Enacted in the waning hours of 2010, the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 is a large, sweeping package extending many individual and business tax breaks that otherwise would have expired at year-end. It retroactively applied some significant benefits and implemented many new ones. Future
On February 8, 2011, the IRS announced an opportunity for taxpayers to avoid a substantial portion of the penalties that would otherwise be due on previously unreported offshore accounts, entities and income. The scope of the required disclosure of such accounts, entities and income has caught many taxpayers and tax return preparers unaware and nondisclosure carries with it substantial penalties.
The AICPA has made some significant changes to the guidance for CPAs providing examination reports on controls at service organizations. As a result of these changes, the current SAS70 reporting standards have been updated, and – effective for periods ending on or after June 15, 2011 – will be replaced by SSAE No. 16, Reporting on Controls at a Service Organization (AICPA, Professional Standards).
Some key tax benefits related to fixed asset purchases expired at the end of 2009, only to be resurrected very recently with the passage of the Small Business Jobs Act of 2010. With the extension, some of the benefits expire at the end of 2011, but others expire at the
On January 5, 2010, the Internal Revenue Service published Notice 2010-6: http://www.irs.gov/pub/irs-drop/n-10-06.pdf. This Notice contains important information regarding how the sponsors of non-qualified deferred compensation plans can correct plan documents to avoid or reduce significant adverse income tax consequences and penalties. Background Section 409A was enacted in 2004 with an effective