 |
News
|
|
July 1, 2008 - Extensions Reduced from Six to Five Months
On June 30, 2008, the IRS issued a temporary, proposed regulation that reduces the
extension time from six months to five months for 1065s, 1120Ss and 1041s.
Since individuals need the K-1 information from partnerships, S corporations, estates,
and trusts to complete their tax returns, the IRS is reducing the six month extension
times for these entities to five months so that individual 1040 filers have a month
to prepare their taxes.
Prior to this adjustment the extension due date for these entities and for individuals
fell on the same date, usually October 15.
This will be effective for extensions on tax returns due on or after Jan. 1, 2009.
June 23, 2008 - The IRS Announces New Mileage Rates
Effective July 1, 2008 through December 31, 2008, the new mileage rate is 58.5 cents
a mile for business miles driven, and 27 cents a mile for medical and moving miles.
Charitable mileage rate remains unchanged at 14 cents a mile.
June 19, 2008 - The Mortgage Relief Act of 2007
June 12, 2008 - Maryland SB 817 has been signed by the governor on June 6 with an
effective date of June 1, 2008.
This law creates a tax professional regulatory board with the power to test, register,
collect registration fees, and regulate tax professionals. The newly-appointed board
will design or select the exam and collect a registration fee and a renewal fee
every two years. Tax professionals must supply the board proof of 16 CPE credits
for the period. Section 21-304 requires the use of the IRS EA (Enrolled Agent) exam
or a test “not less stringent” than the EA Exam. All tax professionals who are not
already CPAs, EAs, or licensed to practice law must take the exam; however, a tax
professional that has 15 consecutive years of individual tax-preparation experience
and has completed at least eight hours of continuing education may be exempt with
the approval of the Board. To qualify to register, the applicant must be of good
character and reputation, at least 18 years of age, possess a high school diploma
or its equivalent, and pass the exam. Each “Registered Individual Tax Preparer”
must register by June 2010.
May 28, 2008 - IRS Accepting Applications for Low Income Taxpayer Clinic Grants
May 28, 2008 - IRS e-file Up Sharply in 2008
March 10, 2008 - Special Economic Stimulus Payment Packages Go to Social Security,
Veterans recipients
February 15, 2008 - More Information on Stimulus Payments Posted to IRS.gov
|
|
|
|