-
The Internal Revenue Service is spending millions in interest on tax refunds that have been improperly frozen, according to a new report by the Treasury Inspector General for Tax Administration, which noted that the IRS's computer system automatically places a freeze on taxpayer refunds greater than $10 million to prevent it from automatically issuing a refund or offsetting another tax liability. The freeze is intended to alert IRS employees that a large-dollar refund, if appropriate, must be issued manually. Frozen refunds that are not manually processed in a timely manner are considered to be "improperly frozen."
October 2 -
The basic structure of taxing estates has not changed since 2001. The Economic Growth and Tax Relief Reconciliation Act of 2001 put into the law the gradual increase in exemption amounts and decrease in marginal rates that we are still working with today. It also put in place the elimination of the estate tax in 2010 and its return in pre-2001 form in 2011 that has made estate planning during this decade so difficult.
October 2 -
Taxpayers will reap little benefit next year from the indexing of many features of the Tax Code, according to CCH, which released estimated income ranges for each 2010 tax bracket.
October 2 -
-
-
New standard ends FIN 48 deferral for private companies
October 2 -
-
The MP does not have to be the highest-paid partner in an accounting firm
October 2 -
Three quarters of the 500 accounting professors polled in a recent survey think that International Financial Reporting Standards need to be immediately incorporated into U.S. accounting curricula, and nearly half believe that the U.S. should transition to IFRS to remain competitive.
October 2 -
Tough times offer some advantages to starting a new business
October 2