by mariettacp | Aug 3, 2011 | Accounting News, Money Tips, Tax Tips
Late last year, the IRS issued final regulations under which an understated amount of gross income reported on a return resulting from an overstatement of unrecovered cost or other basis is an omission of gross income for purposes of the 6-year period for assessing...
by mariettacp | Aug 1, 2011 | Accounting News, Money Tips, Tax Tips
The IRS has provided guidance that allows certain real estate professionals to make a late election under the regulations to treat all interests in rental real estate as a single rental real estate activity for purposes of the passive activity loss (PAL) rules. This...
by mariettacp | Jul 29, 2011 | Accounting News, Money Tips, Tax Tips
Under IRS regulations, businesses that trade in machinery or equipment for which they claimed bonus depreciation may qualify for another bonus depreciation deduction on the remaining depreciable basis if they swap for like-kind property that also is eligible for bonus...
by mariettacp | Jul 27, 2011 | Accounting News, Money Tips, Tax Tips
Beginning July 1, 2011, the 0.2% federal unemployment tax (FUTA) surtax is no longer in effect. Thus, the FUTA tax rate, before consideration of state unemployment tax credits, is now 6.0%. Employers need to separately track FUTA taxable wages paid before July 1,...
by mariettacp | Jul 25, 2011 | Accounting News, Money Tips, Tax Tips
The IRS has announced that the optional mileage allowance for owned or leased autos (including vans,pickups or panel trucks) is increased 4.5¢ from 51¢ to 55.5¢ per mile for business travel from July 1, 2011 to Dec. 31, 2011 to better reflect the real cost of...
