12/30/2011

Health Care Tax Credit Eligibility Form

SMALL BUSINESS HEALTH CARE TAX CREDIT ELIGIBILITY FORM.

12/30/2011

2012 Tax Changes

Several tax provisions are scheduled to expire on December 31, 2011. Following is a list and brief overview of some of the commonly used provisions that are scheduled to change.

12/30/2011

HIRE ACT Tax Credit Eligibility Form

WORK OPPORTUNITY TAX CREDIT (HIRE ACT) ELIGIBILITY FORM.

07/20/2011

July 2011 Tax Rate Changes

Congress has announced that the  0.2% FUTA surcharge will expire on June 30, 2011. Employers have been required to pay a flat rate of 6.2% on the first $7,000 of each employees’ annual wages for FUTA. The 6.2% FUTA rate included a temporary 0.2% surcharge which was first added in 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 net FUTA Rate to 0.6% on wages paid up to the annual limit of $7,000.

06/10/2011

Foreign Bank Filing Reports

Many of you may have heard about the reporting requirements for owners or those who have signatory authority over foreign bank and financial accounts.  For those of you with little to no knowledge concerning these filing requirements, we have prepared this summary which describes what it is and the filing requirements for those that have these accounts.  Please contact our office if you have any questions about this or have any concerns about foreign accounts that may need to be reported

06/10/2011

Personal Property Tax

Paying your personal property taxes can be quite a hassle without a basic knowledge about what this is and how it is assessed.  We have prepared this basic summary for you to address these questions and provide you with a general overview.  If you have any questions or would like to discuss this in further detail please call us.

02/16/2011

New 1099 Reporting Rules

That New 1099 Rule!!  (No, not the one you’ve probably heard of . . . )In all the buzz over the expanded 1099 rules that go into effect in 2012, many people have missed the fact that for certain  taxpayers, 1099 reporting has already been expanded.  You are now required to prepare form 1099 to report those payments to the service providers and the IRS if you.

02/15/2011

AFCE 2010 Annual Report on Occupational Fraud

When the ACFE published its first Report to the Nation on Occupational Fraud and Abuse in 1996, it broke new ground in anti-fraud research by providing an analysis of the costs, the methodologies and the perpetrators of fraud within U.S. organizations. The collective body of knowledge contained in the first five editions of the Report to the Nation — published between 1996 and 2008 — has become the most authoritative and widely quoted research publication on occupational fraud.

01/15/2011

Small Business Health Care Credit Eligibility Form

01/05/2011

Tax Relief / Job Creation Act of 2010

Congress has approved and the President quickly signed a mulibillion dollar tax cut package, the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010 (2010 Tax Relief Act) (H.R. 4853). The new law follows through on the framework agreed to December 6 by President Obama and GOP leaders in Congress.

11/15/2010

IRS Proposed Regulations to Eliminate Payment Coupons

The IRS has issued proposed regulations that would eliminate paper coupons for deposits of employment taxes, corporate income and estimated taxes, and many other taxes (REG- 153340-09).  The paper coupon payment system will be shut down at the end of this year. With this change, taxpayers will be required to use the IRS’ Electronic Federal Tax Payment System (EFTPS) to make federal tax deposits of various withheld and estimated taxes.  The preamble to the proposed regulations notes that over 97.5% of all federal tax deposits are already deposited electronically through EFTPS

10/15/2010

Small Business Job Act of 2010

President Obama signed the Small Business Jobs Act of 2010.  The Act provides several tax incentives for business investment or access to capital, and makes other modifications primarily affecting small businesses.  The tax incentives  are temporary, primarily affecting 2010 and 2011 taxable years.  Several revenue offsets have also been enacted.

06/15/2010

Hiring Incentives to Restore Employment Act

The HIRE Act provides qualified employers with temporary payroll tax forgiveness of the employer’s 6.2 percent share of Social Security payroll taxes on wages paid to new hires who had been previously unemployed.  Payroll tax forgiveness is effective for qualified employees on wages earned for work after March 18, 2010 and on or before December 31, 2010.  A qualified employee must begin work any time after February 3, 2010 and before January 1, 2011.  The employer generally must be a private sector forprofit or tax-exempt employer (with some limited exceptions).

06/15/2010

The Worker, Home ownership, and Business Assistance Act of 2009

A key provision of the Act is the expansion of the net operating loss (“NOL”) carry-back provisions.  The  American Recovery and Reinvestment Act (“ARRA”), which was passed earlier this year, allowed an “eligible small business” to carry back an NOL arising in 2008 for three, four, or five taxable years, rather than the two-year period otherwise applicable.  Under the ARRA provision, a taxpayer with a fiscal year, i.e., other than a calendar year, was entitled to choose the extended carry-back period for the taxable year that began or ended in 2008.