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February 2012

January 2012

TEXAS CPAS COMMENT ON PROPOSED REGS ON ESTATE COSTS SUBJECT TO 2 PERCENT FLOOR

Carol Cantrell of Texas Society of Certified Public Accountants (TSCPA), in comments on the reproposed regulations explaining which costs incurred by estates or non-grantor trusts are subject to the 2 percent floor for miscellaneous itemized deductions, has suggested that the final regulations adopt a Hubert approach and a percentage safe harbor for bundled fees.

Comments Letter

Download TSCPA comments ltr to IRS REG-128224-06 new proposed regs IRC Sec 67(e) 1-6-11


PAYROLL TAX CUT TEMPORARILY EXTENDED INTO FEBRUARY 2012

The Temporary Payroll Tax Cut Continuation Act of 2011 temporarily extends the two percentage point payroll tax cut for employees, continuing the reduction of their Social Security tax withholding rate from 6.2 percent to 4.2 percent of wages paid through Feb. 29, 2012. The IRS will issue additional guidance as needed to implement the provisions of this new two-month extension.

Learn More

http://www.irs.gov/newsroom/article/0,,id=251650,00.html?portlet=108

 


IRS WEBSITE UNAVAILABLE FOR NEW PTIN APPLICANTS UNTIL JAN. 9

For registered preparers filing for a new Preparer Tax Identification Number (PTIN), you will be unable to do so until Jan. 9, due to previously scheduled maintenance on the Internal Revenue Service’s (IRS) systems. However, for those who need to renew a PTIN, those services are still available.

Learn More

http://www.irs.gov/taxpros/article/0,,id=210909,00.html?portlet=104