New PTIN Requirements for Tax Return Preparers (attorneys, CPAs, enrolled agents)

New regulations require all paid tax return preparers (attorneys, CPAs, and enrolled agents) to apply for a Preparer Tax Identification Number (PTIN)  before preparing any federal tax returns in 2011. Notice 2011-11 (PDF): Relief for Tax Return Preparers Who Have Pending PTIN Applications Notice 2011-6 (PDF): Implementation of Rules Governing Tax Return Preparers (transition guidance […]

2011 OVDI letter – How to make a Voluntary Disclosure?

The 2011 Offshore Voluntary Disclosure Initiative (OVDI) is offered to those taxpayers with offshore accounts or assets. Please follow the new process outlined below. Pre-Clearance: Taxpayers or representatives may fax to the IRS Criminal Investigation Lead Development Center. IRS Criminal Investigation will then notify taxpayers or their representatives via fax whether or not they have […]

Free Accounting Software

Outright Outright is free online solution. There is no monthly fee, no credit card required, no trial or expiration dates.  They also offer premium version Outright Plus with more features. Outright website   Systems Online Free Accounting Software from Systems Online Inc. Overview Download   Express Accounts (NCH software) A free version of  bookkeeping software […]

Federal Minimum Wage

The federal minimum wage provisions are contained in the Fair Labor Standards Act (FLSA). The federal minimum wage is $7.25 per hour effective July 24, 2009. Many states also have minimum wage laws. Some state laws provide greater employee protections; employers must comply with both. The FLSA does not provide wage payment collection procedures for […]

Minimum Wage Laws in the States

Minimum Wage Laws in the States : Basic Minimum Rate (per hour), Premium Pay and After Designated Hours (Daily,  Weekly). Click here for details about Minimum Wage and Overtime Premium Pay Standards Applicable to Nonsupervisory NONFARM Private Sector Employment. Consolidated State Minimum Wage Update Table The state minimum wage rate requirements, or lack thereof, are […]

Second Special Voluntary Disclosure Initiative for Offshore Assets (through Aug. 31, 2011)

The Internal Revenue Service announced a special voluntary disclosure initiative designed to bring offshore money back into the U.S. tax system and help people with undisclosed income from hidden offshore accounts get current with their taxes. The new voluntary disclosure initiative will be available through Aug. 31, 2011. “As we continue to amass more information […]