April 04, 2012
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IRS expands Fresh Start initiative to help economically-distressed taxpayers
Building on earlier steps to help taxpayers buffeted by the economic slowdown, the IRS recently enhanced its “Fresh Start” initiative. The IRS has announced penalty relief for unemployed individuals who cannot pay their taxes on time and has increased the threshold amount for streamlined installment agreements. Fresh Start Many of the actions that economically-distressed taxpayers […]
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Contemporaneous tax records: Are you keeping up?
Everybody knows that tax deductions aren’t allowed without proof in the form of documentation. What records are needed to “prove it” to the IRS vary depending upon the type of deduction that you may want to claim. Some documentation cannot be collected “after the fact,” whether it takes place a few months after an expense […]
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How do I? Amend a return
Sometimes in a rush to file your income tax return, you may unintentionally overlook some income that had to be reported, or a deduction that you should or should not have taken. Now what? The solution is usually straightforward: you should file what is called an amended return. Taxable income is measured on an annual […]
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FAQ: What is a disregarded entity?
A disregarded entity refers to a business entity with one owner that is not recognized for tax purposes as an entity separate from its owner. A single-member LLC ( “SMLLC”), for example, is considered to be a disregarded entity. For federal and state tax purposes, the sole member of a SMLLC disregards the separate legal […]
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April 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 April 2012. April 4 Employers. Semi-weekly depositors must deposit employment taxes for payroll dates March 28–30. […]
Read more- March 02, 2012
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Payroll tax holiday extended for all of 2012
On February 22, President Obama signed the Middle Class Tax Relief and Job Creation Act of 2012. The new law extends the employee-side payroll tax holiday, giving wage earners and self-employed individuals 12 months of reduced payroll taxes in 2012. 2011 payroll tax holiday Until 2011, the Old-Age, Survivors and Disability Insurance (OASDI) tax rate […]
Read more- March 02, 2012
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Coming soon: greater tax-wise retirement options
Retired employees often start taking benefits by age 65 and, under the minimum distribution rules, must begin taking distributions from their retirement plans when they reach age 70 ½. According to Treasury, a 65-year old female has an even chance of living past age 86, while a 65-year old male has an even chance of […]
Read more- March 02, 2012
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Administration unveils Framework for Business Tax Reform
A reduced corporate tax rate, elimination of many business tax preferences, a new minimum tax on overseas profits, and much more are all part of President Obama’s recently released Framework for Business Tax Reform (the “Framework”). The much-anticipated blueprint of the administration’s plans for corporate tax reform was unveiled on February 22, 2012, in Washington, […]
Read more- March 02, 2012
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FAQ: What are employer share responsibility assessable payments under the PPACA?
The Patient Protection and Affordable Care Act (PPACA) introduced many new requirements for individuals and employers. One of the new requirements is an employer shared responsibility assessable payment. At this time, there is little guidance for employers other than the language of the PPACA and some requests for comments from government agencies. The IRS, the […]
Read more- March 02, 2012
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How do I… Guard against taxpayer identity theft?
The number of tax return-related identity theft incidents has almost doubled in the past three years to well over half a million reported during 2011, according to a recent report by the Treasury Inspector General for Tax Administration (TIGTA). Identity theft in the context of tax administration generally involves the fraudulent use of someone else’s […]
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