Category Archives: General

China in 2012

China is world’s second largest economy…. 2012 sales in China accounted for 11.2% of revenue reported by U.S. companies listed on Standard & Poor’s 500 (research by The Economist… quoted in the Journal of Accountancy (A publication of the American … Continue reading

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2013 Gift Basket & Production Activities Deduction

There is a recent tax court case that applies to gift baskets. For a number of years there has been something called the Production Activities Deduction (PAD). It generally applies to MANUFACTURING. This tax court case may open a deduction … Continue reading

Posted in General | 97 Comments

2013 Form 1099 Late Filing Penalty

This has never been easy to explain…. here is the latest…. The penalties were increased two years ago to the following amounts: •$30 per form, or per statement, if it was corrected within 30 days (maximum $250,000 per year), •$60 … Continue reading

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Want to see what happens if you don’t pay payroll tax?

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Form TD F 90-22.1, Report of Foreign Bank and Financial Accounts

The United States Department of Treasury has announced that beginning July 1, 2013, Form TD F 90-22.1 must be filed electronically by the taxpayer. To file the 2012 form after June 30, 2013, file the form through http://

Posted in General, Income Tax, International Taxation, Newsletter Topics | 1,048 Comments

EIC Earned Income Credit – easy to calculate?

We tell clients all the time that it is complicated and hopefully they can answer the questions correctly when they use boxed software or… ready for this… try to do it by hand!   The earned income credit is extremely … Continue reading

Posted in Ask Question or Comment, General, Income Tax, Newsletter Topics | 2,536 Comments

2013 Simple IRA Contribution Limits

The Simple IRA contribution limit for employees is $12,000 for 2013 (up from 2012 of $11,500). If over age 50, the limit for 2013 is $14,500 (up from 2012 of $14,000).

Posted in General | 899 Comments

2013 Gifts

This is not about charitable donations to a 501(c)(3) organization. It is about just giving stuff away. How much can I give (gift) without any tax? $13,000 ( 2009 – present) is the amount of stuff that can be gifted … Continue reading

Posted in General, Income Tax, International Taxation, Newsletter Topics | 1,657 Comments

Club Dues – Deduction?

Business related meals and entertainment are deductible…. You cannot, however, deduct dues (including initiation fees) for membership in any club organized for pleasure, recreation or other social purposes.

Posted in General, Income Tax, International Taxation, LLC's, Sub S Corporations | 2,474 Comments

Amend Married Filing Joint to Married Filing Single – Can you do it?

Everyone pretty muich knows you can take two Married Filing Separate Returns and combine them to one Married Filing Joint return.  GENERALLY this has a better tax effect for the family. But, can you take Married Filing Joint and split … Continue reading

Posted in General, Income Tax | 144 Comments