February 19, 2013
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How Do I? Compute the new 20 percent net capital gain rate under the new tax law
Beginning in 2013, the capital gains rates, as amended by the American Taxpayer Relief Act of 2012, are as follows for individuals: A capital gains rate of 0 percent applies to the adjusted net capital gains if the gain would otherwise be subject to the 10 or 15 percent ordinary income tax rate. A capital […]
Read more- February 19, 2013
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New IRS guidance on health care employer mandate looks to 2014 start date
Under the new health care law, starting in 2014, “large” employers with more than 50 full-time employees will be subject to stiff monetary penalties if they do not provide affordable and minimum essential health coverage. With less than eleven months before this “play or pay” provision is fully effective, the IRS continues to release critical […]
Read more- February 19, 2013
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ATRA delays start to 2013 filing season; requires careful planning for retroactive and prospective provisions
As the 2013 filing season gets underway, some taxpayers may experience delays in filing returns and others need to revisit their returns because of the passage of the American Taxpayer Relief Act (ATRA) on January 1, 2013. Late tax legislation always complicates tax planning and filing and 2013 is no exception. ATRA extended many popular […]
Read more- January 15, 2013
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January 2013 tax compliance calendar
As an individual or business, it is your responsibility to be aware of and to meet your tax filing/reporting deadlines. This calendar summarizes important tax reporting and filing data for individuals, businesses and other taxpayers for the month of January 2013. January 3 Employers. Semi-weekly depositors must deposit employment taxes for payroll dates December 26-28. […]
Read more- January 15, 2013
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How do I? Get the most from my inherited IRA?
Individual Retirement Accounts (IRAs) are popular retirement savings vehicles that enable taxpayers to build their nest egg slowly over the years and enjoy tax benefits as well. But what happens to that nest egg when the IRA owner passes away? The answer to that question depends on who inherits the IRA. Surviving spouses are subject […]
Read more- January 15, 2013
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FAQ: Will 2012 Form W-2s require health benefits reporting?
Beginning with 2012 Forms W-2, large employers must report the aggregate cost of employer-sponsored health insurance provided to employees. 2012 Form W-2s must be furnished to employees by January 31, 2013. For tax years beginning on or after January 1, 2011, the Patient Protection and Affordable Care Act (PPACA) required that employers report the aggregate […]
Read more- January 15, 2013
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IRS issues proposed reliance regs on new 0.9 percent Additional Medicare Tax
Effective January 1, 2013, a new Medicare tax takes effect. The Additional Medicare Tax imposes a 0.9 percent tax on compensation and self-employment income above a threshold amount. Unlike regular Medicare tax, the Additional Medicare Tax has no employer match but employers have withholding obligations. The IRS issued proposed reliance regulations about the Additional Medicare […]
Read more- January 15, 2013
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IRS helps clarify new 3.8 Percent Surtax on Net Investment Income
The IRS has issued proposed reliance regulations on the 3.8 percent surtax on net investment income (NII), enacted in the 2010 Health Care and Education Reconciliation Act. The regulations are proposed to be effective January 1, 2014. However, since the tax applies beginning January 1, 2013, the IRS stated that taxpayers may rely on the […]
Read more- January 15, 2013
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American Taxpayer Relief Act of 2012 now law; Fiscal Cliff compromise makes significant changes
In what undeniably came down to the wire in the early hours of January 1, 2013, the Senate passed the American Taxpayer Relief Act of 2012, which, along with many other provisions, permanently extends the so-called Bush-era tax cuts for individuals making under $400,000 and families making under $450,000 (those above those thresholds now pay […]
Read more- December 21, 2012
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December 2012 tax compliance calendar
As an individual or business, it is your responsibility to be aware of and to meet your tax filing/reporting deadlines. This calendar summarizes important tax reporting and filing data for individuals, businesses and other taxpayers for the month of December 2012. December 5 Employers. Semi-weekly depositors must deposit employment taxes for payroll dates November 28–30. […]
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