By the time this post hits the I-net the life of a CPA in public practice in South Carolina has probably been fully emerged into “busy season” or “tax season.” Thanks to the US Government some years ago, the Internal Revenue Code forced most S Corps, partnerships and trusts to adopt a December 31 year end. The now popular term “workload compression” has came about and surely describes the time period between January 1st and April 15th. Although I have never read any statistics, I believe that, conservatively speaking, 75% of all US taxpayers across this country must file returns or apply for extension no later than April 15th of each year.
Though you may be completely immersed in busy season, take time to watch this 17-minute video from the folks at ACPEN, a professional training consortium of nearly 40 state CPA societies, including SCACPA. The video provides an overview of recent tax developments and several practice tips that CPAs might find useful.
And though relatively few major changes are on the books this year and it’s 2011 that looks unpredictable, there are still plenty of issues to consider. Among the items up for discussion are:
- debt forgiveness and insolvency,
- foreign investments and unreported foreign income,
- electronic filing and obtaining transcripts from the IRS,
- adjustments to withholding tables,
- the first-time homebuyer tax credit,
- and, of all things in this tough economy, capital gains.
Watch the video in its entirety here, then check out these other tax season resources:
- IRS 1040 Central: http://www.irs.gov/individuals/article/0,,id=118506,00.html
- IRS resources for tax pros: http://www.irs.gov/taxpros/index.html
- Tax-advice brochures: http://www.aicpa.org/Professional+Resources/CPA+Marketing+Toolkit/Brochures.htm
Blogger: Charles ‘Eddie’ Brown, CPA