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Andrew Presti

Mistakes on Tax Return Preparation

Errors and omissions in preparing tax returns can occur easily. You might accidentally enter a number incorrectly, misinterpret a law, or misconstrue the client’s facts. Later, before an IRS audit, you might discover the mistake, raising gut-wrenching questions: Do you call the mistake to your client’s attention? Do you advise the client to file an […]

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Andrew Presti

IRS fails government audit

Getting audited is such a hassle! Just ask the IRS. A new report from the Government Accountability Office inspected the tax agency’s financial statements from the 2009 fiscal year with the exacting thoroughness of, well, of an IRS auditor, and found a few billion-dollar errors. According to the report (PDF), the IRS made a variety […]

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Andrew Presti

Small Business Tax Bill With Bonus Depreciation?

Senate Finance Committee Chairman Max Baucus (D-Mont.) June 29 unveiled wide-ranging legislation providing for roughly $12 billion in tax cuts aimed at small businesses, including a highly sought-after provision to extend bonus depreciation tax incentives through the end of 2010. The bonus depreciation provision would allow businesses to recover up to 50 percent of the […]

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Andrew Presti

Accounting Standards on Amendments Could be Updated

Norwalk, CT, June 29, 2010—The Financial Accounting Standards Board (FASB) has issued an Exposure Draft of a proposed Accounting Standards Update (Update) intended to develop common requirements for measuring fair value and for disclosing information about fair value measurements in U.S. generally accepted accounting principles (GAAP) and International Financial Reporting Standards (IFRSs). The proposed Update […]

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Andrew Presti

More Tax Increases Planned To Reduce The National Debt

WASHINGTON (AFP) – One of President Barack Obama’s top allies in the US Congress called Monday for military spending cuts and a possible tax increase once the economy has “fully recovered” from the 2008 global meltdown. “It’s time to stop talking about fiscal discipline and national security threats as if they’re separate topics: Debt is […]

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Andrew Presti

Capital gains tax in the United States

In the United States, individuals and corporations pay income tax on the net total of all their capital gains just as they do on other sorts of income. Capital gains are generally taxed at a preferential rate in comparison to ordinary income. This is intended to provide incentives for investors to make capital investments and […]

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Andrew Presti

FAQ: What tax legislation is Congress expected to pass this year?

At the start of 2010, Congress had a full tax agenda. As summer approaches, many tax bills remain unfinished, most notably an estate tax bill. Other important tax legislation is also on Congress’s agenda for action before year-end. Estate tax The federal estate tax was abolished as of January 1, 2010. In its place, a […]

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Andrew Presti

How do I…Claim the small business health insurance tax credit for 2010?

The small business health insurance tax credit, created by the health care reform package, rewards employers that offer health insurance to their employees with a tax break. The credit is targeted to small employers; generally employers with 25 or fewer employees. In May 2010, the IRS issued Notice 2010-44, which describes the steps employers take […]

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Andrew Presti

IRS begins 401(k) compliance check questionnaire

401(k) plans represent the most preferred vehicle for retirement savings today – making up more than 60 percent of retirement plans, according to the IRS. However, 401(k) plans are also the most non-compliant type of retirement plan as well, according to a study by IRS Employee Plans Examinations. In light of the popularity and non-compliance […]

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Andrew Presti

Health care reform extends coverage, income tax exclusion for young adult coverage

The health care reform package makes two important changes to insurance coverage for young adults. First, the new law allows young adults to remain on their parents’ health insurance plan until age 26. Second, the new law extends certain favorable tax treatment to coverage for young adults. Extended coverage Traditionally, many plans and insurers would […]

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