Taxes
U.S. Agrees to Revise Foreign Account Reporting Model
After negotiations with its European Union counterparts in Paris last week, U.S. tax authorities have agreed to propose changes to the way that foreign income is reported due to concerns voiced by banks and governments that the current model breaches privacy and is unnecessarily complex, according to the Financial Times.
IRS Blames New Anti-Theft Safeguards for Delayed Refunds
CPA Blog readers might remember that on Jan. 11, we reported that the IRS said technology improvements would allow it to issue refunds to some taxpayers in as few as 10 days, if they e-file and select direct deposit.
Society Member Talks Tax on 'The Daily Show'
IRS Issues Identity Theft Warning
Thieves who steal taxpayers' personal tax-related information can use it to steal identities as well, according to a recent release from the IRS. To help prevent these crimes, the IRS offers the following suggestions.
IRS: Federal Employees Owe 1 Billion in Back Taxes
The roughly 98,000 men and women employed nationwide by the federal government ended FY 2010 owing about one billion dollars worth of unpaid back taxes, according to the Washington Post, $32 million higher than last year’s total, despite a slight dip in the number of delinquent employees.
NYS to Hold Webinars on Managing Clients’ Online Accounts
The Tax Department is offering a series of free webinars to help tax professionals learn how to create and manage Online Services accounts. These accounts help preparers comply with new state e-filing rules that require tax professionals to file virtually all state tax forms online.
FASB Concludes FIN 48 Could Be Better
A review team from the Financial Accounting Foundation (FAF) concluded that Financial Accounting Standards Board (FASB) Interpretation No.
Jobs Council Recommends Corp. Tax Reform
The President’s Council on Jobs and Competitiveness on Tuesday made a number of recommendations for jolting the nation’s jobs that, among other things, proposes that the statutory corporate tax rate be lowered to rates of what it called international competitiveness, according to the Los Angeles Times.
NYS Tax Dept. offers free webinar Thursday for tax practitioners
From 2 to 4 p.m. tomorrow, Jan. 19, the New York State Department of Taxation and Finance will re-broadcast its first webinar in a series of free sessions aimed at easing the transition from paper to electronic filing for tax professionals.
Cuomo Unveils 2012-2013 Budget
New York Governor Andrew M. Cuomo today released details of his proposed $132 billion spending plan for the 2012-2013 year, a budget that is $225 million less than last year’s and, according to Bloomberg, contains no new taxes or fees.