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December 2013

October 2013

Final Repair Regulations

Last month, the IRS issued final regulations on the capitalization or deduction of expenses incurred in acquiring, producing or improving tangible property. Tom Ochsenschlager, CPA, JD, summarized the key points of the regulations from 30,000 feet. TSCPA's Federal Tax Policy Committee issued two comments letters to the IRS on proposed and temporary tangible property regs, in April 2012 and April 2013.

Final Repair Regulations article 


PTIN Registration Starts Again Mid-October

The court ruling earlier this year did not affect the requirement for paid preparers (and those who assist in preparing) federal tax returns to have an annual valid preparer tax identification number (PTIN). The PTIN must be renewed by Dec. 31, 2013, to be valid for the 2014 filing season. The IRS's PTIN renewal open season begins approximately Oct. 16.

Remember that the IRS discloses PTIN holder data under the Freedom of Information Act (FOIA). PTIN holders may change their account information anytime during the current renewal season and anytime that the PTIN system is open for business.

PTIN Requirements for Tax Return Preparers

Tips to maintain the privacy of personal contact information from FOIA requests