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The IRS issued final regulations under Sec. 6049 outlining the rules requiring U.S. financial institutions to report interest payments to certain nonresident alien individuals of $10 or more per year paid after Dec. 31, 2012 (T.D. 9584). The IRS explained that the new rules are part of the process of improving the detection of tax…
View our monthly newsletter and get tips and tricks on audit and accounting issues, updates on recent accounting pronouncements, news and current events. Newsletter – The Valdez Review – May 2012
COSO is updating the 20-year-old internal control framework to provide a fresh, modern approach with explicit advice and implementation guidance. The exposure draft of the proposed framework includes 17 principles articulated across the five components of internal control. Specific attributes are assigned to each principle. The release of an ED of COSO’s Internal Control Over…
View our monthly newsletter and get tips and tricks on audit and accounting issues, updates on recent accounting pronouncements, news and current events. Newsletter – The Valdez Review – Apr 2012
The Senate has passed a provision that would allow the State Department to deny passports to citizens with “seriously” delinquent taxes. They define seriously as more than $50,000 but that amount would adjust for inflation in future years. There would also be exceptions when the tax payer has a payment plan with the IRS or…
Revenue Service has launched a new online search tool, Exempt Organizations Select Check, to help users more easily find key information about tax-exempt organizations, such as federal tax status and filings. Users can now go to one location on IRS.gov, select a tax-exempt organization, and check if the organization: Is eligible to receive tax-deductible charitable…
According to an article in Accounting Today, while the U.S. corporate tax rate at the federal level is a maximum of 35 percent, tax cut proponents argue that the combined federal, state and local tax rates amount to 39.2 percent, beating Japan’s newly lowered rate. Corporations have been lobbying Congress to lower the statutory corporate…
View our monthly newsletter and get tips and tricks on audit and accounting issues, updates on recent accounting pronouncements, news and current events. Newsletter – The Valdez Review – Mar 2012
The U.S. Internal Revenue Service (IRS) has issued regulations on the availability of preparer tax identification numbers (PTIN) for supervised nonsigning preparers and preparers of forms other than Form 1040, as well as what tax forms are considered returns for purposes of PTIN rules. PTIN eligibility is limited to CPAs, attorneys, enrolled agents and registered…
The Internal Revenue Service today released revised Form 941 enabling employers to properly report the newly-extended payroll tax cut benefiting nearly 160 million workers. Under the Middle Class Tax Relief and Job Creation Act of 2012, enacted yesterday, workers will continue to receive larger paychecks for the rest of this year based on a lower…
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