Independent contractor or employee?
Feb. 3, 2012
Determining whether a worker is an employee or an independent contractor is an important decision. It also continues to be a hot spot for IRS inquiries. Not understanding and following the classification rules can result in substantial tax penalties and interest. Full Story
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Don't be scammed by cyber criminals
Feb. 1, 2012
The Internal Revenue Service receives thousands of reports each year from taxpayers who receive suspicious emails, phone calls, faxes or notices claiming to be from the IRS. Many of these scams fraudulently use the IRS name or logo as a lure to make the communication appear more authentic and enticing. The goal of these scams – known as phishing – is to trick you into revealing your personal and financial information. The scammers can then use your information – like your social security number, bank account or credit card numbers – to commit identity theft or steal your money. Full Story
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Payroll reminders for 2012
Feb. 1, 2012
Payroll tax reminders Full Story
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IRS offers employers a break on misclassified workers
Jan. 14, 2012
The IRS has announced a new program that allows eligible employers to voluntarily reclassify workers as employees, rather than independent contractors, for future tax periods. In exchange, the employers' liability for past payroll tax obligations will be reduced to only a minimal payment. The Voluntary Classification Settlement Program (VCSP) is intended to increase tax compliance and reduce the tax and administrative burdens on employers with misclassified workers. Full Story
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Filing deadline extended to March 30 for some tax-exempt organizations, but sense of urgency should remain
Jan. 13, 2012
Tax-exempt organizations with January and February filing due dates will have until March 30, 2012, to file their annual returns. The IRS is granting this extension of time to file because the part of the e-file system that processes electronically filed returns of tax-exempt organizations will be off-line during January and February. Full Story
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Don't forget January 31 tax deadlines
Jan. 9, 2012
Employers have several tax forms to submit by January 31, 2012. Below are a few items you'll want to be sure you have prepared and submitted by that date. Full Story
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IRS issues form and guidance for reporting foreign financial assets
Dec. 27, 2011
The IRS has released a new form for reporting foreign financial assets for the 2011 tax year, as well as some guidance on who must file the form. The agency warns that individual taxpayers should take the time to determine whether they need to file Form 8938, Statement of Specified Foreign Financial Assets, because failure to comply can trigger some significant penalties. Full Story
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Congress extends payroll tax relief — for 2 months
Dec. 27, 2011
After much debate and political maneuvering, Congress has passed and President Obama has signed a two-month extension of payroll tax relief. The Temporary Payroll Tax Cut Continuation Act of 2011 will extend through Feb. 29, 2012, the 2010 Tax Relief Act provision that reduced the employee portion of the Social Security tax on earned income from 6.2 percent to 4.2 percent. Full Story
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Don't overlook new tax credit for employers who have hired and retained recently unemployed
Dec. 27, 2011
The New Hire Retention Credit is now available for calendar year taxpayers to claim on their 2011 tax returns, which are due on March 15 or April 15, 2012. Full Story
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IRS announces 2012 standard mileage rates
Dec. 16, 2011
The Internal Revenue Service has issued the 2012 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Full Story
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Making year-end gifts to family and charity can reduce taxes
Dec. 8, 2011
When we discuss year-end gifts, we don't mean the tie you give to Uncle Al or the toys you give to your nephews and nieces as holiday presents. We're talking about significant gifts, such as helping a child put a down payment on a home or start a business, or paying a grandchild's college tuition or a relative's medical expenses. Under these circumstances, making gifts to family members can help save federal gift and estate taxes and, in some situations, overall family income taxes. Full Story
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Nine tips for charitable taxpayers
Dec. 5, 2011
If you make a donation to a charity this year, you may be able to take a deduction for it on your 2011 tax return. Here are the top nine things the IRS wants every taxpayer to know before deducting charitable donations. Full Story
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Congress repeals 3 percent withholding, provides tax incentives for hiring veterans
Nov. 30, 2011
On Nov. 16, Congress passed legislation repealing a controversial law that would have required federal, state and local government entities with total annual expenditures of $100 million or more to withhold 3 percent of certain payments for goods and services to government contractors and vendors. Full Story
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The IRS announces 2012 cost-of-living adjustments
Nov. 4, 2011
On Oct. 20, the IRS released most cost-of-living adjustments for 2012. These are automatic adjustments built into the tax law, but they don't always result in increases. With inflation now a little higher than it has been, some amounts that haven't risen in recent years are increasing for 2012 and others are increasing by larger sums. Still, there are many amounts that will stay the same as they were for 2011. The changes -- or lack thereof -- could affect your tax planning. Full Story
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IRS issues guidance on tax treatment of employee cell phones
Nov. 4, 2011
If you've been dealing with the recordkeeping headache of employer-provided cell phones, you can officially breathe a sigh of relief. Full Story
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It's time to consider your 2011 individual, income-tax liability
Nov. 2, 2011
The end of the 2011 individual, income tax year is rapidly approaching, and there are several last minute tax-planning issues to consider. While this exercise probably isn't your favorite, there are several steps you can still take this year to make the 2011 income tax liability more manageable. Full Story
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Act now to take advantage of 2011 depreciation rates
Nov. 2, 2011
If you are considering the purchase of tangible property or off-the-shelf software in the next few months, you may want to do so before December 31. Full Story
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IRS provides filing-deadline relief for estates of people who died in 2010
Oct. 10, 2011
On Sept. 13, the IRS provided important relief for estates of people who died in 2010. IRS Notice 2011-76 increases the potential benefits of filing for an estate tax return extension. It also extends the Nov. 15 filing deadline for opting out of the estate tax. This article provides a brief overview of the relief provided in IRS Notice 2011-76. Full Story
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IRS reminds small businesses not to overlook health care tax credit
June 27, 2011
The Internal Revenue Service, in partnership with the Department of Health and Human Services, is reaching out to small employers and the professional service providers they rely on to encourage them to review the new Small Business Health Care Tax Credit to see if they are eligible. "We want to make sure that small business owners don't leave any money on the table," said IRS Commissioner Doug Shulman. "Small businesses that offer health insurance should learn about this credit and claim it if they are eligible." Full Story
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IRS warns of scam emails
Sep. 7, 2011
The IRS does not send unsolicited e-mail to taxpayers either about their tax accounts or requesting sensitive personal and financial information. Nevertheless, taxpayers do receive e-mails claiming to come from the IRS, sometimes containing a real or made-up employee name, address and similar information to make an e-mail seem credible. Full Story
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2011 tax credit available for employers that hire and retain recently unemployed
Aug. 17, 2011
Employers who hired unemployed workers after February 3, 2010, and before January 1, 2011 may qualify for a New Hire Retention Credit on their 2011 tax return. The credit is available for each qualified employee retained for at least a year whose wages did not significantly decrease in the second half of the year. The business may claim a new hire retention credit of up to $1,000 per worker on its income tax return. Full Story
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Budget Control Act increases the debt ceiling and makes deficit reductions — but doesn't include tax law changes
Aug. 3, 2011
On Aug. 2, the Budget Control Act of 2011 was signed into law. The act provides immediate relief from the debt ceiling and makes more than $900 billion in spending cuts during the next 10 years. However, the act doesn't include any tax law changes. This article provides an overview of key provisions of the Budget Control Act and explains why tax reform under the legislation may be difficult to achieve. Full Story
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Estate tax uncertainty remains in 2011 and 2012
June 29, 2011
The Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 provided many answers regarding the estate tax, but, unfortunately, the act created additional questions as well. With certain estate tax law provisions scheduled to expire after 2012, estate planning uncertainty remains. This article explains how making lifetime gifts can take advantage of the current high exemption amount and low tax rate and details ways to add flexibility to an estate plan to prepare for potentially lower exemptions and higher rates in 2013. Full Story
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IRS extends FBAR deadline for certain filers with signature authority
June 27, 2011
The IRS recently released Notice 2011-54, which provides additional time for certain individuals with signature authority over (but no financial interest in) foreign financial accounts to file Form TDF 90-22.1, Report of Foreign Bank and Financial Accounts (FBAR). This article details Notice 2011-54 and explains how it coexists with FinCEN Notices 2011-1 and 2011-2 as well as certain voluntary disclosure programs. Full Story
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Government grants make 2011 the right time to invest in alternative energy sources
May 11, 2011
The United States government wants Americans to embrace alternative/renewable energy sources. To encourage us to do that, the government is temporarily subsidizing investments in projects that will help decrease our country's dependency on non-renewable energy sources. Full Story
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IRS offers new guidance on 50 percent and 100 percent bonus depreciation
May 9, 2011
June 17, 2011 deadline to revoke prior-year election -- The IRS has issued Revenue Procedure 2011-26, which provides guidance on claiming the 50 percent or 100 percent first-year depreciation bonus for qualifying business property. Full Story
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Selling to customers in other states may create taxation issues
May 4, 2011
Does your business have nexus issues?A business that sells to customers in many states may be exposed to a variety of multistate tax issues. "Nexus" is a concept that is increasingly becoming a hot-button issue for companies with a multistate presence. Full Story
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IRS extends delay of healthcare reporting requirement for small business
May 4, 2011
Last year's health care reform legislation, the Patient Protection and Affordable Care Act (the Act), requires certain information reporting by employers relating to employer-sponsored health care insurance coverage for tax years beginning on or after January 1, 2011. The Act generally requires that the aggregate cost of the applicable employer-sponsored health care insurance coverage must be reported to employees on Form W-2. Full Story
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How long should you keep tax records?
May 2, 2011
After you have filed your 2010 returns, you may be inclined to dispose of certain tax-related information from the current and past years. However, you should be aware of the rules for retaining relevant tax records in the event that the IRS — or another taxing authority — wants you to produce those records as part of an audit. Full Story
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Congress repeals expansion of Form 1099 reporting
April 15, 2011
On April 14, President Obama signed the Comprehensive 1099 Taxpayer Protection and Repayment of Exchange Subsidy Overpayments Act of 2011. The act repeals expansion of Form 1099 reporting under 2010's Patient Protection and Affordable Care Act and Small Business Jobs Act. This short article explains why the expanded reporting requirements caused an uproar among potentially affected taxpayers, triggering widespread bipartisan support for repeal in Congress. Full Story
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Time is running out on May 2010 flood deduction
April 6, 2011
For individuals affected by the May 2010 flood, time is running out to take advantage of potentially higher casualty loss deductions. A special rule for federally declared disaster areas allows a taxpayer to elect to report the loss on an amended 2009 tax return instead of on the 2010 tax return. Full Story
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IC-DISC offers tax breaks for exporters
April 6, 2011
If your closely held company earns significant income from exporting — or from engineering or architectural services on foreign construction projects — consider forming an interest charge domestic international sales corporation (IC-DISC). An IC-DISC is relatively inexpensive to set up and operate, and it can reduce your tax rate on qualifying sales by up to 20 percentage points. Full Story
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Repeal of expanded 1099 requirement is expected, but still uncertain
March 17, 2011
There appears to be bi-partisan agreement that the expanded 1099 requirement, created as part of the healthcare reform law, should be repealed. But, Congress has not reached agreement on how to fund it, and yet another alternative is expected to be offered in the Senate. The controversial provision requires business owners to report all transactions greater than $600 each year, beginning in 2012, and some entities are required to begin reporting in 2011. Unfortunately, the repeal is not a done deal. The House and Senate bills were different, and President Obama has expressed both his support for repealing the requirement, but also his opposition to the proposed funding for the repeal. Full Story
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Refunds may be waiting for people who failed to file taxes for 2007
March 10, 2011
Refunds totaling more than $1.1 billion may be waiting for nearly 1.1 million people who did not file a federal income tax return for 2007, according to an IRS announcement on February 28. However, to collect the money, a return for 2007 must be filed with the IRS no later than Monday, April 18, 2011. Full Story
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U.S. citizens must report signature authority on foreign financial accounts
March 10, 2011
On Feb 24, 2011 the U.S. Treasury issued final rules regarding the reporting requirements for U.S. persons with signature authority over but no financial interest in foreign financial accounts worth more than $10,000 at any time during the year. Such individuals must report such authority on the Form TD-F 90-22.1. The form is due on June 30 of the year following the reporting year. Full Story
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Failure to disclose income from foreign accounts can result in significant penalties
March 10, 2011
There has long been a requirement that taxpayers holding foreign financial accounts disclose the existence of such accounts and pay U.S. income tax on income earned in such accounts. Failure to report income on foreign accounts can mean huge penalties and interest that could significantly exceed the entire value of the foreign account. In addition, the IRS may proceed with criminal prosecution for tax evasion. Full Story
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What's the status of healthcare reform?
Feb. 16, 2011
The healthcare reform legislation passed in 2010 is the law for now; however, a decision by a federal judge in Pensacola, Florida, has set in process a series of appeals that could go on for some time. On January 31, Judge Roger Vinson ruled that the Patient Protection and Affordable Care Act is unconstitutional, explaining that, in his opinion, the individual mandate to purchase healthcare insurance is unconstitutional because it violates the Commerce Clause. Many in Congress believe that healthcare reform cannot be achieved without the mandate. Full Story
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Taxable or non-taxable income?
Feb. 16, 2011
Generally, most income you receive is considered taxable, but there are situations when certain types of income are partially taxed or not taxed at all. Full Story
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New items appear on Form 1040 for this filing season
Feb. 16, 2011
Despite calls for simplifying the tax laws, they have actually been made much more complicated in the last few years. Year after year, there have been numerous tax changes that even some professionals have a tough time keeping up with. This filing season is no different. The 2010 Form 1040 reflects a number of new tax breaks. Some are straightforward. Others are complex. Some present choices and opportunities to save money. Full Story
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New rules require rental property owners to issue 1099s
Jan. 10, 2011
The recently enacted Small Business Jobs Act requires taxpayers who own rental property to issue Forms 1099 to service providers for payments of $600 or more during the year. Full Story
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IRS releases final regulation requiring corporate disclosure of uncertain tax positions
Jan. 7, 2011
The IRS recently issued a final regulation that marks the culmination of its efforts to require certain corporations to submit information related to uncertain tax positions along with their income tax returns, beginning with 2010 returns. The new requirements represent a significant shift in the extent of information corporations must disclose to the IRS. This alert provides an overview of the requirements. Full Story
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How will the Tax Relief act affect your estate plan?
Dec. 23, 2010
There's been much speculation as to what Congress would do about the 2010 estate tax repeal and the scheduled 2011 return of the tax at higher rates and a lower exemption. The Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 has finally given us our answer. Full Story
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Tax Relief act provides businesses with enhanced investment incentives and more
Dec. 20, 2010
The Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 extends and expands a wide variety of valuable tax breaks. Many of the extended breaks were set to expire after 2010 and have now been extended through 2012. Others expired at the end of 2009 and have been extended only through 2011. The Tax Relief act also provides a few new tax breaks, most notably a payroll tax reduction for 2011. Below are two articles that examine the income tax provisions most relevant to higher-income taxpayers and businesses. We will issue another tax alert this week that deals with changes affecting estates and trusts. Full Story
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Tax Relief act offers many income-tax-saving opportunities for individuals
Dec. 20, 2010
The Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 extends and expands a wide variety of valuable tax breaks. Many of the extended breaks were set to expire after 2010 and have now been extended through 2012. Others expired at the end of 2009 and have been extended only through 2011. The Tax Relief act also provides a few new tax breaks, most notably a payroll tax reduction for 2011. Below are two articles that examine the income tax provisions most relevant to higher-income taxpayers and businesses. We will issue another tax alert this week that deals with changes affecting estates and trusts. Full Story
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Proposed tax law package
Dec. 15, 2010
On December 6th, President Obama announced an agreement with the Republican Party, which includes the extension of the Bush-era income tax rates for two years, among many other tax provisions. This package may finally give taxpayers some certainty on which to base tax planning for the next two years. Full Story
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New electronic filing requirement takes effect for 2010 returns
Dec. 14, 2010
Due to an amendment in a 2009 law, which extended the First Time Homeowner Credit, many tax preparers, including KraftCPAs, will be required to file electronically most of the income tax returns that they prepare for individuals, estates and trusts. Full Story
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No 2010 estate tax has complex repercussions
Nov. 1, 2010
It's 2010, and there is no federal estate tax; so you might think there are no estate tax forms to file. The truth of the matter is things could not be more complicated than they are in 2010. Full Story
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Legislative uncertainty makes year-end tax planning a challenge
Oct. 29, 2010
With a few exceptions, tax-reduction strategies have to be implemented by Dec. 31 in order to affect your tax liability for the current year (assuming you're a calendar-year taxpayer). So now would normally be the time when you and your tax advisor would be reviewing your year-to-date income, deductions, gains and losses and projecting your 2010 tax picture. You'd then use this information to decide what to do between now and year-end to reduce your overall tax liability. Full Story
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Regulation issued on electronic deposit requirements
Oct. 27, 2010
The IRS has issued proposed regulations, effective January 1, 2011, relating to employers' remittances of federal employment taxes. The proposed regulations would no longer permit employers to make deposits via paper tax-deposit coupons. Instead, employers would remit federal employment taxes (including income-tax withholdings, FICA, and FUTA tax) electronically or by phone by means of the Electronic Federal Tax Payment System (EFTPS). While these proposed regulations are not final, we want to provide you with some advanced notice so that you can begin preparing for the new deposit rules. Final regulations are expected to be issued by December 31, 2010. Full Story
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IRS Releases Draft W-2 Form for 2011; Announces Relief for Employers
Oct. 13, 2010
In October, the IRS issued a draft Form W-2 for 2011, which employers use to report wages and employee tax withholding. The IRS also announced that it will defer the new requirement for employers to report the cost of coverage under an employer-sponsored group health plan, making that reporting by employers optional in 2011. Full Story
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For Investors, Reporting Gains and Losses Gets Easier Starting in 2011
Oct. 13, 2010
In October, the Internal Revenue Service issued final regulations under a law change that will require reporting of basis and other information by stock brokers and mutual fund companies for most stock purchased in 2011 and all stock purchased in 2012 and later years. The reporting will be to investors and the IRS. This additional reporting will be optional for stock purchased prior to these dates. Full Story
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New legislation extends and expands tax breaks for small businesses, their investors and more
Sep. 29, 2010
On September 27, President Obama signed the Small Business Jobs Act of 2010 (SBJA), creating a $30 billion fund to provide capital to community banks to encourage lending to small businesses. The legislation also includes $12 billion in tax relief for small businesses and incentives to encourage investment in them, but there are also some benefits for larger businesses and for the self-employed and individual taxpayers. Here's an overview of the most relevant and potentially lucrative tax provisions. Full Story
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IRS Releases Form to Help Small Businesses Claim New Health Care Tax Credit
Sep. 8, 2010
The Internal Revenue Service released a draft version of the form that small businesses and tax-exempt organizations will use to calculate the small business health care tax credit when they file income tax returns next year. The IRS also announced how eligible tax-exempt organizations –– which do not generally file income tax returns –– will claim the credit during the 2011 filing season. Full Story
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Congress extends homebuyer credit — for some
July 7, 2010
Just before an important deadline for the homebuyer credit was set to expire July 1, Congress extended it. But the extension will benefit taxpayers only in limited circumstances. Previously, the credit was available to eligible taxpayers for qualifying purchases made before May 1, 2010 — or July 1 if a binding contract was in place before May 1. Congress has now extended the July 1 deadline to Oct. 1, 2010. This article provides an overview of this important tax law change, along with information on other eligibility requirements and limitations. Full Story
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New approach to jobs tax credit means big tax break for many businesses
July 6, 2010
While the Tennessee job tax credit was originally conceived for businesses relocating from another state, many other Tennessee businesses have recently been successful in qualifying for this potentially large credit. If the company qualifies, a credit of $4,500 is available for each new, full-time employee in existence at the end of the fiscal year for which the credit is applied. Full Story
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Tennessee sales tax refund available for qualified flood victims
July 6, 2010
The Tennessee Department of Revenue is offering individuals affected by the flooding and severe storms in Tennessee an opportunity to receive a refund of up to $2,500 for sales tax paid on eligible major appliances and residential furniture purchased to replace items damaged or destroyed by the flood, and for sales tax paid on the purchase of certain building supplies used to restore, repair, replace or rebuild the individual's primary residence due to damage caused by the May 2010 disaster. Full Story
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IRS releases guidance on the new small-employer tax credit for health insurance expenses
June 16, 2010
The Patient Protection and Affordable Care Act (PPACA), signed into law in March, offers a valuable new tax credit to eligible small businesses and nonprofits that provide health coverage to their employees. A tax credit is more powerful than the normal deduction for such expenses because it provides dollar-for-dollar tax savings, rather than just reducing the amount of income that's taxed. Best of all, the new credit is available starting this year. Full Story
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IRS Offers Details on New Small Business Health Care Tax Credit
May 19, 2010
The Internal Revenue Service announced on May 17 new guidance to make it easier for small businesses to determine whether they are eligible for the new health care tax credit under the Affordable Care Act and how large a credit they will receive. The guidance makes clear that small businesses receiving state health care tax credits may still qualify for the full federal tax credit. Additionally, the guidance allows small businesses to receive the credit not only for regular health insurance but also for add-on dental and vision coverage. Full Story
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IRS issues guidance on tax treatment of health coverage for adult children
May 12, 2010
A little more than a month after President Obama signed the Patient Protection and Affordable Care Act into law, the IRS has issued guidance on health care coverage for children under age 27 (Notice 2010-38). This article details what the guidance covers and how it affects both employers and employees. Full Story
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Disaster Losses - IRS Offers Tax Relief to Qualifying Victims
May 12, 2010
It's hard to even think about taxes after the recent devastation many Tennesseans suffered due to the severe storms and flooding. But thankfully, a number of tax laws allow the IRS to grant relief to taxpayers who are victims of a Presidentially-declared disaster. Full Story
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Is a Roth IRA conversion right for you?
April 28, 2010
The Roth IRA is a smart way to save for retirement — or to build wealth for heirs — because qualified withdrawals (including withdrawals of earnings) are tax free. But most higher-income taxpayers have been ineligible to benefit from this savings vehicle. Beginning this year, however, anyone, regardless of income, can convert a traditional IRA into a Roth IRA. Whether this is the right move depends on a person’s specific circumstances. This article explains both potential benefits and income tax implications that should be considered before converting a traditional IRA to a Roth IRA. Full Story
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COBRA Subsidy Eligibility Period Extended to May 31
April 28, 2010
Workers who lose their jobs during April and May may qualify for a 65-percent subsidy on their COBRA health insurance premiums, according to the Internal Revenue Service. The American Recovery and Reinvestment Act established this subsidy to help workers who lost their jobs as a result of the recession maintain their employer sponsored health insurance. Full Story
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How health care reform will affect your tax bill
March 24, 2010
On March 23, 2010, President Obama signed the Patient Protection and Affordable Care Act, representing a sweeping overhaul of the U.S. health care system. The Act expands individuals' access to health coverage and includes tax provisions affecting individuals and businesses. This article provides an overview of the Act and its major tax-related provisions. Full Story
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Will the HIRE Act benefit your business?
March 22, 2010
On March 18, President Obama signed into law the Hiring Incentives to Restore Employment (HIRE) Act. The act provides tax incentives that will help many companies hire more workers and purchase more equipment — and, ultimately, grow their businesses as the economy recovers. Here's an overview of the act that will help you determine whether your business might benefit. Full Story
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The current state of the estate tax causing confusion for many
Feb. 19, 2010
The temporary nature of the current estate tax repeal, together with uncertainty over what Congress will do next, has created an estate planning quagmire. In addition to calling for the repeal itself, the 2001 tax act made several significant changes — for 2010 only — that make long-term planning a challenge. These include a new tax code provision, Section 2511(c), which imposes gift tax on transfers to certain trusts that previously wouldn't have been taxable. This article details the current state of the estate tax, the confusion surrounding Section 2511(c) and how IRS Notice 2010-19 attempts to clarify the confusion, only to create some more. Full Story
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Don't miss the May 1 deadline to report unclaimed property
Feb. 19, 2010
The State of Tennessee, along with other states, and their agents may contact entities that have not reported unclaimed property to make them aware of their obligation to report and remit.Anyone who owes money to an individual or business in Tennessee is required to report and remit any unclaimed property to the state by May 1 for property abandoned as of December 31st of the prior year. Full Story
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Death benefits from employer-owned life insurance may now be taxed. New filing required for policy owners
Feb. 10, 2010
New guidance from the IRS, effective June 15, 2009, stipulates that for employer-owned life insurance contracts issued after August 17, 2006, the excess of the death benefit over the cost of the policy (i.e. premiums paid) is included in income. Employer-owned life insurance contracts: Full Story
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Is filing an extension right for you?
Feb. 5, 2010
Many taxpayers who would like to file an extension are concerned that doing so might "raise a red flag" and increase the likelihood of an IRS audit. Not so, according to Jerry Moss, tax member with KraftCPAs. Jerry explains, "Requesting an extension is definitely not a red flag as far as the IRS is concerned." In fact, he says approximately 10 percent of KraftCPAs' clients request extensions. Full Story
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Don't forget February 1 tax deadlines
Jan. 6, 2010
Employers have several tax forms to submit by February 1, 2010. Below are a few items you'll want to be sure you have prepared and submitted by that date. Full Story
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Estate tax upheaval creates planning challenges
Jan. 6, 2010
We begin the new year with no Federal estate tax in place. The last time this occurred was 1915. A law passed in 2001 repealed Federal estate taxes for the year 2010. That same law provides for the estate tax to reappear in the year 2011 with a $1 million exemption amount and a top rate of 55 percent. Full Story
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Tax Extenders Act of 2009 to affect carried interest
Dec. 15, 2009
Attention fund managers and real estate syndicators: The Tax Extenders Act of 2009, which was approved by the House on December 14, would prevent investment fund managers from paying taxes at capital gains rates on investment management services income received as carried interest in an investment fund. Full Story
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IRS Offers Tips for Year-End Donations
Dec. 9, 2009
Individuals and businesses making contributions to charity should keep in mind several important tax law provisions that have taken effect in recent years. Full Story
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Assistance Act extends and expands first-time homebuyer credit
Nov. 18, 2009
On November 6, 2009, President Obama signed into law the "Worker, Homeownership, and Business Assistance Act of 2009" (the 2009 Assistance Act). In addition to providing an extension of unemployment benefits for the long-time jobless, the 2009 Assistance Act includes tax changes for individuals, namely changes extending and generally liberalizing the first-time homebuyer tax credit. Full Story
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Tennessee tax law impacts contractors
Nov. 4, 2009
Several amendments to the Tennessee Business Tax Act of 2009 have implications for contractors. Full Story
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Don't miss Dec. 31 deadline for Tennessee business tax voluntary disclosure agreement
Oct. 1, 2009
In the past, Tennessee's local governments administered the Tennessee business tax (gross receipts tax); however, under the new 2009 tax law changes, the Tennessee Department of Revenue (TDOR) will now administer this tax. The TDOR anticipates that the change will increase the amount of tax collected because of the state's opportunity to look for delinquent and non-filing businesses by cross-referencing sales tax collections and other state administered taxes. Full Story
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American Recovery and Reinvestment Act of 2009 - ENERGY TAX INCENTIVES
Feb. 16, 2009
The recently enacted "American Recovery and Reinvestment Act of 2009" (the 2009 economic stimulus act) contains a wide-ranging tax package that includes tax incentives for business, relief for low and moderate-income wage earners and families with college expenses, and home and car purchasers. This article includes an overview of the more widely applicable tax changes. Please call our offices for details of how the new changes may affect your business and your family. Full Story
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American Recovery and Reinvestment Act of 2009 - INDIVIDUAL/FAMILY CHANGES
Feb. 16, 2009
The recently enacted "American Recovery and Reinvestment Act of 2009" (the 2009 economic stimulus act) contains a wide-ranging tax package that includes tax incentives for business, relief for low and moderate-income wage earners and families with college expenses, and home and car purchasers. This article includes an overview of the more widely applicable tax changes. Please call our offices for details of how the new changes may affect your business and your family. Full Story
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American Recovery and Reinvestment Act of 2009 - BUSINESS TAX CHANGES
Feb. 16, 2009
The recently enacted "American Recovery and Reinvestment Act of 2009" (the 2009 economic stimulus act) contains a wide-ranging tax package that includes tax incentives for business, relief for low and moderate-income wage earners and families with college expenses, and home and car purchasers. This article includes an overview of the more widely applicable tax changes. Please call our offices for details of how the new changes may affect your business and your family. Full Story
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IRS regulations regarding disclosure of tax information by preparers of returns
Feb. 13, 2009
The New Year has brought in new Internal Revenue Service regulations regarding disclosure of tax information by preparers of returns. In an effort to better serve our mutual clients, we are giving you a "heads up" on what these regulations require.
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Are you overlooking Tennessee franchise/excise tax credits
Feb. 4, 2009
Is your company missing out on Tennessee franchise/excise tax credits that could reduce your taxes? Many companies overlook these significant tax-saving credits -- particularly the Jobs Tax Credit (JTC) and the Industrial Machinery Credit (IMC). Full Story
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