Online Registration System for Paid Tax Return Preparers

All compensated tax return preparers are required to register under the new registration system and get a PTIN before preparing returns in 2011. Individuals who currently possess a PTIN will need to reapply under the new system but generally will be reassigned the same number.

Registration fee is $64.25, regardless of whether you currently possess a PTIN or not. Attorneys, Certified Public Accountants (CPAs), and Enrolled Agents (EAs) are not exempt.

Link to the New Registration System

Paid Preparers should apply for or renew their PTINs before January 1st, 2011.

Small Business Jobs Bill of 2010 (HR-5297)

The Senate passed the Small Business Jobs Act of 2010. The House is set to vote on the bill where its expected to pass.

The following provision is included in the Bill...

1. One-year extension of the 50-percent bonus depreciation provision for qualified property placed in service during 2010.

2. Increase Section 179 expense deduction for 2010 and 2011 to $500,000, combined with an increase in the phase out threshold to $2 million.

Will keep you posted on the developments....