Moving Tonnage

With the expansion of the Panama Canal to be completed by 2014, the canal will be able to accommodate more and bigger ships to pass through, this being the case, it is anticipated that the route and flow of shipments from Asia could potentially move more tonnage through the canal and up the Mississippi River where it will be moved by truck or rail to the eastern states, instead of passing through the port at Long Beach, California. Federal Highway funds are currently being spent on the expansion of high speed rail in the north and east and not for the public interstate highway system. This is going to force the responsibility back on state government to fix their own highways.

New Revised Regs for HOS

DOT published its "NEW" REVISED REGS for Hours of Service for drivers on December 29, 2010. The REGS as well as the IMPACT study on HOS by the DOT called "Its Regulatory Assessment", are available from Deanna in a PDF file, it's about 150 pages. I have been reading at night, it takes a few nights to read IMPACT. It takes a few more nights to reread IMPACT. If you would like to have a copy of the CFR Hours of Service REGS and IMPACT Study, email Deanna.lovelady@bellandcompany.net and she will send to you.

IRS Delay in Processing Returns

Because of extended and newly enacted provisions of recent tax bills, the IRS announced a delay in processing of returns for taxpayers who file schedule A, have educator expenses, or tuition and fees deductions.

The IRS announced that they will start accepting the affected returns on February 14th.

Many software providers will accept returns for e-filing and hold them until the IRS will accept them.

Check with your paid preparer or your tax software vendor for their specific instructions.

Or call Kelly Phillips for more question 501.753.9700.

Article about Clayton Bell and his works in Haiti

Attached please find a link to an article describing Clayton's latest works in Haiti. Click the this link to go to website http://www.arkansasonline.com/news/2011/jan/20/anything-possible/

IRS - Red Flags

Certain items reported (or omitted) from your tax return may increase your chance of an IRS audit. Here are the top 12 items:

1. Failure to report all taxable income
2. Returns claiming the home-buyer credit
3. Claiming large charitable contributions
4. Home office deduction
5. Business meals, travel and entertainment
6. Claiming 100% business use of vehicle
7. Claiming a loss for a hobby activity
8. Cash businesses
9. Failure to report a foreign bank account
10. Engaging in currency transactions
11. Math errors
12. Taking higher-than-average deductions

For further information and examples of these areas, please contact us at 501.753.9700 or e-mail heather.hudgens@bellandcompany.net.