Wednesday, May 26, 2010


* A double helping of Joe Kristan (of the ROTH AND COMPANY TAX UPDATE BLOG) – two posts worth checking out: “Insert your 'Professional Courtesy' Joke Here” and “I Lied to the IRS, But I'm Being Honest With You!”.

Joe was on a roll Monday- did you see my Monday post “I Tried”?

* ABOUT.COM: TAX PLANNING: US provides a list of states that will be running a Tax Amnesty program in 2010 -

"• Maine's tax amnesty program runs from September 1, 2010 through November 30, 2010
• Massachusetts has an amnesty program that is limited to businesses which begins April 1, 2010 and ends June 1, 2010
• New Mexico has approved an amnesty program, but the dates have not yet been released
• Nevada will conduct a tax amnesty program between the dates of July 1, 2010 and September 30, 2010
• Pennsylvania's tax amnesty program begins April 26, 2010 and ends June 18, 2010
• Philadelphia has a tax amnesty program that runs from May 3, 2010 to June 25, 2010

You can link to the website of each state’s Amnesty program at the ABOUT.COM post.

* No surprise here when Kay Bell reports that “Homebuyer Credit Sales, Related Audits Up, But Other IRS Audits Likely to be Lower” at DON’T MESS WITH TAXES.

Kay tells us -

The April 30 expiration of the first-time homebuyer credit prompted more people to buy houses last month.

And in connection with those purchases, we get another statistical bump that's also unsurprising. The IRS is auditing more tax returns that contain those homebuyer tax credit claims

* The Small Business Taxes and Management website provides a good special report that explains “Documentation is More Than Invoice and Canceled Check”.

* BNA reports that “Extenders Vote Postponed Amid Concerns Over Cost, Carried Interest”.

* BNA also brings us an update on the testing process for the new program of licensing tax preparers in “IRS to Match Return Preparation With Testing Under Preparer Regime”.

While the IRS announced that it will offer two options for the test that preparers, except for some unknown reason (defying logic) CPAs and attorneys, must pass and has said that preparers can take whichever one they prefer – until now there has been no reference to limiting the scope of returns that one can prepare based on the test taken.

BNA reports (highlights are mine) – “The Internal Revenue Service will eventually check on whether the returns that tax preparers do fall into the category for which they have been tested, but not for now, David Williams, IRS Electronic Tax Administration director, told a gathering of accountants May 21.”

I am still somewhat perturbed that I have to take a test to show that I know what I am doing after 39 tax seasons without incident, considering that I take more than the now required continuing education CPEs in taxation each and every year, and even more considering that CPAs and attorneys are exempt from the test.

* Bill Perez tells us of a new IRS payroll form in “Form W-11 Released For Payroll Tax Exemption” at WILLIAM’S TAX PLANNING BLOG.

* You will notice that TWTP has a new “sponsor”. Click on the CPA ORANGE COUNTY, CA link in the upper left hand margin to go to ELLS, CPAs and Business Advisors.

The firm’s website also has a tax-related blog – ELLS BLOG.

I have not yet had the time to review in detail the tax provisions in the new healthcare “reform” bill. The ELLS BLOG discusses one aspect in its post “Tax Credit Helps Small Employers Provide Health Insurance Coverage”.

Do you want to help keep TWTP alive by becoming a “sponsor”? Click here to find out how.