No one likes to see a policeman’s flashing lights in the rearview mirror, and no one likes to receive a phone call or letter from the dreaded auditor. But if you operate a business or your organization receives federal or state grants, at some point you may find auditors making that contact. (more…)
Posts Tagged ‘federal income tax’
Resolution 2012: Put Your Tax And Financial House In Order
The only effective way to control and conquer your tax and financial issues is to review them throughout the year. And what better way to kick off the new year than to tidy up your financial and tax house. Here are some tips to get you started. (more…)
What’s New: Last-Minute 2011 Deal Reached On Payroll Tax Cut
On December 23, 2011, Congress finally approved a two-month extension of the payroll tax cut for American workers. The agreement was reached after weeks of partisan bickering. Though both Democrats and Republicans wanted a one-year extension of the tax cut, they could not agree on how to pay for a year-long extension and settled on a paid-for two-month extension. (more…)
What’s New: New Law Signed By President Obama
On November 21, 2011, President Obama signed the Three Percent Withholding Repeal and Job Creation Act into law. This new law repeals three percent withholding on certain payments to government contractors. The law, H.R. 674, was amended to include the Vow to Hire Heroes Act which provides tax credits to employers who hire unemployed veterans.
New Business: IRS Issues Guidance On Cell Phone Use By Employees
Previously, the Small Business Jobs Act of 2010 eliminated strict substantiation requirements for business use of employer-provided cell phones. Now the IRS has issued new guidance on the tax treatment for employees. (more…)
Financial Resolutions To Make For 2012
Shedding unwanted pounds, recharging a golf score that’s stuck in neutral, nurturing a better relationship with your teenager — these resolutions and many more will appear on lists this coming January. Of course, some good intentions will fade before the flowers arrive on Valentine’s Day. (more…)
What You Should Know About The Sales Tax Deduction
The sales tax deduction is available for 2011 tax returns. Here are answers to your questions regarding this deduction. (more…)
What’s New: IRS Expands Innocent Spouse Relief
If you file a joint income tax return with your spouse, you are considered “jointly and severally” liable for the payment of all taxes owed. The IRS can come after either you or your spouse for the entire amount of tax due, plus any penalties and interest due. (more…)
New Business: New Worker Classification Program Announced By IRS
Companies that have worker classification issues are being offered a settlement program by the IRS. (more…)
