##mail## | View this online June 30, 2011
 
Amazon ends California and Connecticut Associates Programs in response to sales tax legislation
State legislatures in California and Connecticut have passed laws requiring members of online retailer Amazon.com's Associates Programs to collect sales tax on online purchases. Rather than acquiesce, Amazon is pulling up stakes and canceling the retailer programs in the taxing states. While Amazon continues to fight the good fight over nexus laws, small retailers who are no longer able to count on revenue from Amazon sales are pulling down their virtual shingles. Some say that every cloud has a silver lining, but for many small businesses, this cloud is just another source of stormy weather.
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Report says IRS plagued by financial management system problems
The GAO has found that IRS does not post tax-related transactions properly and that its records are not adequately traceable for taxes receivable. The IRS also has material weaknesses in its internal controls over both information security and unpaid assessments. Does that mean the IRS doesn't get to take a tax deduction for records that aren't posted properly?
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Small nonprofits that lost exempt status may be eligible for reinstatement
In June 2011, the IRS announced that approximately 275,000 nonprofits had automatically lost their exempt status under these new provisions. To help those small organizations that had inadvertently found themselves in this situation, the IRS has set forth rules describing how the exempt status of these nonprofits may be reinstated.
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How much do you talk with your 1040 clients about saving money and basic financial planning? One CPA from North Carolina recently told me, "For my tax clients, mostly average income families, I would feel like I'm not doing my job if I didn't prompt their thinking about improving their short-term and long-term financial positions. Most of them don't save nearly enough."

Can you come up with $2,000 in 30 days without selling any possessions? According to the National Bureau of Economic Research, a whopping 47 percent say they couldn't dig up the dough. Sad and scary, especially for those who are uninsured.

Saving coins in a piggy bank was taught to me at an early age; however, I never saved 2,500 pennies. Jason West of Vernal, Utah used 2,500 pennies to pay a disputed $25 medical bill. This stunt resulted in a citation and subsequent fine. Geez, whenever I try to pay for my coffee entirely with coins I get the evil eye. 2,500 pennies? Hopefully your 1040 clients aren't paying you in coins! Comment here.

Rob Nance
Publisher
publisher@accountingweb.com
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