Tech & Tax Developments
Automatic Procedures for Changing Accounting Methods Updated
January, 10, 2011
The IRS released updated procedures under which taxpayers can receive automatic consent to change their accounting methods (Revenue Procedure 201114). The revenue procedure updates prior guidance contained in Revenue Procedures 200852 and 200939 and gives additional accounting method changes for which taxpayers can obtain automatic consent.
Congress Enacts Tax Cut Extensions
January, 11, 2011
Congress in December sent to President Barack Obama for his signature the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010, HR 4853, which postpones the sunset of the 2001 and 2003 tax cuts, temporarily reduces the estate tax and extends a number of expired provisions.
IRS Updates Guidance on Adequate Disclosure of Positions
December, 29, 2010
The IRS has released updated guidance identifying when a taxpayer’s disclosure of an item or position in an income tax return is adequate for purposes of reducing the understatement of tax penalty and the tax return preparer penalty for understatement due to unreasonable positions.
Tax Foundation releases state business tax index
December, 8, 2010
South Dakota's tax system is most welcoming to economic activity while New York's tax code ranks 50th as the least hospitable, according to the Tax Foundation's most recent edition of the State Business Tax Climate Index, which ranks the tax systems of the 50 states.
Tax planning for IFRS adoption might be slowing
July, 20, 2010
A sense of urgency once felt in tax departments to prepare for the potential implications of IFRS might have been replaced in recent months by uncertainty, as regulatory bodies issued statements seeming to indicate a slowing in the pace of movement toward adoption of IFRS.