FAQ: What is “cost of goods sold”?

A business that manufactures products to be sold, or purchases products for resale, must value its product inventory at the beginning and the end of each tax year to determine the cost of goods sold (COGS) during the year. The business determines its gross profits by deducting COGS from its gross receipts for the year. […]

How do I? Compute the small business health insurance credit

Under the Patient Protection and Affordable Care Act (PPACA), small employers can claim a credit for providing health insurance for employees and their families. Health insurance includes not only basic medical and hospital care, but dental or vision, long-term care, and coverage for specific diseases or illness. Self-funded plans do not qualify; the insurance must […]

The new 3.8 percent net investment tax continues to challenge

Questions over the operation of the new 3.8 percent Medicare tax on net investment income (the NII Tax) continue to be placed on the IRS’s doorstep as it tries to better explain the operation of the new tax. Proposed “reliance regulations” issued at the end in 2012 (NPRM REG-130507-11) “are insufficient in many respects,” tax […]

Using your 2012 tax-year return to plan for the future

Did you owe tax on your 2012 tax return? Did you receive a sizeable refund? Or, conversely, did you receive a smaller refund than you expected? If so, take another look at your tax return from this past year. It is quite possible that by making a few changes, you could put more money in […]

Heated debate ahead on tax reform proposals

President Obama recently said that he wants a tax reform/deficit reduction package by August and lawmakers have many proposals to consider. The President has introduced a $3.77 trillion budget for fiscal year (FY) 2014 with a host of tax reform proposals, the House and Senate Budget Committees have approved competing deficit reduction and tax reform […]

April 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 April 2013. April 3 Employers. Semi-weekly depositors must deposit employment taxes for payroll dates March 27-29. […]

FAQ: How are LLCs taxed?

An LLC (limited liability company) is not a federal tax entity. LLCs are organized under state law. LLCs are not specifically mentioned in the Tax Code, and there are no special IRS regulations governing the taxation of LLCs comparable to the regulations for C corporations, S corporations, and partnerships. Instead, LLCs make an election to […]

How do I: prove timely filing of my income tax return?

A return or a payment that is mailed to the IRS is timely filed or paid if it is delivered on or before its due date. A return with a U.S. postmark, which is delivered after its due date, is timely filed if the date of the postmark is no later than the due date, […]

Updated Form 941, Employer’s Quarterly Federal Tax Return, highlights new additional Medicare tax/sunset of payroll tax holiday

The IRS recently announced the availability of updated Form 941, Employer’s Quarterly Federal Tax Return for 2013, and its instructions. Revised Form 941 and its instructions reflect the January 1, 2013 effective date of the 0.9 percent Additional Medicare Tax, expiration of the payroll tax holiday and other changes. In addition to imposing new obligations […]

House Ways And Means Committee sets sights on Small Business Tax Reform

Many small business benefits incorporated into the Tax Code are complicated and, arguably, in need of reform. House Ways and Means Committee chair Dave Camp, R-Mich., recently released a draft proposal containing numerous tax reform measures specifically designed to simplify taxation of small businesses and partnerships. According to a report by the National Federal of […]

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FAQ: What is “cost of goods sold”?

How do I? Compute the small business health insurance credit

The new 3.8 percent net investment tax continues to challenge

Using your 2012 tax-year return to plan for the future

Heated debate ahead on tax reform proposals

April 2013 tax compliance calendar

FAQ: How are LLCs taxed?

How do I: prove timely filing of my income tax return?

Updated Form 941, Employer’s Quarterly Federal Tax Return, highlights new additional Medicare tax/sunset of payroll tax holiday

House Ways And Means Committee sets sights on Small Business Tax Reform

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