Tax Law Update Trusts and Estates Magazine’s David Handler offers a summary of significant IRS updates on a handful of important laws: Internal Revenue Service extends filing and payment deadlines for estates of decedents dying in 2010 — In Notice 2011-76 (Notice), the IRS provided relief for the estates of decedents dying in 2010 (2010 estates). The filing deadline for the Form 706, federal estate and generation-skipping transfer (GST) tax return for 2010 estates was originally Sept. 19. With the new deadline fast approaching, the IRS published this Notice on Sept. 13, providing relief for estates in several respects, including an automatic…
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Firehoses, Drinking Fountains, and Intrinsic Value CFA Magazine’sChristopher Wright recently spoke with four analysts about the challenges of identifying key share price drivers among the torrent of minutiae. The analysts cover a number of topics, and come from a variety of firms and industries. Here’s J.B. Groh, CFA, senior research analyst at D.A. Davidson in Lake Oswego, Oregon: [It is largely] about the importance of fundamentals over the longer term. Ultimately, the value of anything, whether it’s an investment property or a share of stock, comes down to cash flow, timing of the ash flow, growth, and risk. Of course,…
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IRS Begins Scheduling Tax Preparer Competency Tests The Internal Revenue Service is moving into the second phase of its tax preparer regulation initiative by beginning next week to schedule the first competency tests for tax preparers, reports Michel Cohn at Accounting Today. The IRS said Tuesday it is launching the new competency tests for Registered Tax Return Preparers as part of a larger initiative to increase its oversight of the tax prep industry. Last year, in the first phase of its efforts, the IRS required all paid tax return preparers to obtain a Preparer Tax Identification Number. Those tax return…
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When ‘Friending’ Becomes a Source of Start-Up Funds Social networking is pretty good for keeping abreast of far-flung friends. Could it work for entrepreneurs looking for investors? That’s the question Sarah E. Needleman and Angus Loten pose over at the Wall Street Journal Small Business blog. Critics say the idea is dangerous for investors, and even dicey for the entrepreneurs. Yet, it is gaining traction with small-business owners from the Bay Area to New York, who say they eagerly await an opportunity to sell stakes in their businesses through social networking—a process known as crowd funding. The House Financial Services committee last week…