August 31, 2011
The IRS recently issued final regulations relating to elections to deduct start-up costs and organizational expenditures of corporations and partnerships. The final regulations generally track proposed regulations issued in 2008, which reflected changes made by the American Jobs Creation Act of 2004.
The IRS increased its enforcement revenue in fiscal year 2010, audited more taxpayers and stepped up its hiring of enforcement personnel, the Treasury Inspector General for Tax Administration concluded in a recent report.
The Ohio Department of Taxation has released additional information on the consumer’s use tax amnesty program that commences Oct. 1, 2011, and ends May 1, 2013.