The IRS reported that the 2012 filing season moved along without significant problems. The IRS continued to upgrade its return processing programs and systems. Early in the filing season, some filers experienced a short delay in receiving refunds but the delay was quickly resolved.   read more

Clients continually ask some common questions about the need for business valuations. Obviously the main question relates to: How much is my business worth? Before addressing how a business is valued, I thought it would be helpful to highlight what situations may call for a business valuation.   read more

In mid-September 2010, the IRS announced that it was reorganizing LMSB to focus more on international tax compliance. The new division, Large Business and International (LB&I) will have a team dedicated to transfer pricing audits, lead by the IRS� newly-appointed transfer pricing director � a position that never previously existed within the agency. Additionally, the Obama Administration has identified transfer pricing as a perceived tax abuse area and has proposed legislation to substantially impact current planning and reporting requirements.  read more

The Interest Charge Domestic International Sales Corporation (IC-DISC) is the last remaining export incentive available to U.S. exporters.  This little-known provision can be used to defer taxes and reduce your tax rate by up to 20%.  read more.

IRS Gives Start Date For Delayed Returns

The Internal Revenue Service (IRS) has announced that it plans to start processing taxpayers' 2010 federal returns on February 14, 2011. At that time, the IRS will begin accepting both paper and e-filed returns.

 

Estate Tax � $5 Million Exemption and 35% Tax Rate

Congress accepted legislation to reinstate the US estate tax, with an exemption and rates favored by the Republicans.

 

Gift Tax Changes

The gift tax exemption for 2011 and 2012 is increased from $1 million to $5 million for individuals.

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Barnes & Associates Certified Public Accountants, P.A. Announces Foreign Book Now Available on our Website