Accounting
Understanding The Implications Of Accounts Payable
By alona007 at 2 September, 2010, 12:00 am
Accounts payable is found in the credit side of a company’s balance sheet statement. It represents short – term liabilities. Differentiated from mortgage payables, accounts payable is a debt to be paid in no more than one year. So, every account payable item is liquidated in less than one year. Mortgage payable on the other hand is debt with maturity or payment term exceeding one year. Accounts payables are part of the company’s current liabilities.
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IRS Gets Mixed Grades from TIGTA
By Rizzolo Group at 27 August, 2010, 12:00 am
According to a new Treasury Inspector General for Tax Administration (TIGTA) report, the Internal Revenue Service seems to have an effective process for ensuring that electronic filing provider applicants meet age requirements and have no tax compliance issues. Unfortunately, IRS doesn’t get quite the same high marks for consistency with regard to its ability to verify that new applicants are US citizens or legal aliens authorized to work in United States.
Read More >>S Corporations May Remain Popular
By Rizzolo Group at 27 August, 2010, 12:00 am
In spite of the growth and popularity of limited liability companies, S corporations still remain popular as an option for conducting business. In fact, Internal Revenue Service records indicate that the S corporation is the most popular entity under which to conduct business. In 2009 there were an estimated 2.5 million C corporation income tax returns filed; a figure that has remained relatively stable over the past five years. During that very same five year period, S corporation tax return filings increased from 3.5 million to approximately 4.5 million.
Read More >>CPA Disbarred for Failure to Exercise Due Diligence and Compliance Problems
By Rizzolo Group at 27 August, 2010, 12:00 am
The Office of Professional Responsibility (OPR) has prevailed in an agency appeal involving issues which include the due diligence responsibilities of a CPA under the Rules of Practice before the IRS (Circular 230). The May 28th decision of the Appellate Authority has upheld the Administrative Law Judge’s (“ALJ”) disbarment of CPA Tim W. Kaskey finding, among other things, that Mr. Kaskey failed to exercise due diligence in preparing tax returns for a corporation and its husband and wife shareholders.
Read More >>IRS Retires Debt Indicator
By Rizzolo Group at 27 August, 2010, 12:00 am
The Internal Revenue Service today announced that starting with next year’s tax filing season it will no longer provide tax preparers and associated financial institutions with the “debt indicator,” which is used to facilitate refund anticipation loans (RALs).
Read More >>IRS Releases Proposed Regs on PTIN Fees
By Rizzolo Group at 27 August, 2010, 12:00 am
The Internal Revenue Service today released proposed regulations that would establish a fee for individuals who apply for a preparer tax identification number (PTIN). Proposed regulations that were issued in March would require certain tax return preparers to obtain a PTIN. The IRS is working to finalize those proposed regulations, which are the first of a series of steps planned to increase oversight of federal tax return preparation.
Read More >>IRS Realigns LMSB Division
By Rizzolo Group at 27 August, 2010, 12:00 am
As part of a continuing effort to improve global tax administration efforts, Internal Revenue Service officials announced today the realignment of the Large and Mid-Size Business (LMSB) division to create a more centralized organization dedicated to improving international tax compliance. As part of the organizational shift, the name of the IRS’s large corporate unit — LMSB — will change on Oct. 1 to the Large Business and International division (LB&I).
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