tax Increases

In 2001, President Bush signed the Economic Growth and Tax Relief Reconciliation Act, reducing tax on Long-term capital gains, estate taxes, and gift taxes.  Many of the provisions of the Act are repealed in 2010, and new tax increases are schedulted to take effect as of 2013.  Are you ready for this?  Read more for […]

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Kiplinger Tax Information Newsletter

The newsletter includes paragraphs on:  the new health care reform law, Medicare taxes, medical deduction limit raised, business tax news, IRA’s, enforcement audits.  To see the details and how you may be affected, click on “more.”

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COST Scorecard on Tax Appeals & Procedural Requirements

The Council On State Taxation (COST) has long monitored and commented on state tax appeals prosesses and administrative practices.  Part of that effort has resulted in the regular publication of a Scorecard.  The COST Scorecard evaluates state tax appeals processes by asking two questions:  1- whether the appeals system is truly independent, and 2- whether […]

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