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Senators Express Concern about Accrual Accounting Proposal

{ on Friday, August 8, 2014 in Business Consulting, Tax Planning & Consulting, Uncategorized } New York (August 7, 2014)   By Michael Cohn Nearly half the members of the U.S. Senate have signed a letter expressing concern about a tax reform proposal to require the use of accrual accounting and are urging the leaders of the Senate Finance Committee to preserve the option of the cash method of accounting {}

IRS ISSUES FORM, INSTRUCTIONS AND REVENUE PROCEDURE FOR SIMPLIFIED EXEMPT ORG APPLICATIONS

{ on Thursday, July 3, 2014 in Blog, Tax Planning & Consulting } IRS has released Form 1023-EZ (Streamlined Application for Recognition of Exemption Under Section 501(c)(3) of the Internal Revenue Code), detailed instructions to the form, and an equally detailed revenue procedure covering the form. Form 1023-EZ is generally available for U.S. organizations with assets of $250,000 or less and annual gross receipts of $50,000 or less. {}

What are your chances of being audited? IRS’s 2013 data book provides some clues

{ on Wednesday, March 26, 2014 in Blog, Business Consulting, Tax Planning & Consulting } IRS has issued its annual data book, which provides statistical data on activities conducted by IRS from Oct. 1, 2012, to Sept. 30, 2013, and includes information about returns filed, taxes collected, enforcement, taxpayer assistance and IRS’s budget and workforce. In addition, the data book provides valuable information about how many tax returns IRS examines {}