April 19, 2013
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IRS expects many extension requests as filing season winds down, ready to provide limited penalty relief
As April 15 approaches, the IRS is preparing for a surge of last-minute filers and taxpayers seeking an automatic extension of time to file their 2012 returns. The IRS received more than 148 million individual income tax returns in 2012, and that number is expected to rise in 2013. The increase in returns and the […]
Read more- March 18, 2013
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March 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 March 2013. March 1 Employers. Semi-weekly depositors must deposit employment taxes for payroll dates February 23-26. […]
Read more- March 18, 2013
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FAQ: What are the pros and cons of limited liability companies (LLCs)?
When starting a business or changing an existing one there are several types of business entities to choose from, each of which offers its own advantages and disadvantages. Depending on the size of your business, one form may be more suitable than another. For example, a software firm consisting of one principal founder and several […]
Read more- March 18, 2013
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How do I….calculate the reinstated Pease itemized deductions limitation under ATRA?
The limitation on itemized deductions (also known as the Pease limitation after the member of Congress who sponsored the original legislation) is reinstated by the American Taxpayer Relief Act (ATRA) for tax years beginning after December 31, 2012. The reinstated Pease limitation is intended to reduce or eliminate the itemized deductions of higher income taxpayers […]
Read more- March 18, 2013
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Tax penalties: sometimes good intentions are not enough
One morning you reach into your mailbox or bin to find the dreaded letter from the IRS announcing that you owe unpaid taxes. As if that wasn’t enough to induce panic, you may discover there are add-on charges for interest and penalties. Penalties for what, you may ask? If you violate the Tax Code, the […]
Read more- March 18, 2013
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What does ATRA do for estate planning?
The American Taxpayer Relief Act of 2012 (ATRA) has provided much needed certainty for estate tax planners and for taxpayers who want to arrange their financial affairs. For the first time in 10 years, beginning January 1, 2013, the maximum estate tax rate, the inflation-adjusted exclusion, and other estate tax features have been made permanent. […]
Read more- March 18, 2013
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2013 filing season moves ahead, late-legislation delays expected to end soon
The IRS expects to process more than 140 million individual returns this filing season and for many taxpayers the process has been moving along without any significant problems. A large number of taxpayers, however, have experienced delays in filing their returns because of late tax legislation. The IRS has predicted that all remaining delays should […]
Read more- February 21, 2013
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IRS introduces simplified method for claiming home office deduction
The IRS has announced a new optional safe harbor method, effective for tax years beginning on or after January 1, 2013, for individuals to determine the amount of their deductible home office expenses (IR-2013-5, Rev. Proc. 2013-13). Being hailed by many as a long-overdue simplification option, taxpayers may now elect to determine their home office […]
Read more- February 19, 2013
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February 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 February 2013. February 1 Employers. Semi-weekly depositors must deposit employment taxes for payroll dates January 26–29. […]
Read more- February 19, 2013
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FAQ: What are above-the-line deductions?
An above-the-line deduction is an adjustment to income (deduction) that can be taken regardless of whether the individual taxpayer itemizes deductions. The adjustment reduces the taxpayer’s adjusted gross income (AGI). These adjustments are also sometimes called deductions from gross income, as opposed to itemized deductions that are deducted from AGI. An above-the-line deduction is taken […]
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