Latest News!

IRS forcing business software (i.e. QuickBooks) to be turned over if audited
Posted Wed, Nov 02, 2011 04:16:55 PM by Lisa Baskfield modified by Lisa Baskfield

The Internal Revenue Service is moving agressively to collect more taxes from small businesses by now telling companies being audited to turn over exact copies of the electronic records kept in their business-software programs such as QuickBooks, Peachtree, etc.  Companies should be concerned about data privacy, such as client lists and other information stored in their software.  There are options for businesses to protect their data such as making an annual backup with only that years information stored should they be selected for audit.  It is not an option for a business to not provide information to the IRS as they will issue a summons for the data.  It's best to be one step ahead in today's aggressive search for revenue from taxing agencies.


1099 repeal bills pass Senate and House committee
Posted Fri, Feb 18, 2011 11:58:04 AM by Lisa Baskfield modified by Lisa Baskfield

The House Ways and Means Committee voted on Thursday to send to the House floor a bill that would repeal the expanded 1099 reporting requirements enacted last year as part of the health care law and the Small Business Jobs Act. The cost of repeal would be offset by changes to the IRC § 36B health care credit. The vote came after an AICPA letter to the chairman and ranking member of the committee, urging repeal of both provisions. The Senate on Thursday approved repeal of the health care law's provision on expanded 1099 reporting.

IRS opens up efiling for many individual tax returns. Expect delays however!
Posted Tue, Feb 15, 2011 01:14:34 PM by Lisa Baskfield modified by Lisa Baskfield


Financial Protection Bureau on Blog Talk Radio
Posted Wed, Nov 03, 2010 07:40:24 PM by Lisa Baskfield modified by Lisa Baskfield


Faten Abdallah interviews Lisa Baskfield, CPA on Consumer Financial Protection Bureau.



Click Here to Listen!


Closing Date Deadline for Homebuyer credit extended to September 30, 2010
Posted Tue, Jul 06, 2010 01:13:17 PM by Lisa Baskfield modified by Lisa Baskfield

President Barack Obama signed the Homebuyer Assistance and Improvement Act of 2010 (HR 5623) on July 2. The bill extends the closing date deadline to qualify for the first-time homebuyer credit under IRC § 36 from June 30, 2010, to Sept. 30, 2010. To offset the cost of the extension, the act also includes a provision that extends the bad check penalties the IRS can impose under section 6657 to electronic payments.