IRS PATROL « Stacie's More Tax Tips

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

Posted on October 10, 2011 by Stacie Clifford Kitts

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 [...]

Filed under: Form W-2, FORMS, IRS, IRS PATROL | Tagged: Employment, Flexible spending account, HEALTH INSURANCE, Health Reimbursement Account, Health savings account, Internal Revenue Service, IRS tax forms, January 2013, Stacie Clifford Kitts, Stacie Kitts | Leave a Comment »

HeLp fOr PeOpLe iN DiSaStEr SiTuAtIoNS

Posted on October 7, 2011 by Stacie Clifford Kitts

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 [...]

Filed under: IRS, IRS PATROL | Tagged: Business, Disaster area, Emergency management, Income tax, Internal Revenue Service, IRS, Stacie Clifford Kitts, Stacie Kitts, Tax, Tax return (United States) | Leave a Comment »

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

Posted on October 1, 2011 by Stacie Clifford Kitts

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 [...]

Filed under: ESTATE TAXES, FILING YOUR TAX RETURN, IRS, IRS PATROL | Tagged: Inheritance tax, Internal Revenue Service, IRS, Porting, Stacie Clifford Kitts, Stacie Kitts, Tax, Tax return (United States), Washington, Widow | Leave a Comment »

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

Posted on September 30, 2011 by Stacie Clifford Kitts

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 [...]

Filed under: FILING YOUR TAX RETURN, IRS, IRS PATROL | Tagged: Carryover basis, Economic Growth and Tax Relief Reconciliation Act of 2001, Executor, Inheritance tax, Internal Revenue Service, Opt-out, Stacie Clifford Kitts, Stacie Kitts, Tax, Tax Relief Unemployment Insurance Reauthorization and Job Creation Act of 2010 | Leave a Comment »

IRS Patrol – IRS Reminds Taxpayers that the Aug. 31 Deadline Is Fast Approaching for the Second Special Voluntary Disclosure Initiative of Offshore Accounts

Posted on September 27, 2011 by Stacie Clifford Kitts

WASHINGTON — U.S. taxpayers hiding income in undisclosed offshore accounts are running out of time to take advantage of a soon-to-expire opportunity to come forward and get their taxes current with the Internal Revenue Service. The IRS today reminded taxpayers that the 2011 Offshore Voluntary Disclosure Initiative (OVDI) will expire on Aug. 31, 2011. Taxpayers [...]

Filed under: FBAR, FILING YOUR TAX RETURN, FOREIGN BANK ACCOUNT REPORTING, FOREIGN REPORTING, IRS PATROL, UBS | Tagged: Bank, Douglas Shulman, Internal Revenue Service, IRS, Offshore bank, Report of Foreign Bank and Financial Accounts, Stacie Clifford Kitts, Stacie Kitts, Tax, Taxation in the United States, United States | Leave a Comment »

IRS Patrol – IRS Announces New Voluntary Worker Classification Settlement Program; Past Payroll Tax Relief Provided to Employers Who Reclassify Their Workers as Employees

Posted on September 26, 2011 by Stacie Clifford Kitts

If you or your clients think there might be an issue with the classification of employees – that is, are your workers independent contractors or not, now is the time to look into correction. WASHINGTON – The Internal Revenue Service launched a new program that will enable many employers to resolve past worker classification issues [...]

Filed under: EMPLOYEE, ESTIMATED TAX, ESTIMATED TAX AND WITHHOLDING, IRS, IRS PATROL, PAYROLL, WAGES | Tagged: Douglas Shulman, Employment, FAQ, Independent contractor, Internal Revenue Service, IRS, Payroll tax, Stacie Clifford Kitts, Stacie Kitts, Tax | Leave a Comment »

IRS Releases Specifications for Registered Tax Return Preparer Test – Doesn’t it just give you the chills?

Posted on September 7, 2011 by Stacie Clifford Kitts

By Stacie Kitts, CPA Here it is, what all un-registered (non CPA’s, attorneys, or enrolled agent) tax preparers have been waiting for. The specs for the competency test that will award those who pass the title of “Registered Tax Return Preparer.” Wowwee doesn’t it just give you the chills…. No – well maybe that’s because [...]

Filed under: COMMENTARY, IRS, IRS PATROL, TIPS FOR ACCOUNTANTS | Tagged: Certified Public Accountant, Enrolled Agent, Income tax, Internal Revenue Service, IRS tax forms, Preparer Tax Identification Number, Stacie Clifford Kitts, Stacie Kitts, Tax, Tax preparation | Leave a Comment »

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

Posted on June 23, 2011 by Stacie Clifford Kitts

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 automobile for business and other purposes. The rate will increase to 55.5 cents a mile for all [...]

Filed under: AUTO, DEDUCTIONS, IRS PATROL, MILEAGE RATES | Tagged: Business, Doug Shulman, Douglas Shulman, Gasoline and diesel usage and pricing, Internal Revenue Service, Rates (tax), Stacie Clifford Kitts, Tax, United States | Leave a Comment »

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

Posted on June 16, 2011 by Stacie Clifford Kitts

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 year 2009 or earlier calendar years was properly deferred under Notice 2009-62, 2009-35 I.R.B. 260, or Notice 2010-23, 2010-11 I.R.B. [...]

Filed under: FBAR, FOREIGN BANK ACCOUNT REPORTING, FOREIGN REPORTING, IRS PATROL | Tagged: Bank Secrecy Act, Department of the Treasury, Financial Crimes Enforcement Network, Internal Revenue Service, Stacie Clifford Kitts, United States Treasury Department | Leave a Comment »

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

Posted on June 7, 2011 by Stacie Clifford Kitts

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 preparer competency examination (competency examination). The Treasury Department and the Internal Revenue Service [...]

Filed under: IRS, IRS PATROL | Tagged: Accounting, Internal Revenue Service, IRS tax forms, Stacie Clifford Kitts, Tax, Tax return (United States), Treasury Department | Leave a Comment »

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

HeLp fOr PeOpLe iN DiSaStEr SiTuAtIoNS

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

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

IRS Patrol – IRS Reminds Taxpayers that the Aug. 31 Deadline Is Fast Approaching for the Second Special Voluntary Disclosure Initiative of Offshore Accounts

IRS Patrol – IRS Announces New Voluntary Worker Classification Settlement Program; Past Payroll Tax Relief Provided to Employers Who Reclassify Their Workers as Employees

IRS Releases Specifications for Registered Tax Return Preparer Test – Doesn’t it just give you the chills?

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

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

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

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