11. January 2012 by admin.

There were approximately 4,430 changes to the tax code from 2001 through 2010, an average of more than one a day, including an estimated 579 changes in 2010 alone. 

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

27. November 2011 by admin.

• If you are like me and cannot attend all the games,  and you give the tickets away to a client or potential client, you have a choice:

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

15. November 2011 by admin.

For 2011, the health plan will have a minimum annual deductible of $1,200 for single coverage and $2,400 for family coverage.

The annual out-of-pocket maximum is no more than $5,950 for single coverage and $11,900 for family coverage.

Posted in Retirement Accounts, Newsletter Topics, Income Tax, General | 2 Comments »

15. November 2011 by admin.

2011 Maximum HSA Contributions
Individual contribution
$3,050
Family contribution
$6,150
Catch-up contribution (over age 55 and not enrolled in Medicare)
$1,000
 

The IRS has determined that the change in inflation was not significant enough to result in adjustments to the 2011 limits on Health Savings Account contributions.

Also, see WHAT IS HIGH DEDUCTIBLE HEALTH PLAN

Posted in Retirement Accounts, Newsletter Topics, Income Tax, General | 1 Comment »

20. October 2011 by admin.

Social Security benefits to go up 3.6% in 2012
Social Security payments will rise 3.6% in January, the first cost-of-living adjustment in three years. However, an expected increase in Medicare Part B premiums is expected to cancel out at least some of the COLA. CNNMoney.com

Posted in Retirement Accounts, Newsletter Topics, Income Tax, General | 1 Comment »

19. October 2011 by admin.

IRS statistics now available for 2009 tax returns.

The highest earning 1% of all U.S. individual taxpayers paid 36.7% of all federal income taxes.

The highest earning 5% paid 58.7%.

The bottom 50% paid only 2.25% of total federal income tax.

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

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 »

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 »