In our current economic times, it can be difficult to choose how to spend your charitable dollars. If you can take advantage of the tax benefits while supporting a charity or organization, you should be aware of these tax rules

In the past, an IRS agent would request printed reports and back-up paper documents during an audit. There is now the possibility that they will request an actual copy of your QuickBooks file - not just your printed general ledger. The IRS recently purchased several thousand QuickBooks licenses in preparation of up-coming audits.

Consistent with a Financial Management Service initiative announced in April, 2010, the IRS has issued proposed regulations to significantly increase the number of electronic transactions between taxpayers and the federal government. These proposed regulations would eliminate the use of coupons to make tax payments.

The September 15 tax deadline is looming! If you need to file a Form 1065 (partnership return), Form 1120S (S corporation return) or Form 1041 (fiduciary return) the deadline to file your 2009 return is September 15, 2010. This assumes you had filed for an extension prior to April 15, 2010.

The Tax Court noted that “tax preparation software is only as good as the information one inputs into it.” Relying on a tax professional’s advice can establish reasonable cause and good faith to avoid a penalty, but the taxpayers did not rely on a professional - they self-prepared the returns.

As you near retirement...Inquiring minds need to know more about social security!With the Baby Boomer generation (born between 1946 and 1964) coming into the age of retirement, many wonder about their Social Security benefits. Your questions are answered here.