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IRS unveils taxpayer bill of rights
The Tax Code contains many taxpayer rights and protections. However, because the Tax Code is so large and complex, many taxpayers, who do not have the advice of a tax professional, are unaware of t...
IRS fine-tunes offshore voluntary compliance program
Since 2009, the IRS has operated an Offshore Voluntary Disclosure Program (OVDP) for U.S. taxpayers who have failed to disclose foreign assets or report foreign income from those assets to the IRS ...
Supreme Court helps taxpayers challenge IRS summonses
A recent decision by the U.S. Supreme Court clarifies how taxpayers may challenge an IRS summons where the taxpayer claims the summons was issued for an improper purpose. A taxpayer has a right to ...
FAQ: What is the self-employment tax?
Taxpayers who are self-employed must pay self-employment tax on their income from self-employment. The self-employment tax applies in lieu of Federal Insurance Contributions Act (FICA) taxes paid b...
How do I? Compute depreciation for tax purposes
The simple concept of depreciation can get complicated very quickly when one is trying to determining the proper depreciation deduction for any particular asset. Here’s only a summary of some...
July 2014 tax compliance calendar
As an individual or business, it is your responsibility to be aware of and to meet your tax filing/reporting deadlines. This calendar summarizes important tax reporting and filing data for individu...
How do I...Claim the small business health insurance tax credit for 2010?
The small business health insurance tax credit, created by the health care reform package, rewards employers that offer health insurance to their employees with a tax break. The credit is targeted to ...
Health care reform extends coverage, income tax exclusion for young adult coverage
The health care reform package makes two important changes to insurance coverage for young adults. First, the new law allows young adults to remain on their parents' health insurance plan until age 26...
Planning for the 3.8 percent Medicare tax on investment income
The health care reform package (the Patient Protection and Affordable Care Act and the Health Care and Education Reconciliation Act of 2010) imposes a new 3.8 percent Medicare contribution tax on the ...
How Do I: Claim residential energy credits?
There are two important energy tax credits that can benefit homeowners in 2010: (1) the nonbusiness energy property credit and (2) the residential energy efficient property credit. Collectively, they ...
FAQ: Are individuals now required to purchase health insurance?
The answer is no for 2010, but yes, in practical terms, for 2014 and beyond. The health care reform package (the Patient Protection and Affordable Care Act of 2010 and the Health Care and Education Re...
IRS ramps up guidance on new small employer health insurance tax credit
The IRS is moving quickly to alert employers about a new tax credit for health insurance premiums. The recently enacted health care reform package (the Patient Protection and Affordable Care Act of 20...
Withdrawals from retirement savings: Tough rules may change
In response to the economic downturn that has affected the retirement portfolios of millions of individuals across the country, Congress has been considering a variety of alternatives to offer relief ...
Small businesses face both tax opportunities and challenges in 2010
As 2010 unfolds, small businesses are confronted with tax challenges and opportunities on many fronts. Lackluster consumer spending, combined with tight credit, has many small businesses in a holding ...
How Do I? Convert my traditional IRA to a Roth IRA?
Beginning in 2010, the income limitations that have prevented taxpayers with modified adjusted gross incomes of $100,000 or more and married taxpayers that filed their returns separately from converti...
FAQ: I’m an employer...how do I claim the COBRA premium assistance credit?
The American Recovery and Reinvestment Act of 2009 allows employers to claim a credit against certain employment taxes for providing COBRA premium assistance to eligible individuals, including former ...
How do I? Compute bonus depreciation
The American Recovery and Reinvestment Act of 2009 (2009 Recovery Act) extended the 50-percent additional first-year bonus depreciation allowed under the Economic Stimulus Act of 2008, providing a gen...
FAQ: When does a gift require a gift tax return?
If you've made, or are planning to make, a big gift before the end of 2009, you may be wondering what your gift tax liability, if any, may be. You may have to file a federal tax return even if you do ...
More employers offer financial counseling, tax preparation and retirement planning as employee benefits
A financially secure employee is a productive one. Employee benefits play a key role in attracting and retaining employees. Financial counseling, tax preparation and retirement planning services are i...
The ups and downs of falling interest rates in tax planning
Falling interest rates and the current slowdown in the U.S. economy are having a widespread affect on today's economy and individuals' financial resources, from savings accounts to personal loans and ...
Decision making needed to maximize important business incentives in the 2009 Recovery Act
The business incentives in the American Recovery and Reinvestment Act of 2009 (2009 Recovery Act) are much anticipated and valuable. Three significant business incentives in the 2009 Recovery Act are ...
FAQ: Are website development costs for my business deductible?
Like the Internet itself, the correct deductibility of a business's website development costs is still in its formative stages. What is fairly clear, however, is that it is highly unlikely that any si...
How the Mortgage Forgiveness Debt Relief Act is helping homeowners
On December 18, 2007, Congress passed the Mortgage Forgiveness Debt Relief Act of 2007 (Mortgage Debt Relief Act), providing some major assistance to certain homeowners struggling to make their mortga...
FAQ: Are long-term insurance premiums tax deductible?
Long-term care premiums are deductible up to certain amounts as itemized medical expense deductions. The amount is based upon your age. Unfortunately, most taxpayers do not have enough other medical e...
FAQ: Audits and Examinations
Q: After what period is my federal tax return safe from audit? A: Generally, the time-frame within which the IRS can examine a federal tax return you have filed is three years. To be more specific, Co...
Independent contractors can help limit your liability
One of the easiest ways for a business to limit liability is to use independent contractors instead of employees. Of course, merely calling employees "independent contractors" will not make those indi...
Personal holding company tax traps many unsuspecting businesses
The closely-held corporate form of entity is widely used by family-owned businesses. As its name implies, the owners of the business are typically limited to a small group of shareholders. Many busine...
Tread carefully when deducting "luxury" business expenses
Many people are surprised to learn that some "luxury" items can be deductible business expenses. Of course, moderation is key. Excessive spending is sure to attract the IRS's attention. As some recent...
FAQ: If I employ my 17-year old child, what withholding, etc. is required?
Whether a parent who employs his or her child in a family business must withhold FICA and pay FUTA taxes will depend on the age of the teenager, the amount of income the teenager earns and the type of...
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