Roger Russell

Among the revenue proposals detailed in the administration’s fiscal 2010 budget are some provisions that might negatively affect small businesses and tax preparers. The American Institute of CPAs has weighed in on a number of these, including the codification of the economic substance doctrine, information reporting on payments to corporations, increasing the level of the information penalties, and expanding the requirement for electronic filing by return preparers.

With trillion-dollar deficits, cap-and-trade and nationalized health care on the horizon, the issues involving the possible registering and licensing of tax preparers seem trivial. Yet the ability to fund the deficits and pay for a nationalized health care system ultimately depends on the ability of the federal government to collect tax.

New York’s new accountancy reform law, which goes into effect July 26, 2009, broadens the definition of the scope of practice of public accountancy to include all professional services provided by a CPA.

Washington, D.C. - Billions of dollars in tax credits are being provided to Individual Taxpayer Identification Number filers without adequate verification of eligibility, according to a report from the Treasury Inspector General for Tax Administration.

Proposed legislation that was written initially to target hedge fund managers could impact a much larger array of partnerships in areas such as real estate.

Providers unveil new online tax research apps

Washington, D.C. - During a recent hearing of the House Small Business Committee, lawmakers questioned the Internal Revenue Service as to why small business audits are on the rise as corporate audits fall, and urged them to do more to help entrepreneurs struggling to comply with the complex tax system.

Billions of dollars in tax credits are being provided toIndividual Taxpayer Identification Number filers without adequate verificationof eligibility, according to the Treasury Inspector General for TaxAdministration.