1st Quarter, 2010
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1st Quarter, 2010 |
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Recent IRS Developments
By Johanne Hakey, CPA, Senior Tax ManagerAs the tax law becomes increasingly complex and individuals and businesses plan to reduce taxes as much as possible, the Internal Revenue Service (IRS) tries to stay one step ahead. Following are some recent IRS developments and activities. Read more >>> Your Audit Risk
By Duane Snyder, CPA, Tax PartnerEach year we receive questions about what the IRS is up to in the audit area. Individuals and businesses are naturally curious about what the IRS uses to trigger an audit. According to the latest statistics for 2008, a total of 1,391,581 individual returns were audited during fiscal year 2008 (October 1, 2007 through September 30, 2008). Of these, slightly over one-third were selected on the basis of an earned income tax credit claim, an area in which fraudulent returns have often been filed. Only about one-fifth of the returns were actually conducted in the field by revenue agents; the bulk of the audits were conducted by mail. Interestingly, the no-change rate was 11% for individual returns examined by revenue agents and 15% for mail exams. Read more >>> Legislative Possibilities
By Mira J. Finé, CPA, National Director of Tax OperationsWhile the health care bill and the climate bill are massive pieces of legislation containing many tax provisions, Congress was not able to conclude anything in the climate area prior to the end of 2009. However, at the last moment, the Senate did pass a health care bill. The House and Senate will attempt to reconcile a final health care bill early this year. 2010 will be a busy legislative year as Congress will seek to finalize health care legislation, enact some type of climate legislation and consider a number of other items as well. We will keep you posted on developments as they occur. Read more >>> |
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Happy New Year! As we begin 2010, we examine some of the most recent IRS developments, including the use of cell phones for business, the differences between employees and independent contractors, Ponzi schemes, and goodwill as it pertains to Section 1031. In addition, with tax season upon us, we take a closer look at determining your audit risk. Lastly, we consider the legislative possibilities of the new year, such as health care and climate bills, the estate tax, and other provisions of the tax code that expired in 2009.