Recent Articles

House Passes Bill Easing Homeownership Tax Rules for Service Members

Filed in Service Members, Tax Law by on October 9, 2009
House Passes Bill Easing Homeownership Tax Rules for Service Members

On October 8, the House of Representatives, by a vote of 416-0, approved H.R.3590, the “Service Members Home Ownership Tax Act of 2009.” The bill heads to the Senate for its consideration. The bill would make the following changes to improve how the homebuyer credit and Homeowner’s Assistance Program (HAP) provisions apply to service members […]

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Oct 2009 Charitable Remainder Trust Update

Filed in Tax Law, Trusts and Estates by on October 5, 2009
Oct 2009 Charitable Remainder Trust Update

Although many investment assets have lost value in the past year, individuals coming to CPAs for estate planning advice often hold highly appreciated assets, and many want to make significant charitable gifts. For that reason, charitable remainder trusts remain a popular method of reducing assets subject to estate tax. They allow donors an income stream […]

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“IRS” Email Scam

Filed in Identity Protection, News by on October 2, 2009
“IRS” Email Scam

In recent weeks, a phony e-mail claiming to come from the IRS has been circulating in large numbers. The subject line of the e-mail often states that the e-mail is a notice of underreported income. The e-mail may contain an attachment or a link to a bogus Web page directing taxpayers to their “tax statement.” […]

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IRS Modifies Procedures for Accounting Method Changes

Filed in Miscellaneous by on September 25, 2009
IRS Modifies Procedures for Accounting Method Changes

The IRS has updated guidance on how taxpayers obtain consent for changes in methods of accounting. Revenue Procedure 2009-39 provides guidance on automatic consents for accounting method changes and clarifies the general procedures for obtaining non-automatic consents. In general a taxpayer may not request a change in accounting method when under examination. The updated revenue […]

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