by Leif Jensen | Jun 14, 2011 | General |
The IRS is getting ready for competency testing of unlicensed tax preparers. These are preparers of individual returns who aren’t lawyers, CPAs or enrolled agents. According to new IRS regulations unlicensed preparers who’ve already registered with IRS have until the...
by Leif Jensen | Jun 14, 2011 | General |
There is a new backup withholding easing for payment networks such as PayPal. If a payee doesn’t give a valid tax ID number, 28% backup withholding will be required after 2011, but only if the payee has more than 200 transactions. The rules for 1099s are different. ...
by Leif Jensen | Jun 6, 2011 | General |
The first person to collect Social Security benefits was Ernest Ackerman. He received a whopping payment of 17 cents in January 1937. Social Security began collecting money January 14, 1937. This was a one-time, lump-sum pay-out—which was the only form of benefits...
by Leif Jensen | Jun 6, 2011 | General |
In Brazil the cost of a bikini wax is going up. This is a cause of concern for many; mainly because in Brazil a bikini wax is part of the gauges that measures inflation in Brazil. So as the costs rise, the leading indicators of inflation are also triggered. As...
by Leif Jensen | Jun 3, 2011 | General |
I was looking up something and I found this article on the SSA website. I thought is was amusing so I thought I would share it. The most misused SSN of all time was (078-05-1120). In 1938, wallet manufacturer the E. H. Ferree company in Lockport, New York decided to...
by Leif Jensen | May 14, 2011 | General |
It appears that the Internal Revenue Service plans to scrutinize 1042-S forms. The 1042-S is used to report payments made to nonresident aliens, along with any tax withheld. The crackdown is in response to a report issued by Treasury inspectors last year criticizing...
