29. January 2011 by admin.

Wednesday, January 26, 2011

IRS Names 10 New Members to IRPAC

The Internal Revenue Service today announced the selection of 10 new members in 2011 for the Information Reporting Program Advisory Committee (IRPAC).

“Members of IRPAC provide industry perspective and recommendations that assist the IRS in making decisions about third-party information reporting, which is important to sound tax administration,” said IRS Commissioner Doug Shulman.

The new appointees will join 14 returning members who are in the second or third year of their three-year terms.

The following people have been appointed to serve on the committee:

Susan R. Boltacz, JD, CPA of Atlanta, Ga. Boltacz is a Group Vice President, Tax Counsel and Director of Tax Information Reporting at Sun Trust Bank. She has been advising on tax information reporting issues and implementing tax information reporting requirements for financial services and telecommunications industries for over 21 years. She is a member of the Tax Section of the American Bar Association.

Duncan W. Brennan, of Washington, D.C. Brennan is Manager of the Legal Support Group at Burt, Staples & Maner, LLP. He is experienced working with domestic and nonresident withholding and information reporting and holds a Masters of Public Policy Degree.

Julia K. Chang, CPA, of Pacific Palisades, Calif. Chang has worked in the accounting field for over 30 years, specializing in taxation. She is a member of AICPA and the California Society of CPAs.

Terrance C. Coppinger, CPA, of New York. Coppinger is a Director at Deloitte Tax, LLP. He has been advising clients on tax information reporting for more than 15 years. He is a member of the Tax Section and the Personal Financial Specialist Section of the AICPA, and the IRS Relations Committee of the New York State Society of CPAs.

Rebecca M. Harshberger, a Certified Payroll Professional of Burbank, Calif. Harshberger is Director, Payroll Tax Administration at GEP, Administrative Services, Inc. She has over 10 years experience in tax information reporting. She is on the Board of directors of the Los Angeles Chapter of the American Payroll Association and is a member of APA.

Anne W. Jetmundsen, CPA, of Tampa, Fla. Jetmundsen is a Tax Advisor to the University of South Florida. She advises the University on payroll, purchasing and accounts payable and information reporting obligations. She is Chair of the Taxation Subcommittee of the Inter-institutional Committee on Finance and Accounting (ICOFA) and a member of the Tax Council of the National Association of College and University Business Officers (NACUBO).

Tony Y. Lam, JD, CPA, of Owings Mills, Md. Lam is an Associate Tax Counsel at T. Rowe Price Associates, Inc. He addresses the legal requirements of tax information reporting and withholding for millions of investor accounts and retirement plan participant accounts both domestic and foreign. He is a member of the Investment Company Institute’s Tax Committee.

Michael M. Lloyd, JD, CPA of Washington, D.C. Lloyd is a Member/Counsel/Senior Associate of Miller & Chevalier Chartered. He advises clients in the areas of tax and employee benefits with a focus on cross-border payment reporting and withholding, domestic information reporting, employment tax reporting, fringe benefits, executive compensation and penalty abatement. He is a member of the AICPA and the Section of Taxation of the American Bar Association.

Jeffrey N. Mason, JD, of Salem, N.C. Mason is Tax Counsel, Corporate Tax Department at Wells Fargo & Company. He has 10 years experience ensuring compliance with information reporting requirements in the banking industry. He is a member of the SIFMA Tax Compliance Committee.

Lonnie Young, CPA, of Lake Mary, Fla. Young is owner of Young & Company, LLC. His firm prepares corporate, partnership, trust and individual returns as well as payroll information returns. He is a member of the AICPA and the National Society of Accountants.

The IRPAC was established in 1991 and focuses on information reporting issues. The committee’s purpose is to provide an organized public forum for discussion of relevant tax administration issues between IRS officials and representatives of the public.

Posted in Payroll Tax, Newsletter Topics, Retirement Accounts, International Taxation, Sub S Corporations, Income Tax, LLC's, General | 2 Comments »

24. August 2010 by admin.

There is a great deal of mis-conception about the deductibility of Hot Tubs & Pools. 

First, you must have a doctor’s prescription. 

Second, how much did it really cost you?  The theory is the Pool or Hot Tub has added value to the home.  Let’s say the item cost $15,000.  It has not added $15,000 to the value of the home.  It’s like buying a new car.  Drive it off the lot and its worth less than when you purchased it. 

Let’s assume it has an added value to the home of $10,000.  That means you lost $5,000. 

You lost $5,000 BUT you must divide that by the number of people in the home.  If 4 people live there, your deduction is only worth $1,250. 

The deduction is included in medical expense which is limited by 7.5% of your Adjusted Gross Income. 

Posted in Newsletter Topics, Income Tax, General | 5 Comments »

6. January 2010 by admin.

CONSUMER ALERT! Please be aware that COMPLIANCE SERVICES (not to be confused with the Florida corporation, Compliance Services, Inc.) is mailing notices to new business entities wanting “Annual Minutes” and a fee of $125. be paid for filing.

These notices are NOT from the Dept. of State, Division of Corporations. “Annual Minutes” are NOT required to be filed with any agency (in an audit the IRS may ask for them to prove you are acting as a corporation.. if it looks like a duck and quacks like a duck kind of thing….. if you need to know more about the QUACKing thing, contact us at www.USATaxHelp.com 

Annual Minutes are to be kept by the business entity itself. Please do not confuse these notices with the messages sent by the Division of Corporations reminding each business entity to file its 2010 Annual Report.

Posted in Newsletter Topics, Sub S Corporations, LLC's, General | 5 Comments »

6. January 2010 by admin.

NEW LAW! Effective July 1, 2009, the intention to register a fictitious name must be advertised at least once in a newspaper in the COUNTY in which the principal place of business will be located. Your local newspaper should be contacted for advertising information.

Posted in Newsletter Topics, Sub S Corporations, LLC's, General | 1 Comment »