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Many Churches, Nonprofits
Qualify for Telephone Tax Refund
Churches, charities and other
tax-exempt organizations that paid the federal excise tax on
long-distance or bundled telephone service qualify for this year’s one-time
telephone excise tax refund, according to the Internal Revenue Service. With
the annual May 15 filing deadline fast approaching for many nonprofits, the
IRS urges any of these organizations that paid the 3 percent tax
to be sure to request this special refund. The telephone tax refund is also
available to churches and small tax-exempt organizations that don’t normally
file annual returns with the IRS.
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AICPA Submits Senate
Committee Testimony on Tax Issues
The AICPA has submitted written
testimony for the record of the Senate Finance Committee’s April 12,
2007 hearing to examine tax administration and tax gap initiatives. The
AICPA laid out its opposition to a particular taxpayer confidentiality
provision it said would introduce “unnecessary burden and complexity that is
at odds with well established modern business practices.” The provision was
included in S. 1321 from the last Congress that was crafted by the Senate
Finance Committee. The AICPA said it is “concerned the proposal has the
potential to actually undermine the range and quality of professional tax
services available to many taxpayers.” In its testimony, the AICPA also
commented on other provisions in S. 1321 regarding the understatement of
taxpayer’s liability by tax return preparers, the penalty for aiding and
abetting the understatement of tax liability, and the doubling of certain
penalties, fines, and interest on underpayments relating to certain offshore
financial arrangements.
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Postal Rates Increase
Today
The price of a stamp just went up. The USPS set today, Monday, May 14, as
the effective date for new rates and fees for all classes of mail except
Periodicals, which is delayed until July 15. First-class mail increased to
$.41 per piece. Learn
more.
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Michigan Week Starts
Saturday
Celebrate all that is Michigan during
Michigan Week, May 19-25, 2007. Whether you're a lifelong resident or a
newcomer to the Great Lakes State, you’re sure to find some interesting
facts about Michigan on this
history, arts and libraries page of the state’s web site.
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Storage Capacity
Planning: What's Enough and What's Too Much?
Even small businesses need to have sufficient storage space for digital
files, including PowerPoint presentations, videos, and graphics. Firms of
about 20 employees do not need major implementations that force them to
bring a tech expert on board. To read this article in its entirety and learn
much more about developments in technology, access
Technology and Productivity Weekly, the MACPA's electronic technology
newsletter for industry professionals, sponsored by Information, Inc.
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