This blog post is probably more timely if it were 2009, given the recent positive news on the job front, but it some ways, this question is timeless. If you lose your job, there are multiple considerations that you have to address almost immediately. Quick action can save you considerable money and headaches. First [...]
Family businesses are different from closely-held businesses in that the two or more family members own more than 15% of the equity of the business, family members are employed or manage the business, and the intent of the members is to retain ownership. Per the Family Enterprise USA in 2011, there are 5.5 million family [...]
IRS has made available the new Standard Industry Fare Level (SIFL) rates for the first half of 2012 (January 1 through June 30). The SIFL formula is used in certain instances to determine the value of a noncommercial flight for employment tax purposes. The terminal charge has increased to $44.88 (previously, $43.79). The rate for the first [...]
There is a new Veterans Tax Credit which was included in the The VOW to Hire Heroes Act of 2011 (enacted 11/21/11) expanded the Work Opportunity Tax Credit (WOTC), for businesses that hire eligible unemployed veterans on or before 12/31/12. The credit maximum is $9,600 per veteran for for-profit businesses depending on the length of [...]
Recently Forbes ran a great article titled, "How To Avoid -- Or Win -- An IRS Audit or Court Battle" after the IRS posted its annual report to Congress by the National Taxpayers Advocate. The top litigation areas highlights where the IRS is focusing most of its enforcement effort, especially directed at individuals and small [...]
Taxpayers can check refunds, get tax information WASHINGTON — The Internal Revenue Service today unveiled IRS2Go, its first smartphone application that lets taxpayers check on their status of their tax refund and obtain helpful tax information. "This new smart phone app reflects our commitment to modernizing the agency and engaging taxpayers where they want when [...]
The IRS has announced on its website that victims of the severe storms, tornadoes, straight-line winds and flooding in counties of Alabama that are designated as federal disaster areas qualifying for individual assistance have more time to make tax payments and file returns. Certain other time-sensitive acts also are postponed. This article summarizes the relief [...]
According to the congressional Joint Committee on Taxation, 77 tax deductions, tax credits and other tax-saving laws expired on Dec. 31, 2011. The most popular deductions for individuals are state and local sales tax deductions and the college tuition and fee deductions. Companies are also seeing some of their favorites expire like the 100 percent bonus [...]
Prior to May 28, 2009, pay-as-cut sales proceeds were not required to be reported on 1099 information forms. However, in T.D. 9450, the Treasury Department clarified that both pay-as-cut timber sales and lump-sum timber sales are now required to be reported on Form 1099-S. Please contact our office if you need more information. We would be more than happy [...]
Many clients wonder just how long it takes to get their refund back from the IRS. You can always check on the status of your refund at the Where's My Refund? at the IRS site. Where's My Refund? will usually have information about your refund 72 hours after IRS acknowledges receipt of your e-filed return, or [...]