Latest News
1.27.2012
IRS Warns of Tax Refund Delays
The Internal Revenue Service warned Thursday that tax refunds could be delayed a week this tax season because of new anti-fraud safeguards.
1.18.2012
Tax Alert from Don Barnes
The Tax Court issued a decision yesterday negating an automatic accounting method change based on a cost segregation study because the taxpayer had agreed to an IRC 1060 allocation which described the assets acquired as "buildings" and "real property improvements," rather than machinery, equipment or fixtures. Peco Foods Inc. v. Comminsioner, T.C. Memo. 2012-18. The Court held the taxpayer was bound by the characterization of the assets in the allocation schedule entered into with the seller of the assets.
1.18.2012
Maryland Taxpayers Face Across the Board Tax Increases
Governor Martin O'Malley, taking a que from the administration's "tax the rich" to pay for the budget shortfalls, has proposed a host of new taxes for Maryland residents. The rich (individuals making more then $100,000) will face higher state taxes under O'Malley's proposal. He is seeking new taxes on internet sales, higher fees on water and sewer bills, and higher gasoline taxes, in addition to higher utility rates to help pay for a wind farm off the coast of Ocean City. Maryland faces a 1 billion dollar annual shortfall for the next 10 years. Maryland's competitive disadvantage with Virginia will continue to erode as businesses, and the jobs they create, seek states with more favorable environments to operate in.
1.13.2012
The IRS announces a two month suspension of IRS Modernized e-File Operations of 990 Filers and advises hospital organizations about 2011 filing requirements.
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