Blog Feed: Stacie's More Tax Tips

WASHINGTON — The Internal Revenue Service today announced a major expansion of its “Fresh Start” initiative to help struggling taxpayers by taking steps to provide new penalty relief to the unemployed and making Installment Agreements available to more people. Under the new Fresh Start provisions, part of a broader effort started at the IRS in [...] > read more

Employer-Provided Health Coverage Informational Reporting Requirements: Questions and Answers

Published on 2011-10-10 09:02:06

Here is a reminder about the W2 reporting requirements attached to the Affordable Care Act and employer sponsored group health plans. Starting in tax year 2011, the Affordable Care Act requires employers to report the cost of coverage under an employer-sponsored group health plan. To allow employers more time to update their payroll systems, Notice [...] > read more

Tax Tips – What Employers Need to Know About Claiming the Small Business Health Care Tax Credit

Published on 2011-10-08 09:55:23

Many small employers that pay at least half of the premiums for employee health insurance coverage under a qualifying arrangement may be eligible for the small business health care tax credit. This credit can enable small businesses and small tax-exempt organizations to offer health insurance coverage for the first time. It also helps those already [...] > read more

HeLp fOr PeOpLe iN DiSaStEr SiTuAtIoNS

Published on 2011-10-07 09:40:00

Reprinted from the IRS Tax Relief for Victims of Aug. 30 Wildfires in Texas Updated 9/29/11 to include Anderson, Caldwell, Fayette, Henderson, Hill and Rusk counties. Updated 9/27/11 to include Harrison, Smith and Upshur counties. Updated 9/20/11 to include Cass and Marion counties. Updated 9/19/11 to include Gregg, Grimes, Montgomery, Walker and Waller counties. Updated [...] > read more

Be Sure To Get Your Refund

Published on 2011-10-05 09:16:49

By Stacie Kitts, CPA Unbelievably, there are people who never bother to check up on their tax refunds. Really. If you move be sure to complete a change of address Form 8822 and check out this info from the IRS Unclaimed Refunds Some people earn income and may have taxes withheld from their wages but [...] > read more

Lions and Tigers and IRS Notices Oh My

Published on 2011-10-04 09:22:26

By Stacie Kitts, CPA Once upon a time, a long time ago, I knew a taxpayer who was afraid to open correspondence from the IRS and accumulated a pile of letters hoping it would all go away. It didn’t and bad things happened. If you receive correspondence, open it right away while there is still [...] > read more

Not All Giving is Deductible

Published on 2011-10-03 09:28:03

Stacie Kitts, CPA is a partner at Katherman Kitts & Co. LLP On occasion I run across a taxpayer who “helped” out a family or a friend and wants to deduct the money given as a charitable contribution. They are always shocked to find out that helping your neighbor isn’t tax deductible unless its through [...] > read more

Fixing Your Tax Return If You Messed It Up

Published on 2011-10-02 09:55:16

By Stacie Kitts, CPA So you filed your tax return and now you’ve discovered that it’s all wrong or you simply forgot to include something. Not to fret, there is a way to fix it all up. Ultimately, the IRS will “fix” it for you if you forget to add a W2 or a Form [...] > read more

IRS Patrol – New: Surviving Spouses to Benefit from Portability Election; Estate Tax Return Required to Make this Choice For Some, Form 706 Due as Early as Oct. 3

Published on 2011-10-01 10:13:38

By Stacie Kitts Folks – here is info on the new portability election eliminating the need for spouses to retitled property and create trusts solely to take advantage of each spouses exclusion amount. Read on….. IR-2011-97, Sept. 29, 2011 WASHINGTON — The Internal Revenue Service today reminded estates of married individuals dying after 2010 that [...] > read more

Tax Deductions for Unemployed Persons Looking For Work

Published on 2011-10-01 09:54:30

By Stacie Kitts, CPA There are so many people looking for work, I agree it’s was a good idea to remind people that there is a tax deduction waiting for taxpayers. Although – I think some of the restrictions here are totally bogus as it applies to this economy. I think the restrictions should be [...] > read more

IRS Patrol – 2010 Form 8939 is Due Nov. 15; Reporting Option Applies to Many Large Estates

Published on 2011-09-30 09:59:48

WASHINGTON – The Internal Revenue Service issued guidance today on the treatment of basis for certain estates of decedents who died in 2010. The guidance assists executors who are making the choice to opt out of the estate tax and have the carryover basis rules apply. Form 8939, the basis allocation form required to be [...] > read more

WooHoo Mileage Rate Increases to 55.5 Cents for Last 6 Months of Year

Published on 2011-06-23 13:22:04

WASHINGTON — The Internal Revenue Service today announced an increase in the optional standard mileage rates for the final six months of 2011. Taxpayers may use the optional standard rates to calculate the deductible costs of operating an automobil > read more

Is Stripping An Art Form or An Obscenity – Kelly Phillips Erb Explains The Tax Connection

Published on 2011-06-18 21:45:45

By Stacie Kitts CPA These days I rarely have time to do anything that doesn’t directly involve running my accounting firm. But Kelly – also known as the TaxGirl ® penned an article that caught my eye Strip Club Doesn’t Meet “Ba > read more

FBAR Reporting Extended to November 1, 2011 For Certain Persons With Signature Authority Over Accounts Held During Years 2009 or Earlier

Published on 2011-06-16 12:47:17

Notice 2011-54 provides additional administrative relief to persons whose requirement to file Form TD F 90-22.1, Report of Foreign Bank and Financial Accounts (FBAR), to report signature authority over foreign financial accounts held during calendar > read more

Preparer Competency Examination Update – It’s Time to Put In Your 2Cents

Published on 2011-06-07 11:51:34

If you want to tell the IRS exactly what you think the content of the competency exam should be, now is the time. Notice 2011-48 invites comments. Notice 2011-48 invites public comments on the content and administration of the registered tax return > read more

IRS Patrol -Tax Credit For New Markets (NMTC) Proposed Changes

Published on 2011-06-07 11:31:09

WASHINGTON — The U.S. Treasury Department and the Internal Revenue Service today announced proposed changes to the new markets tax credit (NMTC) program to encourage more investment in non-real estate businesses located in low-income communities. T > read more

IRS Patrol – FBAR Filing Deadline Extended for Certain Financial Professionals

Published on 2011-05-31 16:15:39

WASHINGTON — The Internal Revenue Service and the Financial Crimes Enforcement Network (FinCEN) today announced that a small subset of individuals with only signature authority required to file the Report of Foreign Bank and Financial Accounts (FBA > read more

Retirement Plans for Self-Employed People

Published on 2011-05-24 10:18:11

Are you self-employed? Did you know you have many of the same options to save for retirement on a tax-deferred basis as employees participating in company plans? Here are highlights of a few of your retirement plan options. Savings Incentive Match Pl > read more

Recovering Bubblehead- Unfortunately, There is No 12 Step Program

Published on 2011-05-23 16:05:20

By Stacie Kitts, CPA I like to think of myself as a recovering recovered bubblehead. You might know the type, she was portrayed by Calista Flockhart in the late 90′s as Ally McBeal. The character was described as “annoying and demeani > read more

Messing with Their Taxes Creates All Kinds of Bad for a San Juan Couple

Published on 2011-05-17 14:01:16

By Stacie Kitts, CPA When I read a story about someone who appears to have been messing with the tax system for some thirty years, it makes me wonder…..who in the heck did their taxes, and why did it take so long to get busted. The Orange County Di > read more

Read This if you Need More Time to Pay Your Taxes

Published on 2011-03-31 21:08:48

I can’t take credit for this headline. But it sounds like something I would write. Someone at the IRS thinks like me – scary thought! � Taxpayers who owe taxes may be relieved to know that there are some options for those who owe > read more

Another Dreaded IRS Reporting Requirement Gets Interim Guidance Today. Health Coverage Reporting Requirement on Form W2

Published on 2011-03-29 15:59:37

By Stacie Clifford Kitts, CPA Well here it is, guidance on more reporting requirements. If you are an employer providing health insurance coverage for your employees, Good For You. And….. now the IRS wants to track it. So add this to the > read more

Busy Season Break – Fun Accounting and Tax Videos

Published on 2011-03-18 11:17:05

Filed under: IRS > read more

For My Student Followers – an Explanation of IRS Guidance Sent Out Into The Cosmos

Published on 2011-03-18 10:15:40

Are you looking for some information that will explain all the available IRS guidance sent out into the cosmos? The following is a list of explanations/definitions should you be interested, need some reading material, or want something to put you to > read more

2011 Auto Depreciation Deduction Limitations – (and a classic video from The Cars)

Published on 2011-03-17 16:30:39

By Stacie Clifford Kitts, CPA Well, I’m a bit late in the posting of this Revenue Procedure released March 1 by the Internal Revenue Service. But in my defense, we are a tiny bit busy this time of year. Revenue Procedure 2011-21 provides the > read more

Ten Tax Tips For Farmers at Tax Time

Published on 2011-03-13 20:15:12

Farmers, does you tax preparer know these 10 important tax tips? No? Yes? They should…. If you are in the business of farming, there are a number of tax issues that you should consider before filing your federal tax return. The IRS has co > read more

IRS Reminds Taxpayers How To Provide Earthquake Relief For Japan

Published on 2011-03-11 15:24:27

By Stacie Clifford Kitts, CPA The IRS today issued a reminder for individuals, businesses and charitable organization that wish to provide assistance to the victims of Japan’s devastating 8.9 magnitude earthquake. Its important to remember, if > read more

Who Gets to Claim the Childcare Credit

Published on 2011-02-17 16:29:10

By Stacie Clifford Kitts, CPA You might be confused about who can claim the childcare credit……especially if you are divorced, separated, or splitting your dependents between yourself and your ex-spouse. Maybe you are paying the childcar > read more

Stacie’s More Tax Tips Makes a Top Something or Other List

Published on 2011-02-13 14:27:44

By Stacie Clifford Kitts, CPA Seems like I am always reading someones top something… tax/accounting/business list and it always makes me wonder – just how does someone get on this list anyway????? Like for example take Accounting Toda > read more

Mr. Shulman Our Fearless IRS Leader Is At It Again: Introducing the 2011 Offshore Voluntary Disclosure Initiative – Pay A Penalty and Stay Out of Jail

Published on 2011-02-09 11:33:21

By Stacie Clifford Kitts, CPA Well, he is at it again. Mr. Shulman our fearless IRS leader, said that his goal is to get people back into the U.S. tax system, and that’s why the IRS has decided to announced the 2011 Offshore Voluntary Disclosur > read more

Parents of Children With Disabilities Don’t Miss Out on Tax Credits and Benefits

Published on 2011-02-03 16:53:43

All though the IRS tax tip series is generally good, some tips are better than others. The following tip is one of the better ones. � Taxpayers with disabilities and parents of children with disabilities may qualify for a number of IRS tax c > read more

The IRS on Your IPhone – Really-Really? When Did They Find The Time?

Published on 2011-01-25 12:19:36

By Stacie Clifford Kitts, CPA I’ll say it. The IRS on your IPhone – Really – Really? Everybody’s got an app so I shouldn’t be surprised about the IRS’s latest announcement of their new app IRS2Go. But really, S > read more

Happy Valentines! A Gift of Tax Filing For Your Sweetheart

Published on 2011-01-20 17:22:58

By Stacie Clifford Kitts, CPA Feb. 14 is the magic filing date. Well, I guess the IRS finally figured it out and reprogrammed their computer system to accommodate the new tax changes.. If you file Schedule A that is you itemize, or you will take > read more

HERE’S A LESSON IN QUESTIONABLE CUSTOMER SERVICE – DON’T MESS WITH SOMEONE WHO HAS A BLOG THAT PEOPLE ACTUALLY READ

Published on 2011-01-13 20:37:40

By Stacie Clifford Kitts CPA I just can’t help myself. I need to tell you because you are not going to believe what I am doing right now. If you are familiar with popular tax and write-up software companies, i.e. you’re a CPA or tax pro > read more

Picking Apart the IRS’ Top 10 Tax Time Tips

Published on 2011-01-10 15:51:35

By Stacie Clifford Kitts, CPA The IRS has started their seasonal “Tax Tip” campaign. I do like these tips. They cover many of the general questions that taxpayers ask. In the interest of having a little fun, let’s pick apart Tax Tip 20 > read more

2010 in Review – The Health of Stacie’s More Tax Tips – I Feel Like Doing The Snoopy Dance!

Published on 2011-01-02 21:35:04

I think the stats presented below provide interesting insight into my blog, so I thought – what – the – heck – why not share. so let’s see - 25,000 visitors (like I said see below) may seem like a drop in the bucket > read more

Some Tax Payers Will Need to File Their 1040 Later Rather Than Sooner This Coming Filing Season

Published on 2010-12-23 15:09:15

By Stacie Clifford Kitts, CPA Heads up for all taxpayers eager to file your 2010 tax return. The IRS has announced that last weeks changes in the tax law ie the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010, exte > read more

Are You All a Twitter About Tax News? Now You Can Follow The IRS @IRSnews

Published on 2010-12-07 14:14:41

By Stacie Clifford Kitts, CPA Oh Yippee, the IRS has joined the Twitter fray. The social media storm has engulfed the treasury. But maybe – do you think – someone might have given Timmy Geithner a copy of Social Media Strategies for P > read more

2011 Standard Mileage Rates

Published on 2010-12-03 15:55:16

Look out, the IRS announced the new mileage rates for 2011. Read on for more information. WASHINGTON — The Internal Revenue Service today issued the 2011 optional standard mileage rates used to calculate the deductible costs of operating an autom > read more

IRS Patrol: IRS Provides Help For Small Employers Eligible to Claim the Small Business Health Tax Credit for the 2010 Tax Year.

Published on 2010-12-02 17:31:49

Help is always nice to get – specially with all the new tax rules out there – and more on the way. I can hardly keep them all straight. If you are wondering if you qualify for this credit read on. WASHINGTON — The Internal Revenue S > read more

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