IRS Releases Proposed Regulations Related to Fees for Preparer Tax Identification Numbers
WASHINGTON — The Internal Revenue Service today, July 22, 2010, released proposed regulations that would establish a fee for individuals who apply for a preparer tax identification number (PTIN). Proposed regulations that were issued in March would require certain tax return preparers to obtain a PTIN. The IRS is working to finalize those proposed regulations, which are the first of a series of steps planned to increase oversight of federal tax return preparation.
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We are excited to introduce ASV’s 20/20 Membership Campaign!
If you recruit a new member, you and the new member will each receive a $20 credit towards an 1040 Tax In-Depth or an Business In-Depth seminar during that year.
There is no limit to how many $20 credits you can receive, so the more members you bring in, the more money you will save!
When you refer a new member, please ask them to include your name in the “How did you hear about ASV” section, on the application form. Ask them to check the “Other” box and put “Referred by” and your name.
This is a great opportunity and a “win/win” for all! Good luck and happy recruiting.
HAVE YOU MOVED OR CHANGED YOUR ADDRESS?
ASV would like to keep you up-to-date on things affecting the industry. And to do that, we need to have up-to-date contact information for you!
Let Us Know If Yours Has Changed!
Registration and PTIN Required
The IRS released its long-awaited Tax Preparer Regulation Proposal. The proposal does not provide a time line for implementation but notes that the proposal’s recommendations can be implemented through regulations. Consequently, we can expect to see more substance about what will be required in the near future.
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IRS Announces 2010 Standard Mileage Rates
WASHINGTON — The Internal Revenue Service today issued the 2010 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.
Beginning on Jan. 1, 2010, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be:
- 50 cents per mile for business miles driven
- 16.5 cents per mile driven for medical or moving purposes
- 14 cents per mile driven in service of charitable organizations
The new rates for business, medical and moving purposes are slightly lower than last year’s. The mileage rates for 2010 reflect generally lower transportation costs compared to a year ago.
The standard mileage rate for business is based on an annual study of the fixed and variable costs of operating an automobile. The rate for medical and moving purposes is based on the variable costs as determined by the same study. Independent contractor Runzheimer International conducted the study.
A taxpayer may not use the business standard mileage rate for a vehicle after using any depreciation method under the Modified Accelerated Cost Recovery System (MACRS) or after claiming a Section 179 deduction for that vehicle. In addition, the business standard mileage rate cannot be used for any vehicle used for hire or for more than four vehicles used simultaneously.
Taxpayers always have the option of calculating the actual costs of using their vehicle rather than using the standard mileage rates.
Revenue Procedure 2009-54 contains additional details regarding the standard mileage rates.
Membership Areas of Practice Survey
As another benefit of membership, the Accountants Society of Virginia is asking each member to pick from the list below those areas where s/he is comfortable being listed as a resource to other members should a question or need for help arise.
This index will be available only to other ASV members. This is a great way for members to help members so it is hoped that you will participate.
Please complete and return to ASV at either accnsocietyva@aol.com or fax 703-530-9653. Thank you.
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LIVE STREAMING VIDEO ASV now offers you Live Streaming Seminars via Jennings Seminars and Bob Jennings! AND you SAVE 10% off the Seminar cost by registering through ASV's site! |
New Online Retirement Estimator!
Social Security has unveiled a new online financial and retirement planning tool, the Retirement Estimator, which allows individuals to get an immediate and personalized estimate of their potential Social Security retirement benefits.
Based partly on Social Security records and partly on user-entered information, e.g., last year's earnings, the Retirement Estimator provides real time estimates of retirement benefits at specific points in time - age 62, full retirement age, and age 70. "What if" scenarios can also be run by varying the information provided.
The Retirement Estimator is secure; only the benefit estimates are provided online and no personal information is revealed. Some identifying information is required to access the Estimator.
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