Category Archives: Newsletter Topics

WHAT IS HIGH DEDUCTIBLE HEALTH PLAN

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 General, Income Tax, Newsletter Topics, Retirement Accounts | 3 Comments

HSA 2011 Contributions

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 … Continue reading

Posted in General, Income Tax, Newsletter Topics, Retirement Accounts | 296 Comments

2012 Social Security Increase

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 … Continue reading

Posted in General, Income Tax, Newsletter Topics, Retirement Accounts | 410 Comments

IRS 2009 Statistics

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 … Continue reading

Posted in General, Income Tax, International Taxation, LLC's, Newsletter Topics, Retirement Accounts, Sub S Corporations | 394 Comments

Depreciation History (recent) – is it complicated?

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 … Continue reading

Posted in General, Income Tax, International Taxation, LLC's, Newsletter Topics, Sub S Corporations | 2,023 Comments

W2 Healthcare Reporting 2011 & 2012

The Patient Protection and Affordable Care Act requires employer provided health care costs to be reported on Form W-2 starting with the 2012 tax year. This will affect employers who filed 250 or more W-2s for the 2011 tax year.

Posted in General, Income Tax, International Taxation, LLC's, Newsletter Topics, Payroll Tax, Sub S Corporations | 93 Comments

What is an Enrolled Agent (EA)?

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 … Continue reading

Posted in General, Income Tax, International Taxation, LLC's, Newsletter Topics, Payroll Tax, Retirement Accounts, Sub S Corporations | 121 Comments

IRPAC – when did this start?

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 … Continue reading

Posted in General, Income Tax, International Taxation, LLC's, Newsletter Topics, Payroll Tax, Retirement Accounts, Sub S Corporations | 1,435 Comments

IRS Names… guess who to IRPAC!

Wednesday, January 26, 2011 IRS Names 10 New Members to IRPAC   The Internal Revenue Service today announced the selection of 10 new members in 2011 for the Information Reporting Program Advisory Committee (IRPAC). “Members of IRPAC provide industry perspective … Continue reading

Posted in General, Income Tax, International Taxation, LLC's, Newsletter Topics, Payroll Tax, Retirement Accounts, Sub S Corporations | 165 Comments

Pools & Hot Tubs Deduction

There is a great deal of mis-conception about the deductibility of Hot Tubs & Pools.  First, you must have a doctor’s prescription.  Second, how much did it really cost you?  The theory is the Pool or Hot Tub has added … Continue reading

Posted in General, Income Tax, Newsletter Topics | 105 Comments