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Newsroom December 13, 2010
Prepared Remarks of IRS Commissioner Doug Shulman before the 23RD Annual Institute on Current Issues in International Taxation, Washington, DC
IR-2010-122, Dec. 9, 2010 — IRS Commissioner Shulman delivers prepared remarks to the 23rd Annual Institute on Current Issues in International Taxation in Washington, DC.
IRS Releases Proposed Regulations that Would Reduce Enrolled Agent Fees
IR-2010-121, Dec. 7, 2010 — The IRS released proposed regulations that would reduce fees related to application and renewal for enrolled agents and enrolled retirement plan agents.
IRS Announces 2011 Standard Mileage Rates
IR-2010-119, Dec. 3, 2010 — Driving for business? In 2011, you may be able to claim 51 cents per mile according to IRS guidance issued today.
IRS Continues Efforts to Ensure Accurate Return Preparation; Reminds Tax Preparers to Sign Up for PTINs
IR-2010-118, Dec. 2, 2010 — The IRS started sending out more than 10,000 letters to return preparers to remind them of their obligation to prepare accurate tax returns.
IRS Helps Small Employers Claim New Health Care Tax Credit; Forms and Additional Guidance Now Available on Small Business Health Care Tax Credit
IR-2010-117, Dec. 2, 2010 — The IRS releases final guidance and a one-page form and instructions for small employers eligible to claim the new small business health care tax credit for the 2010 tax year.
Starting in 2011, Many Paid Preparers Must e-File Federal Income Tax Returns for Individuals, Estates and Trusts
IR-2010-116, Dec. 1, 2010 — The IRS details how paid tax return preparers can comply with a new law that requires them to electronically file certain tax returns.
Continuing Education Requirements for Unenrolled Preparers Waived for First Year, IRS Begins Accepting Taxpayer Records in Electronic Format and more . . .
IRS Technical Guidance & Misc
Revenue Procedure 2010-47 sets out the cost limitations for expensing property under section 179 for taxable years beginning in 2010. The aggregate cost of any section 179 property a taxpayer may elect to treat as an expense cannot exceed $500,000. This amount is reduced by the amount by which the cost of the property placed in service during the year exceeds $2,000,000. These amounts reflect statutory changes made by the Small Business Jobs Act.
Revenue Procedure 2010-51 updates Rev. Proc. 2009-54, 2009-51 I.R.B. 930, and provides rules for using optional standard mileage rates in computing the deductible costs of operating an automobile for business, charitable, medical, or moving expense purposes.
Notice 2010-88 provides the 2011 standard mileage rates for taxpayers to use in computing the deductible costs of operating an automobile for business, charitable, medical, or moving expense purposes. This notice also provides the amount taxpayers must use in calculating reductions to basis for depreciation taken under the business standard mileage rate, and the maximum standard automobile cost that may be used in computing the allowance under a fixed and variable rate (FAVR) plan.
New Small Business Jobs Act provisions are designed to encourage investment and provide access to capital for businesses.
Do you know which Form 990-series return you are required to file for the 2010 tax year? The 990 filing thresholds for the year 2010 and later (filed in 2011 and later) will change.
Publication 4163 – 2010 TY/2011 PY publication just posted.
Modernized e-File Information for Authorized IRS e-file Providers of Forms 1120/1120S
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- In-Plan Roth Rollover Phone Forum - December 20, 2010
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James R. Kinsey
James R. Kinsey