Depreciation and Section 179 Expense HIRE and Section 179 DeductionA qualifying taxpayer can choose to treat the cost of certain property as an expense and deduct it in the year the property is placed in service instead of depreciating it over several years. This property is frequently referred to as [...]
Fannie Mae and Freddie Mac are asking banks to repurchase home loans that did not meet certain requirements, per their contracts with the lenders, but many financial institutions are refusing to buy back the loans. The situation often leads to a battle between Fannie or Freddie and the mortgage lender [...]
If your business is a C corporation, it may be a good time to arrange for dividend payments, stock redemptions and stock sales. Though the federal income tax rate structure is currently favorable, it's scheduled to change dramatically after this year. Here are some strategies to consider before the end [...]
The new health reform law gives a tax credit to certain small employers that provide health care coverage to their employees, effective with tax years beginning in 2010. The following questions and answers provide information on the credit as it applies for 2010-2013, including information on transition relief for 2010. An [...]
Please read the article below and contact my firm if you need assistance with this. If our firm is already providing your payroll service make sure you have notified us of all 2010 new hires. IRS updates Form 941 to reflect new-hire tax exemption The Internal Revenue Service has released [...]
People who owe taxes but can’t pay the full amount owed by the April deadline should still file their return on time and pay as much as they can to avoid penalties and interest. If you can’t pay the full amount, you should contact the IRS to ask about alternative [...]
During the week of May 17th, IRS Employee Plans Compliance Unit (EPCU) will send a letter and instructions to 1,200 employers sponsoring 401(k) plans asking them to complete the 401(k) Compliance Check Questionnaire. The information gathered from the Questionnaire will provide a comprehensive view of 401(k) plans and will help [...]
WASHINGTON — An expanded Earned Income Tax Credit (EITC) means larger families will qualify for a larger credit, offering greater relief for people who struggled through difficult financial times last year, the Internal Revenue Service said today. The IRS and the Treasury Department marked EITC Awareness Day as their partners [...]
Every year the Florida Legislature must consider the adoption of the current Internal Revenue Code (Chapter 26, United States Code), so that certain tax definitions and the calculation of adjusted federal income are consistent between the Internal Revenue Code and the Florida Income Tax Code (Chapter 220, Florida Statutes). The [...]
Every year, millions of taxpayers donate money to charitable organizations. The IRS has put together the following list of six things you should know about the tax treatment of tax-exempt organizations. Annual returns are made available to the public. Exempt organizations generally must make their annual returns available for public [...]