by Leif Jensen | Jul 2, 2011 | General |
Those who have been non compliant of with their Qualified plans beware! The Internal Revenue Service has finally become more adept at identifying retirement plans that may violate tax laws, according to a new government report. The Treasury Inspector General for Tax...
by Leif Jensen | Jul 2, 2011 | General |
The IRS test for tax preparers will not be as hard as the exam to become an enrolled agent, according to IRS. While they do not expect that the test will be overly easy (I do,look at any mass government exams), they note that it will be designed to ensure only a...
by Leif Jensen | Jul 1, 2011 | General |
Have you been receiving e-mails purporting to be from the IRS? Actually an employee here has received four in the past two weeks so they are out there again. I have copied the following from the IRS website stating what it is and how to deal with it. I hope this...
by Leif Jensen | Jun 28, 2011 | General |
I prepare the payroll for one of my clients along with my other responsibilities. As I was doing their weekly bank reconciliation I noticed that a bonus check had not been cashed. Now it wasn’t a huge amount, but it was a noticeable amount. So I contacted the...
by Leif Jensen | Jun 26, 2011 | General |
The IRS is increasing the standard mileage allowance upward for business vehicle usage. The new rate will be 55.5¢ a mile for the final six months of 2011, The mileage rate also increases for medical and moving expenses also increases by 4.5¢ to 23.5¢ a mile. But the...
by Leif Jensen | Jun 26, 2011 | General |
According to the Tax Court, a preparer’s omission of income from a return won’t excuse a penalty. A couple had hired a preparer fill out their complex return, they gave him more than 160 information returns. The final completed return was 115 pages long and showed...
