Well it is the end of the year; time for the holidays and the government to run out of money (falalalala). So our leaders got together and, after weeks of careful planning and negotiation, came up with a 1603 monster of a spending bill. See this article by Deirdre Walsh at CNN for more of what is in this bill: http://www.cnn.com/2014/12/10/politics/policy-riders-spending-bill/ Some interesting provisions are that government funds can’t be used by officials to commission expensive portraits of themselves to hang in hearing rooms and other areas – private funds have to be used, more wheat bread in schools, and incandescent light bulbs are still legal. See this last minute bill was worth the wait – oh yeah, it also funds the government until next September. The bill is supposed to come up for a vote today. For financial, accounting and tax musings, You can count on us to count for you! Email: bstonercpa@sbcglobal.net Phone: 818-317-6035 Website: www.briantstonercpa.com Android and the IPhone: Has been Featured On https://twitter.com/bstonercpa
Burbank CPA Tax Musings: Deadline Looms for Voluntary IRS Registration
Uncredentialed tax preparers (preparers who are not RTRPs, CPAs or Enrolled Agents) have until the end of December to get their requirements met to participate in the IRS voluntary Annual Filing Season Program. If qualified, the IRS will issue a Certificate of Completion (suitable for framing, no doubt) that gives the preparer something to show clients and prospective clients that they have completed the AFSP and will be included in the list of qualified preparers soon to come on the IRS website starting next year. See more info in this article by Jeff Stimpson in Accounting Today: http://www.accountingtoday.com/news/irs-watch/deadline-looms-for-voluntary-irs-registration-72976-1.html Since the IRS lost the ability to require preparers to become an RTRP in court, this new program is the result. Since it is voluntary this passes muster and so the Service can say it is trying to give taxpayers more information on qualified preparers (I wonder if the RTRPs, CPAs and EAs will be on that website list, too?) For financial, accounting and tax musings, You can count on us to count for you! Email: bstonercpa@sbcglobal.net Phone: 818-317-6035 Website: www.briantstonercpa.com Android and the IPhone: Has been Featured On https://twitter.com/bstonercpa
CPA Tax Musings: What Tax Breaks Are Extended in the House Tax Bill?
As we discussed before, the House passed a one year renewal of nearly 50 tax deductions and credits that would expire in 2014. Here is a list of what will be saved in this posting by Andrew Lundeen and Kyle Polmerleau in Tax Foundation: http://taxfoundation.org/blog/house-passes-one-year-renewal-tax-extenders Important for businesses is the extension of bonus depreciation and section 179 increased expensing limits plus the Work Opportunity and Research Credit. Individuals will benefit from extensions of the itemized deduction for state and local sales tax (versus state income tax), the above the line deduction for higher education tuition and fees, the $250 above the line deduction for educator expenses and Private Mortgage Insurance as an itemized deduction. The Senate supposedly will vote on the bill without amendments on Wednesday or Thursday. Hopefully it will pass, as the President has said he will sign it. Stay Tuned. For financial, accounting and tax musings, You can count on us to count for you! Email: bstonercpa@sbcglobal.net Phone: 818-317-6035 Website: www.briantstonercpa.com Android and the IPhone: Has been Featured On https://twitter.com/bstonercpa