March 02, 2012
Andrew Presti
Blog Posts
0 CommentsRetired 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 moreMarch 02, 2012Andrew PrestiBlog Posts0 CommentsA 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 moreMarch 02, 2012Andrew PrestiBlog Posts0 CommentsThe 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 moreMarch 02, 2012Andrew PrestiBlog Posts0 CommentsThe 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 […]
Read moreMarch 02, 2012Andrew PrestiBlog Posts0 CommentsAs 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 2012. March 2 Employers. Semi-weekly depositors must deposit employment taxes for payroll dates February 25–28. […]
Read moreFebruary 10, 2012Andrew PrestiBlog Posts0 CommentsAs 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 2012. February 1 Employers. Semi-weekly depositors must deposit employment taxes for payroll dates January 25–27. […]
Read moreFebruary 10, 2012Andrew PrestiBlog Posts0 CommentsThe Treasury Department is authorized to offset a taxpayer’s tax refund to satisfy certain debts. A spouse who believes that his or her portion of the refund should not be used to offset the debt that the other spouse owes may request a refund from the IRS. Offset If an individual owes money to the […]
Read moreFebruary 10, 2012Andrew PrestiBlog Posts0 CommentsTaxpayers with children should be aware of the numerous tax breaks for which they may qualify. Among them are: the dependency exemption, child tax credit, child care credit, and adoption credit. As they get older, education tax credits for higher education may be available; as is a new tax code requirement for employer-sponsored health care […]
Read moreFebruary 10, 2012Andrew PrestiBlog Posts0 CommentsThe IRS reopened its offshore voluntary disclosure program in early 2012 in response to what the government described as strong interest among taxpayers. The reopened program, the third of its type in recent years, encourages taxpayers with unreported foreign accounts to make full disclosures in exchange for a reduced penalty framework. Like its predecessors, the […]
Read moreFebruary 10, 2012Andrew PrestiBlog Posts0 CommentsThe fate of the employee-side payroll tax cut along with a host of tax extenders and other expired provisions could be decided in coming weeks. A conference committee of House and Senate members is negotiating a full-year extension of the payroll tax cut and could add some or all of the tax extenders to a […]
Read more