Category Archives: Tax Alerts

Payroll Tax Holiday Extended for All of 2012

On February 22, President Obama signed the Middle Class Tax Relief and Job Creation Act of 2012. The new law extends the employee-side payroll tax holiday, giving wage earners and self-employed individuals 12 months of reduced payroll taxes in 2012. … Continue reading

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Middle Class Tax Relief and Job Creation Act of 2012

On February 22nd, President Obama signed into law a much anticipated extension of the employee side payroll tax cut through the end of 2012. After weeks of uncertainty over whether an agreement could be reached, the House passed the Middle … Continue reading

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New 2011 1099-K Reporting Now Effective

Effective for the tax year 2011, there are significant changes for businesses that pay vendors via credit card or accept credit card payments. The IRS has created a new 1099-K form to report credit card activity. This new form will … Continue reading

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The American Jobs Act, President Proposes $447 Billion Jobs Package

The American Jobs Act of 2011, Special Report. President Obama has challenged Congress to immediately pass the American Jobs Act of 2011 — a $447 billion jobs package, including payroll tax cuts and tax credits to encourage hiring, along with … Continue reading

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Congress Approves Debt Ceiling Bill

The Budget Control Act of 2011, Special Report. On August 2nd, President Obama quickly signed the Budget Control Act after passed by the Senate 74 to 26. The House had passed the Budget Control Act on August 1st by a … Continue reading

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IRS Increases Business Mileage Rate

By Shelly Toft, CPA, Manager Due to the increase in fuel costs, the IRS has increased the optional standard mileage rates for business, medical or moving expenses. Effective July 1, 2011, the rate for business use of an automobile will … Continue reading

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IRS Releases Guidance for Grandfathering of Health Insurance Plans

The IRS has issued temporary and proposed guidance under which health insurance plans will be treated as grandfathered under the Patient Protection and Affordable Care Act (PPACA). Plans that are not grandfathered or that lose their grandfathered status will be subject to new shared responsibility requirements for employers after 2013. The IRS also provided the notice requirements that grandfathered plans must give to participants and beneficiaries. Continue reading

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Congress Completes Overhaul Of Health Care Law and Makes Many Tax Changes

More information to follow up on our first article regrading Health Care Reform.

Passage of the Health Care and Education Reconciliation Act of 2010 (H.R. 4872) Reconciliation Act) by Congress, followed by its signing by President Obama on March 30, 2010, completes a massive overhaul of the nation’s health insurance and health delivery systems. Continue reading

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Do You Do Business In More Than One State? Considering Expansion To Other States? New Tax Laws To Keep In Mind.

As if the economic downturn wasn’t bad enough, state taxing authorities are on the warpath — and your business may very well be in their crosshairs. With budget woes approaching crisis point across the country (witness California’s well-publicized meltdown), state treasuries are stretched painfully thin.

In response to their empty coffers, state taxing authorities are actively targeting both in-state and out-of-state companies for income and sales tax compliance. Continue reading

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Hiring Additional Workers? New Info About The Work Opportunity Tax Credit.

With the economic conditions beginning to move in a positive direction many employers may find themselves needing to hire additional workers. The hiring of these new employees may qualify you for the Work Opportunity Tax Credit. Continue reading

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