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Fiscal Cliff Legislation…. What it means to you!

03 Jan

The following represents a synopsis of the provisions included in this historic tax change bill. Tax rates in 2013 will top out at 39.6% (up from 35%) for individuals making more than $400,000 a year, $425,000 for Head of Household and $450,000 for married filing joint. The 2% “haircut” for employee social security is gone [...]

IRS AND IDENTITY THEFT

22 May

The IRS is receiving incredible amounts of questions concerning victims of tax –related identity theft. What is this?? Here is a true example: Tax preparer e files return Rejection notice R-92 is reason for rejection Tax preparer notifies IRS of rejection code and finds out return was already filed Tax payer is instructed to file [...]

Important Update: 1099-K Program

29 Nov

*** UPDATE *** The new Revenue Reporting for the new Form 1099-K has now been suspended per the IRS, effective immediately [11/29/11.] PLEASE MAKE SURE YOU ADJUST YOUR ACCOUNTING FOR 2010. THIS IS VERY IMPORTANT. Please call us if you have any questions.  —— To review the original article, please click here.  

New Revenue Reporting Requirements Starting 2011

13 Sep

***  UPDATED: 11/29/11 *** THE IRS HAS SUSPENDED THIS PROGRAM EFFECTIVE 11/29/11 FOR ONE YEAR AND WILL BE APPLICABLE IN 2012. PLEASE MAKE SURE YOU ADJUST YOUR ACCOUNTING FOR 2010. THIS IS VERY IMPORTANT.  Please call us if you have any questions. —————————————————————— Starting in January 2011, business income needs to be split between revenue [...]

Tax Filing Delayed For Itemizers!

29 Dec

The IRS has announced that while the 2010 tax filing season will begin on time for most people, some taxpayers will have to wait until the IRS finishes reprogramming its system for provisions that were enacted in the tax relief bill that became law on December 17, 2010. The system is expected to be ready [...]

CLIENT LETTER: 2010 Planning – Rental Real Estate Activity Compliance

22 Sep

Dear Client: Rental real estate offers tremendous tax advantages and opportunity for tax planning. Taxpayers, such as you, can depreciate property far exceeding your actual investment, deduct interest on borrowed capital, exchange rather than sell properties to defer tax on gains, use installment sales to defer tax on sales, and profit from preferential rates on [...]

NEW TAX LEGISLATION: Hire Act

10 Sep

The federal government as well as the states have been very busy changing tax laws mostly to prepare for the new Health Care reform which takes effect in 2013. As an incentive to have businesses prepared to cover employees for health care in some manner, there are some changes that you all need to know [...]