Practice Management

Year-end planning is now behind us. Many believe that the failure of the joint congressional committee to reach a deficit reduction agreement pushes fundamental tax reform off at least until after the 2012 elections. Some tax changes are still possible with respect to jobs promotion and extending expiring provisions, but those efforts will be primarily focused on 2012. So, what do we know now about what is new for the 2011 tax return filing season?

COLORADO

IRS E-FILING SYSTEM REMAINS ERROR-PRONE

There are more than 60 tax provisions that expired at the end of 2011, according to the Joint Committee on Taxation.

Hayashi & Wayland Accounting & Consulting announced the acquisition of full-service CPA firm Snyder Accountancy, headquartered in Monterey, Calif., with a satellite office in Salinas, Calif., effective Jan. 1, 2012.

McPherson, Kan.-based accounting firm Swindoll, Janzen, Hawk & Loyd announced the acquisition of Hutchinson, Kan., firm BSE, effective Jan 1, 2012.

IMGCAP(1)]Job creation! More U.S. exports! Reduce taxes!

Better controls are needed to ensure tax preparers filing electronically are complying with new preparer regulations, according to a report released Thursday by the Treasury Inspector General for Tax Administration.

IMGCAP(1)][IMGCAP(2)]Valuation, by its very nature, is an exercise in judgment.

The IRS has issued new temporary taxpayer guidelines in the Federal Register to help clarify the difference between a business expense that is classified as a repair and therefore tax deductible and a capital improvement.