This topic may not be at the top of your list as tax season approaches, but it’s too important not to think about it. This is a great opportunity as you meet with clients to provide some long-term planning advice that is also tax-related.
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Want to improve your operating efficiency for this coming tax season? Here are two great tips you can easily implement in your practice:
The IRS recently released the 2012 mileage rates. The business rate remained unchanged, and the medical/moving and charity rates were reduced by 0.5 cents. The rates are as follows:
Well, Congress finally got into the giving spirit of the holidays and passed a bill that President Obama signed last week to temporarily extend the FICA tax holiday for the first two months of 2012. The Social Security rate will remain at 4.2% through the end of February for employees only. The tax rate for the employer portion will remain at 6.2%. Self-employed individuals will continue to pay the combined 10.4% rate. The Medicare portion for employees and employers remains unchanged at 1.45% each.
Make sure you renew your PTIN by 12/31/11 for the 2012 tax season. The renewal is a fast and easy 10-minute process online. Use the following link to access the IRS PTIN site: http://www.irs.gov/taxpros/article/0,,id=210909,00.html?portlet=104
Signed into law by President Obama on 11/21/11
This bill repealed the 3% federal withholding requirement for taxpayers who receive payments of $10,000 or more from federal, state, or local contractors that was to take effect in 2013.
1099-Ks The reporting requirement for 2011 tax returns has been repealed. The forms will still be issued to taxpayers, but the IRS has inserted a new line that says to enter $0 on Line 1a of Schedule C as well as the applicable business forms
By Bob Jennings | Published June 17, 2011| FOXBusiness Read more »
Illinois Governor Pat Quinn today signed into law the Internet sales tax, or “Amazon” tax. Like other states before Illinois, many sizable businesses have dreaded such a move ever taking place. In fact, two prominent Illinois Internet businesses previously made threats to leave the state if the law were enacted.
Form 1040: New mileage rates Capital gains – tax rates remain at 2010 levels Dividends tax continues at capital gains rates
