Elrod

I'm working in the wrong town...

I got more back last year......What happened this year?

Sock-em-in-da-eye.

By Alistair M. Nevius, J.D. March 28, 2013 The IRS lost another round in its court battle to regulate tax return preparers when the U.S. Court of Appeals for the District of Columbia Circuit denied its motion to stay an injunction halting its return preparer regulation program, pending appeal of a lower court’s decision (Loving, No. 1:12-cv-00385-JEB (D.C. Cir. 3/27/13) (order)). http://www.journalofaccountancy.com/News/20137681.htm

R-2013-34, March 28, 2013 WASHINGTON — The Internal Revenue Service today announced a nationwide expansion of the program designed to help law enforcement obtain tax return data vital to their local efforts in investigating and prosecuting specific cases of identity theft. More than 1,560 waiver requests have been received since the Law Enforcement Assistance Program’s inception from over 100 state and local law enforcement agencies in the nine states participating in the pilot. The expansion covers all 50 states as well as the District of Columbia and will be effective Friday, March 29, 2013. http://www.irs.gov/uac/Newsroom/IRS-Expands-Law-Enforcement-Assistance-Program-on-Identity-Theft-to-50-States

Hey....Thanks KC...

Does that mean my gold fish and guppies ain't deductible?....Boy am I up a tree.

My barber gives me tax tips............But...I gotta latta hair.

Back to the jungle...........

Section 263(a)(1) provides that no deduction shall be allowed for any amounts paid out for new buildings or for permanent improvements or betterments made to increase the value of any property or estate. See also Treas. Reg. § 1.263(a)-1(a)(1). Section 263(a)(2) prohibits a deduction for amounts expended in restoring property or in making good the exhaustion thereof for which an allowance is or has been made. Capitalization is the proper treatment for expenditures incurred in new construction. See §§ 263(a) and 263A. Capitalization is also generally required for additions to existing buildings or for installations of material components to buildings or equipment. Quite frequently, new additions are made to already existing property. These additions are not replacement components nor are they repairs to property, but are instead newly installed components. These additions are required to be capitalized. This requirement applies to both § 1245 and § 1250 property. In Tsakopoulos v. Commissioner, T.C. Memo 2002-8, aff’d on another issue without published opinion, 2003-1 USTC ¶ 50,513 (9th Cir. 2003), the court stated that the cost of the work performed on the roof must be capitalized because of the substantial nature of the work done and the work appreciably prolonged the useful life of the roof. For buildings placed in service prior to 1981, a taxpayer was permitted to use component depreciation or composite depreciation. Under component depreciation, a taxpayer allocated the cost of a building to its basic component parts and then assigned a separate useful life to each of these components. S. Rep. No. 97-144 (1981), 1981-2 C.B. 412, 422. Components include the basic building shell, wiring, plumbing, roof, and other identifiable components. Each of the component parts was depreciated as a separate item of property. Under composite depreciation, a taxpayer assigned a single useful life for the building and all of its structural components. http://www.irs.gov/Businesses/Capitalization-v-Repairs-Audit-Technique-Guide#14

You-Bet-Cha!

WASHINGTON —The Internal Revenue Service today provided late-payment penalty relief to individuals and businesses requesting a tax-filing extension because they are attaching to their returns any of the forms that couldn’t be filed until after January. The relief applies to the late-payment penalty, normally 0.5 percent per month, charged on tax payments made after the regular filing deadline. This relief applies to any of the forms delayed until February or March, primarily due to the January enactment of the American Taxpayer Relief Act. Taxpayers using forms claiming such tax benefits as depreciation deductions and a variety of business credits qualify for this relief. A complete list of eligible forms can be found in Notice 2013-24, posted today on IRS.gov. http://www.irs.gov/uac/Newsroom/Relief-Available-To-Many-Extension-Requesters-Claiming-Tax-Benefits

A class-action suit was filed against H&R Block Inc. on Tuesday for the faulty filing of hundreds of thousands of tax returns that led to a delay of payment for as long as six weeks. http://www.bizjournals.com/atlanta/news/2013/03/19/hr-block-return-error-triggers.html

I would also add - Day care - Contractors/subcontractors - Office cleaners - Oh! heck with it....Just everybody..................

Refunds totaling just over $917 million may be waiting for an estimated 984,400 taxpayers who did not file a federal income tax return for 2009, the Internal Revenue Service announced today. However, to collect the money, a return for 2009 must be filed with the IRS no later than Monday, April 15, 2013. http://www.irs.gov/uac/Newsroom/IRS-Has-$917-Million-for-People-Who-Have-Not-Filed-a-2009-Income-Tax-Return

That is simply a sign that they are not reading, or haven't acquired the instructions. I have had numerous people stop by my office for blank 1099s/1096, and when I ask if they want instructions....Oh! no...we did these before. IRS required reporting of income has become a turkey shoot.

When I opened the frig. this morning I see my wife made egg salad sandwich for my lunch today...Yummy! Late night work just steals my time with her.. What a Sweetie....

Hundreds of thousands of taxpayers may have to wait an extra six weeks to receive their tax refunds due to filing errors, the IRS said Tuesday. http://money.cnn.com/2013/03/12/pf/taxes/tax-delay/index.html Tax glitch delays refunds, angers Block customers Read more here: http://www.kansascity.com/2013/03/12/4116809/tax-glitch-delays-refunds-angers.html#storylink=cpy

Elephants fear mice....I'm a feared of elephants.

They pay me for every form/worksheet I prepare for them...........So........They get all of it in it's entirety when they pick it up.

DANG..........I should of had them do mine.......

Officials from the Minnesota Department of Revenue are expected to release more information Monday after issuing a warning last week to not use TurboTax. Revenue officials said Intuit discovered problems with some of its tax return products, including TurboTax, that could delay tax refunds or make them inaccurate. http://www.myfoxtwincities.com/story/21572668/minnesota-turbotax-warning-info

My head hurts when a long time client of mine brings their current year files in to me, all neatly placed in a HRB folder. I just ask, where they got it?.............."In the mail."

My glass is up JB..............Full of Corona..

Julie, Check this...........http://www.irs.gov/pub/irs-pdf/i8824.pdf