Practice management

Year-end planning is now behind us. Many believe that the failure of the joint congressional committee to reach a deficit reduction agreement pushes fundamental tax reform off at least until after the 2012 elections. Some tax changes are still possible with respect to jobs promotion and extending expiring provisions, but those efforts will be primarily focused on 2012. So, what do we know now about what is new for the 2011 tax return filing season?

IRS E-FILING SYSTEM REMAINS ERROR-PRONE

There are more than 60 tax provisions that expired at the end of 2011, according to the Joint Committee on Taxation.

IMGCAP(1)]Job creation! More U.S. exports! Reduce taxes!

Better controls are needed to ensure tax preparers filing electronically are complying with new preparer regulations, according to a report released Thursday by the Treasury Inspector General for Tax Administration.

IMGCAP(1)][IMGCAP(2)]Valuation, by its very nature, is an exercise in judgment.

The IRS has issued new temporary taxpayer guidelines in the Federal Register to help clarify the difference between a business expense that is classified as a repair and therefore tax deductible and a capital improvement.

Washington, D.C. - The Internal Revenue Service announced the selection of seven new members to the Internal Revenue Service Advisory Council, which provides an organized public forum for IRS officials and representatives of the public to discuss key tax administration issues.

IMGCAP(1)]California now has the nation's most punitive laws against worker misclassification.

A new federal court case is demonstrating the depth of information the IRS is seeking - and getting - from states regarding the financial affairs of residents.

GOP lawmakers are questioning how senior citizen nonprofit concern AARP can bypass millions in tax levies despite the group's control over, and approval of, products sold by private firms.

The Internal Revenue Service is encouraging more taxpayers to take advantage of the "saver's credit."

Presidential candidate Mitt Romney indicated he might not release his income tax returns if he wins the Republican Party nomination.

The Internal Revenue Service plans to issue additional guidance on the temporary two-month extension of the payroll tax cut, including how a new “recapture” provision for high-income employees will be implemented.

The Internal Revenue Service has released a long-awaited set of temporary and proposed tangible property repair regulations that could have a significant impact on a wide array of industries.

Both the House and Senate passed a two-month extension of the payroll tax cut, unemployment benefits, and the “doc fix” for preserving the current Medicare reimbursement for physicians by unanimous consent on Friday morning, sending the measure to President Obama’s desk.

Bowing to pressure from fellow Republicans, a leading House Republican said Thursday he would introduce a bill Friday to extend the payroll tax cut and unemployment benefits for two months.

CCH has added a Library View to its IntelliConnect tax and accounting research service.

The Internal Revenue Service is offering some tips to help taxpayers lower their 2011 taxes before the calendar page changes to 2012.

President Obama and Senate Minority Leader Mitch McConnell, R-Ken., pressed House Republicans on Thursday to agree to a two-month extension of the payroll tax cut, even as Speaker of the House John Boehner, R-Ohio, insisted he was ready to negotiate.