September 13, 2012
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Stock Market: Forget the Old Rules; Times Have Changed
It seems like the experts are using some very fancy language to say that the stock market is doing quite well and… we don’t really know why. Despite a lot of hand wringing regarding the dangers of rising taxes and growing deficits in the United States- and fears of a meltdown in Europe- it appears […]
Read more- September 13, 2012
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Funding Mechanisms in Place for the Affordable Care Act
The Supreme Court upheld the constitutionality of the PPACA on June 28 based on the federal government’s taxing power. The Act requires that all individuals not covered by an employer-sponsored health plan or a public insurance program to purchase health insurance or pay a penalty. In exchange, insurance companies are required to cover all applicants […]
Read more- September 13, 2012
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Business or Hobby? It Matters to the IRS
According to the IRS, the incorrect deduction of hobby expenses accounts for a portion of $30 billion per year in unpaid taxes and is a frequent issue in IRS audits. The IRS defines a hobby as an activity that is not engaged in with the expectation of making a profit, while a business is an […]
Read more- May 03, 2012
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Time for post-filing season checkup
Your 2011 tax return has been filed, or you have properly filed for an extension. In either case, now it’s time to start thinking about important post-filing season activities to save you tax in 2012 and beyond. A few loose ends may pay dividends if you take care of them sooner instead of later. Successful […]
Read more- May 03, 2012
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Countdown to Supreme Court’s health care decision
After three days of oral arguments in March, the Supreme Court is deciding the fate of the Pension Protection and Affordable Care Act (PPACA) and its companion law, the Health Care and Education Reconciliation Act (HCERA). Not only do the new laws impact health care, they contain numerous tax provisions, many of which have yet […]
Read more- May 03, 2012
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Congress eyes retirement savings plans in push toward tax reform
Proposals to reform retirement savings plans were highlighted during an April 2012 hearing by the House Ways and Means Committee. Lawmakers were advised by many experts to move slowly on making changes to current retirement programs that might discourage employers from sponsoring plans for their workers. Nevertheless, it is clear that Congress wants to make […]
Read more- May 03, 2012
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How do I: Compute Code Sec. 1231 gains and losses?
Code Sec. 1231 applies to gains and losses from property used in the trade or business and from involuntary conversions. Normally, you have to determine whether property is a capital asset or is ordinary income property. Property generally can’t be both. However, Code Sec. 1231 allows you to “have it” both ways. Any gains are […]
Read more- May 03, 2012
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FAQ: What is a family partnership?
The family partnership is a common device for reducing the overall tax burden of family members. Family members who contribute property or services to a partnership in exchange for partnership interests are subject to the same general tax rules that apply to unrelated partners. If the related persons deal with each other at arm’s length, […]
Read more- May 03, 2012
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May 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 May 2012. May 2 Employers. Semi-weekly depositors must deposit employment taxes for payroll dates April 25–27. […]
Read more- April 04, 2012
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Latest IRS Data Book shows jump in higher-income/small business audit rates
The just-released 2011 IRS Data Book provides statistical information on IRS examinations, collections and other activities for the most recent fiscal year ended in 2011. The 2011 Data Book statistics, when compared to the 2010 version, shows, among other things, a notable increase in the odds of being audited within several high-income categories. Individual audits […]
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