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Maximizing the Section 199 Deduction

Starting this year, the domestic manufacturing deduction increases to 9% of income from eligible activities.

IRS Expands Use of Electronic Payments, Discontinues Paper Coupons

The IRS has issued proposed regulations that would eliminate paper coupons for deposits of employment taxes, corporate income and estimated taxes, and many other taxes (REG-153340-09). The paper coupon payment system will be shut down at the end of this year.

IRS Posts Revised Form 941 and Instructions for Claiming New Hire Payroll Tax Exemption

On May 18, the IRS posted a new version of Form 941, Employer’s QUARTERLY Federal Tax Return, and its instructions for claiming the special payroll tax exemption that applies to new workers hired in 2010.

Many Small Nonprofits May Lose Tax-Exempt Status

Many small nonprofit organizations with annual receipts of less than $25,000 will lose their tax exempt status if they do not file a full return or a Form 990 N, an electronic notice e-postcard, with the Internal Revenue Service by May 15.

Cash vs. Accrual and Why Accounting Matters for Taxes

When you're running a small business, it may seem like deciding between cash and accrual accounting is just one more thing on the long list of things you need to get done. But the fact of the matter is...

Tax Bills in 2009 at Lowest Level Since 1950

Amid complaints about high taxes and calls for a smaller government, Americans paid their lowest level of taxes last year since Harry Truman's presidency, a USA TODAY analysis of federal data found.

Dealing With Clients in Financial Distress

Managing receivables is difficult in the best of times and these challenges have been made even more difficult by the current economic environment. But there are several steps your CPA firm can take to help collection efforts.

Ten Ways to Reduce Your Taxes Whether You Itemize or Not (PDF)

You don’t have to itemize to find opportunities for savings on your taxes. But be sure to select your tax form carefully and read the instructions thoroughly. Not every deduction or credit appears on every form. While some deductions and credits have their own lines, others do not. You are required to do some hunting and may have to fill in the blanks to take advantage of them.