New GET Laws

Act 105 (SB 754) has been passed and is effective July 1. SB 754-CD1

Also refer to a recent Department of Taxation Announcement on the topic DOTAX Announcement 2011-09

It eliminates a number of deductions and exemptions under the General Excise Tax. There may be an exception if a binding contract entered into before July 1 prohibits the taxpayer from passing on any increased rate of tax. (see section 237-__ (f)).

Registering for a PTIN / IRS Preparer Office Visits

The following are two (2) important tax alerts:

1. PTIN registration issues, and the difficulties that many of you are having, and

2. IRS visits to practitioners’ offices (also known as the “10,000 letters” project)

FIRM Permit to Practice - Effective Immediately

Pursuant to Hawaii Revised Statutes (“HRS”) section 466-7, all firms actively engaged in the practice of public accountancy in the State of Hawaii shall obtain a permit to practice.

Reading: Good for the Mind, Body & Soul

KALA's monthly feature of Norman's Book Review has gained popularity over the years. The Amazon links are provided for your convenience to enrich your life through a book!