by Leif Jensen | Sep 24, 2011 | General |
One of the things that seems to be a recurring issue is the need for Corporate minutes. Apparently this is something that even the IRS will be looking at/for this in certain types of audits. Basis audits being the main type. How many of you have your corporate...
by Leif Jensen | Sep 24, 2011 | General |
The IRS does not seem to like the USPS, at least all of the time. But it does seem to like DHL and FedEx a little more lately, now it says that the timely use of private services will be evidence of timely delivery of returns. This while Express Mail and Priority...
by Leif Jensen | Sep 23, 2011 | General |
The IRS has made it easier for real estate pros with rental losses to get a tax break (tough luck for the rest of us). They can now make a key tax election on an amended return without asking IRS for a private letter ruling. Individuals who spend more than one-half of...
by Leif Jensen | Sep 17, 2011 | General |
Nothing but the best and brightest! The IRS has finally given details on the registered tax preparer test, and I was correct! It is designed to test minimum standards only. The examination will be open book and three hours long. Test takers will be given copies of...
by Leif Jensen | Sep 17, 2011 | General |
Math errors are a two-way street, according to the latest IRS statistics. The Service refunded over $6 billion to filers who made mistakes in 2010. That compares to $9.5 billion that IRS took from those who erred in their own favor, including arithmetic flubs, using...
by Leif Jensen | Sep 17, 2011 | General |
The Illinois Tax Amnesty for internet sales can be considered a failure for Springfield. Apparently tax compliance had doubled, but this can be measured as 4.6% of Illinois taxpayers whom paid $10.2 million. With the honor system failing, we can look for Springfield...
