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 […]

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 […]

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 […]

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. […]

How do I? Use low interest rates to my tax advantage

Certain planning techniques involve the use of interest rates to value interests being transferred to charity or to private beneficiaries. While the use of these techniques does not necessarily depend on the interest rate, low interest rates may increase their value. Taxpayers can obtain a deduction by giving a partial interest in property to a […]

FAQ: Should I convert to a Roth IRA before 2012 ends?

With 2013 bearing down on us, we hope you have a moment to spare from holiday preparation for some good old-fashioned year-end tax planning. By now you must be familiar with the term “fiscal cliff” and how the expiring provisions, tax rates, and budget appropriations may affect small business, big business, and politics in Washington, […]

Bonuses and year-end tax planning

As the end of the calendar year approaches, taxpayers ordinarily prefer to minimize current-year income by deferring the inclusion of taxable income to the following year, while accelerating deductions to the current year. However, as many taxpayers are aware, individual income tax rates may increase in 2013, with the potential for dramatic increases for higher-income […]

Additional 0.9 percent Medicare tax on wages starts January 1st

President Obama’s health care package enacted two new taxes that take effect January 1, 2013. One of these taxes is the additional 0.9 percent Medicare tax on earned income; the other is the 3.8 percent tax on net investment income. The 0.9 percent tax applies to individuals; it does not apply to corporations, trusts or […]

White House, Congress seek to avert “fiscal cliff”

All eyes are on Washington as the White House and the GOP seek to avoid the so-called “fiscal cliff” before the end of the year. President Obama and House Republicans are negotiating the fate of the Bush-era tax cuts, mandatory spending cuts and more in the last weeks of 2012 and negotiations are expected to […]

November 2012 tax compliance calendar

November 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 November 2012. November 2 Employers. Semi-weekly depositors must deposit employment taxes […]

Schedule Your Small Business Success Consultation

IRS issues proposed reliance regs on new 0.9 percent Additional Medicare Tax

IRS issues proposed reliance regs on new 0.9 percent Additional Medicare Tax

IRS helps clarify new 3.8 Percent Surtax on Net Investment Income

American Taxpayer Relief Act of 2012 now law; Fiscal Cliff compromise makes significant changes

December 2012 tax compliance calendar

How do I? Use low interest rates to my tax advantage

FAQ: Should I convert to a Roth IRA before 2012 ends?

Bonuses and year-end tax planning

Additional 0.9 percent Medicare tax on wages starts January 1st

White House, Congress seek to avert “fiscal cliff”

November 2012 tax compliance calendar

Recent Posts

Archives

Contact Us

Newsletter

Our Locations

Subscribe to Receive Updates