5. September 2011 by admin.

The Job Creation and Worker Assistance Act of 2002 (JCWA) provided an additional depreciation deduction in the placed-in-service year that is equal to 30% of the adjusted basis of the qualified property placed in service after 9/10/01. This law is reflected (for the most part) in IRS Code section 168(k).

The Jobs and Growth Tax Relief Reconciliation Act of 2003 (JGTRRA) amended the bonus depreciation provisions of the Job Creation and Worker Assistance Act of 2002. For qualified property placed in service between 5/6/03 and 12/31/04, the bonus depreciation increased from 30% to 50%.

The Economic Stimulus Act of 2008 allows 50% bonus depreciation for qualified property placed in service between 1/1/08 and 12/31/08.

The American Recovery and Reinvestment Act of 2009 allows 50% bonus depreciation for qualified property placed in service between 1/1/09 and 12/31/09.

The Small Business Jobs Act of 2010 allows 50% bonus depreciation for qualified property placed in service between 1/1/10 and 12/31/10.

The Tax Relief Act of 2010 allows 100% bonus depreciation for qualified property placed in service between 9/9/10 and 12/31/11 and 50% bonus depreciation for qualified property placed in service between 1/1/12 and 12/31/12.

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

31. August 2011 by admin.

Posted in Payroll Tax, Newsletter Topics, International Taxation, Sub S Corporations, Income Tax, LLC's, General | 1 Comment »

19. August 2011 by admin.

Background: “Enrolled” means EAs are licensed by the federal government, while “Agent” allows appearance in place of the taxpayer before the Internal Revenue Service (IRS).

Only EAs, attorneys and CPAs may represent taxpayers before the IRS. The EA profession started in 1884 when, after questionable claims had been presented for Civil War losses, Congress acted to regulate persons who represented citizens with the Treasury Department.

EAs were created by legislation signed into law by President Chester A. Arthur to handle these claims. At the time, some individuals with legitimate claims were cheated by their representatives in Washington while on other occasions; the government was being defrauded by false claims. EAs were the trusted individuals to represent petitioners in the US Court of Claims. Eventually their work expanded to focus on tax practice.

Professional Competency. The EA designation is awarded to individuals who successfully demonstrate expertise in the field of taxation by passing a tough enrollment test. EAs account for less than 10% of all individuals currently practicing in the field of taxation.

Continuing Education. EA is the only professional credential issued at the Federal level in taxation and requires considerable continuing professional education yearly.

Posted in Payroll Tax, Newsletter Topics, Retirement Accounts, International Taxation, Sub S Corporations, Income Tax, LLC's, General | 1 Comment »

26. July 2011 by admin.

IRC § 61 states all income from whatever source derived is taxable, unless specifically excluded by another Code section.

IRC stands for Internal Revenue Code.  If you ever tried to read it, you’ll know why they call it code!   § is the symbol for Code section.

Posted in International Taxation, Retirement Accounts, Sub S Corporations, LLC's, Income Tax, General | 1 Comment »

1. July 2011 by admin.

Posted in International Taxation, Sub S Corporations, LLC's, Income Tax, General | 1 Comment »

28. June 2011 by admin.

We have had a scrolling notice on our main website www.USATaxHelp.com for well over a year about this issue.  Here is the latest posting on the State of Florida website……..

CONSUMER ALERT!   Arvitas, LLC is a private company sending e-mails to businesses in Florida offering to file annual reports.   ARVITAS IS NOT AN AGENT OR REPRESENTATIVE FOR THE FLORIDA DEPT. OF STATE, DIVISION OF CORPORATIONS.   Arvitas is acting on its own to solicit business for its own company.   It is offering to file annual reports for business entities in Florida at an inflated fee.   They do not offer any additional service than what is available to the public on sunbiz.org.   The Attorney General´s Office, on behalf of the Dept. of State, is currently pursuing legal action against Arvitas.  

Posted in International Taxation, Sub S Corporations, LLC's, Income Tax, General | 1 Comment »

28. June 2011 by admin.

Congress has announced that the 0.2% FUTA surcharge will not be extended before June 30, 2011.  

Employers have been required to pay a flat rate of 6.2% on the first $7,000.00 of each employee’s annual wages for FUTA. The 6.2% FUTA rate included a temporary 0.2% surcharge that was first added in the 1970’s. The FUTA rate will be reduced from 6.2% to 6.0% effective July 1, 2011.  Employers will still receive the 5.4% credit for paying state unemployment on time, reducing the FUTA rate to .6% on wages paid up to the annual FUTA limit of $7,000.00.

The IRS is currently revising Form 940 (Employer’s Annual Federal Unemployment (FUTA) Tax Return) to accommodate the two different FUTA rates for calendar year 2011. 

Posted in Payroll Tax, Sub S Corporations, LLC's, General | 1 Comment »

11. May 2011 by admin.

The IRS does not send taxpayers unsolicited e-mails about their tax accounts, tax situations, or personal tax issues.If you receive such an e-mail, it’s a scam.

Posted in Payroll Tax, Ask Question or Comment, Retirement Accounts, International Taxation, Sub S Corporations, Income Tax, LLC's, General | 1 Comment »

11. May 2011 by admin.

For wages earned starting 6/1/2011 Florida employers must start paying their employees $7.31 per hour.

This is an increase of $.06 over the current minimum wage of $7.25 per  hour. 

Tipped employees must be paid an hourly rate of $4.29 per hour on wages earned starting  6/1/2011.  

Please visit the website http://www.floridajobs.org/minimumwage/index.htm for more information.

Posted in Payroll Tax, Sub S Corporations, LLC's, Income Tax, General | 2 Comments »

18. March 2011 by admin.

IRPAC (Information Reporting Program Advisory Committee) was established in 1991 as a result of an administrative recommendation contained in the final conference report for the Omnibus Budget Reconciliation Act of 1989.  The recommendation suggested that the IRS consider “the creation of an advisory group of representatives from the payer community and practitioners interested in the Information Reporting Program (IRP) to discuss improvements to the system.”

Posted in Payroll Tax, Newsletter Topics, Retirement Accounts, International Taxation, Sub S Corporations, Income Tax, LLC's, General | 1 Comment »