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Starting January 1, 2011 and, until the program was suspended in January 2013, the initiative required all paid federal tax return preparers to register with the IRS and to obtain an identification number, called a Preparer Tax Identification Number (PTIN). The multi-year phase-in effort called for certain paid tax return preparers to pass a ...
With tax season 2010 already in full swing, it's easy to overlook some important tax changes for 2011. Here's some of what you can look forward to with respect to personal income taxes during the
The Community Renewal Tax Relief Act of 2000 authorized the creation of 40 renewal communities and created the New Markets Tax Credit Program. [4] The program originally ended on December 31, 2011. [5] However, on February 1, 2013, the Joint Committee on Taxation extended the program for another two years to December 31, 2013. [6]
The Preparer Tax Identification Number (PTIN) is an identification number that all paid tax return preparers must use on U.S. federal tax returns or claims for refund submitted to the Internal Revenue Service (IRS). Anyone who, for compensation, prepares all or substantially all of any federal tax return or claim for refund must obtain a PTIN ...
Let's face it: For many taxpayers, Tax Day is a major source of stress. Worries over whether you can file your return on time, pay what you owe and avoid an audit can rattle even the calmest of ...
The non-partisan Tax Policy Center estimated that for 83% of households in the U.S., there would be an average tax increase of $3,701 [66] and The Heritage Foundation stated that those impacted by the tax cut expiry are primarily in the middle- and low-income groups, with its research finding that families would experience an average tax ...
Unlike many other tax credit programs (such as the Low-Income Housing Tax Credit Program, which was made a permanent part of the Internal Revenue Code in 1993 under the Clinton administration), as a non-permanent program, the New Markets Tax Credit has required renewal during each session of Congress.
Three primary means were used: renewal communities, empowerment zones, and community development entities. [2] The bill also created the New Markets Tax Credit Program, which has been renewed several times and is still in effect. [3] One provision of the Community Renewal Tax Relief Act of 2000 was the creation of 40 "renewal communities". [2]