Early planning can make 2012 filing season easier
The new year brings a new tax filing season. Mid-April may seem
like a long time away in January but it is important to start
preparing now for filing your 2011 federal income tax return.
The IR...
Looking back: Top 10 federal tax developments of 2011
Looking back over 2011, the IRS, Congress and the courts made many
tax decisions impacting taxpayers of all types. Some tax
developments were taxpayer-friendly; others imposed new
requirements on taxp...
How do I...Claim a charitable contribution of property?
Claiming a charitable deduction for a cash contribution is
straightforward. The taxpayer claims the amount paid, whether by
cash, check, credit card or some other method, if the proper
records are mai...
January 2012 tax compliance calendar
As an individual or business, it is your responsibility to be aware
of and to meet your tax filing/reporting deadlines. This calendar
summarizes important tax reporting and filing data for
individuals...
IRS streamlined offer-in-compromise program aims to cut red tape
The IRS's streamlined offer-in-compromise (OIC) program is intended
to speed up the processing of OICs for qualified taxpayers. Having
started in 2010, the streamlined OIC program is relatively new.
T...
Scope of information reporting continues to expand
Information reporting continues to expand as Congress seeks to
close the tax gap: the estimated $350 billion difference between
what taxpayers owe and what they pay. Despite the recent rollback
of exp...
IRS offers fixes to new 100 percent bonus depreciation
Taxpayers that place new business assets other than real property
in service through 2012 may claim a "bonus" depreciation deduction.
Although the bonus depreciation deduction is generally equal to
50...
Next year's tax return starts with good recordkeeping
As the 2011 tax filing season comes to an end, now is a good time
to begin thinking about next year's returns. While it may seem
early to be preparing for 2012, taking some time now to review your
rec...
FAQ: What is a limited liability company?
A limited liability company (LLC) is a business entity created
under state law. Every state and the District of Columbia have LLC
statutes that govern the formation and operation of LLCs....
Estimated tax: Getting it right
Estimated tax is used to pay tax on income that is not subject to
withholding or if not enough tax is being withheld from a person's
salary, pension or other income. Income not subject to withho...
IRS issues 2011 vehicle depreciation dollar limits
The IRS has issued the limitations on depreciation deductions for
owners of passenger automobiles, trucks and vans first "placed in
service" (i.e. used) during the 2011 calendar year. The IRS al...
FAQ: What are my chances of being audited?
Often, timing is everything or so the adage goes. From medicine to
sports and cooking, timing can make all the difference in the
outcome. What about with taxes? What are your chances of being
au...
FAQ: What are the rules for claiming dependents?
The tax rules surrounding the dependency exemption deduction on a
federal income tax return can be complicated, with many
requirements involving who qualifies for the deduction and who
qualifies to...
Tax law changes for 2011 impact individuals and businesses
Legislation enacted during the past few years, including the Small
Business Jobs Act of 2010 and the more recently enacted Tax Relief,
Unemployment Insurance Reauthorization, and Job Creation Act of
2...
Education tax benefits: A report card
While Congress extended the reduced individual income tax rates
with passage of the Tax Relief, Unemployment Insurance
Reauthorization, and Job Creation Act of 2010 (2010 Tax Relief Act)
in late 2010,...
How Do I? Implement the 2011 payroll tax cut for employees?
In 2011, millions of employees will receive a significant boost in
their take-home pay as a result of the Tax Relief, Unemployment
Insurance Reauthorization and Job Creation Act of 2010 (2010 Tax
Reli...
FAQ: Are scholarships/tuition aid packages taxable?
If one of your children received a full scholarship for all
expenses to attend college this year, you may be wondering if this
amount must be reported on his or her income tax return. If certain
condi...
Planning for the 3.8 percent Medicare tax on investment income
The health care reform package (the Patient Protection and
Affordable Care Act and the Health Care and Education
Reconciliation Act of 2010) imposes a new 3.8 percent Medicare
contribution tax on the ...
FAQ: What constitutes income from the cancellation of debt?
Debt that a borrower no longer is liable for because it is
discharged by the lender can give rise to taxable income to the
borrower. Debt forgiveness income or cancellation of debt income
("COD" incom...
Withdrawals from retirement savings: Tough rules may change
In response to the economic downturn that has affected the
retirement portfolios of millions of individuals across the
country, Congress has been considering a variety of alternatives to
offer relief ...
Working with the new loss carryback tax break
The Worker, Homeownership, and Business Assistance Act of 2009
(2009 Worker Act), enacted November 6, 2009, gives all businesses
(or their owners in the case of pass-through entities) an
opportunity t...
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