Articles
2011 Tax Changes: Lien Procedures
The IRS has announced new policies and programs to help taxpayers pay back taxes and avoid tax liens. The goal is to help individuals and small businesses meet their tax obligations, without adding an unnecessary burden to taxpayers. Specifically, the IRS is: 1)...
2011 Tax Changes: Health Insurance & Deductible Medical Expenses
There are a few changes regarding health insurance and medical expenses for 2011. These include: IRS further delays health insurance coverage information reporting for small employers. The new health reform legislation generally requires employers to report the cost...
2011 Tax Changes: New Deadline for Electing Modified Carryover Basis Rules
There is a new deadline for electing modified carryover basis rules. Estates of decedents dying in 2010 can choose zero estate tax, but at the price of beneficiaries being limited to the decedents' basis plus certain increases. The IRS has announced that Form 8939,...
2011 Tax Changes: Guidance on 2010 Tax Relief Act’s 100% Depreciation Allowance
The IRS has announced new guidelines on the 2010 Tax Relief Act's 100% depreciation allowance in regard to qualifying new property. This property must have been acquired after September 8, 2010 and before January 1, 2012. The new rules allow: 1) A 100% bonus...
2011 Tax Changes for Businesses and Investors: Real Estate Reporting
Tax laws are constantly being revised. As part of our service to our clients, we have summarized the most recent changes for your information. Today, we are discussing real estate reporting. For all payments made after December 31, 2010, individuals receiving rental...
2011 Tax Planning – Health Insurance Credits
Health insurance benefits are on the minds of all Americans, business owners and employees. Changes in the tax law make it easier then ever for business owners to take advantage of tax benefits as they offer insurance to their employees, and try to get coverage for...
2011 Tax Planning and Roth IRAs
I know it seems like we just finished working on your 2010 taxes, but now is a good time to start your 2011 tax planning. Changes in the law will effect how small business owners can take advantage of their Roth IRA: (1) Roth IRA rollovers no longer restricted. You...
2011 Tax Changes for Businesses and Investors: Electronic Filing Requirements
The tax laws have seen a lot of changes over the past few years. To keep you up-to-date, we have summarized some the changes to for businesses and investors. Today we addressing EFTs. Beginning Jan. 1, 2011, employers must use electronic funds transfer (EFT) to make...
2011 Tax Changes for Businesses and Investors: Payment Reporting
Changes to the tax code have come into effect since January 1, 2011. To keep you up on how these changes may affect you, we have summarized some of these alterations. The IRS has made changes to the reporting requirements for payment card and third-party payment...
2011 Tax Changes for Businesses and Investors: Corporate Actions Reporting
There have been many changes to the tax laws over the past few years. To keep you informed, we have summarized some of these changes. Today, we are covering corporate actions reporting. As of January 1, 2011, organizations that issue "specified securities" must...
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