The Progressive Accountant

IRS Releases Healthcare Credit Form

IRS LogoWASHINGTON --The Internal Revenue Service has released a draft version of the form that small businesses and tax-exempt organizations will use to calculate the small business healthcare tax credit. The form will be used when income tax returns are filed in 2011. The IRS also announced how eligible tax-exempt organizations can claim the credit during next year's filing season.

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SEC: Advisor/Preparer Bilked Clients for $11 Million

The SEC has charged Sandra Venetis, a Branchburg, N.J. resident who operates financial planning, tax and accounting and investment firms, with fraudulently obtaining at least $11 million from clients since 1997. The allegations said Venetis used the funds to pay gambling debts, buy her daughter a home, fix her brother's house, and pay for personal expenses and overseas trips, among other items.

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NSA Opposes CPA Exemptions

John AmsALEXANDRIA. Va.- The National Society of Accountants is opposing a possible  exemption of CPA firm staff members from proposed Internal Revenue Service rules that would require Preparer Tax Identification Numbers for all professionals involved in preparing tax returns. In a prepared statement, NSA EVP John Ams said that the IRS proposals had been the result of work by organizations that produced what was felt to be a fair and equitable registration process.

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