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. […]
Read more- December 21, 2012
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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 […]
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