Miscellaneous Tax Stuff

Those of you who know me personally are aware that I’ve been in the throes of rehearsals for a play that I’m currently performing in. While performing in community theater is something I love to do (my favorite ‘extra-curricular activity’), I have to admit that it takes up a lot of time, especially the week before opening (commonly referred to as ‘hell week’). Now that this has passed, I find myself scrambling for something to write about, to keep to my self-imposed Monday posting deadline. I decided to write some brief notes about ‘miscellaneous tax stuff’, gleaned from recent IRS e-newsletters. It’ll be the equivalent of a series of mega-tweets!

Cell Phones-o.k., show of hands…how many of you knew about IRS’s recordkeeping requirements for employer-provided cell phones? None of you? Well that’s fine, since the Small Business Jobs Act of 2010 removed those requirements. A few days ago, IRS issued guidance on the treatment of employer-provided cell phones, to clarify the tax and recordkeeping treatment.

2010 Estates-the other day IRS announced that ‘large estates’ (normally those over $5M) will have until Jan 17, 2012 to file Form 8939, which is a special carryover basis form. This form was previously due Nov 15, 2011. IRS had been slow getting this form out to the public, so is granting the extra time for filing it.

2012 IRS Tax Forums-for anybody who just can’t get enough of the IRS and taxes, the 2012 Tax Forum series has been announced (woo hoo!). There will be forums in Orlando, San Diego, Chicago, Atlanta, Las Vegas, and New York City, so make your reservations now!

Energy Credit-IRS is reminding taxpayers that a credit of up to $1500 is allowed for energy efficient purchases made in 2010. So if your tax return is on extension, don’t forget the credit, if you made the purchases.

IRS Videos on Collections-IRS has a video about understanding IRS Collection Efforts, as well as videos about a broad range of topics, including home office deductions, reporting tips, outsourcing payroll, and others. Check out http://www.irsvideos.gov/individual/payingtaxes

Use of Electronic Accounting Software Records-FAQs-IRS has answered questions about the use of electronic accounting software (such as QuickBooks) vs. using traditional paper books and records. Check out http://www.irs.gov/businesses/small/article/0%2c%2cid%3d238525%2c00.html

List of Organizations with Revoked Tax-Exempt Status-IRS is updating their list of revoked tax-exempt organizations on a monthly basis. To see a list of organizations that have had their tax-exempt status revoked, check out http://www.irs.gov/charities/article/0%2c%2cid%3d240099%2c00.html

I hope you’ve found this ‘stuff’ helpful. Let me know if you have any questions or comments, and let me know what you’d like to see me write about in the coming weeks. Until next time, practice “safe tax”!

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