Current Law An additional first-year depreciation deduction is temporarily allowed for qualified property placed in service before January 1, 2013. The deduction equals 50 percent of the cost of qualified property placed in service during the taxable year, and is allowed as a depreciation deduction for both regular tax and alternative minimum tax purposes. The [...]
Congress passed an extension of the 2% payroll tax cut that had been scheduled to expire at the end of February. The extension means 160 million working Americans will continue to pay social security tax on their wages at a 4.2% rate for the rest of 2012, rather than at a 6.2% rate. Because Republicans [...]
You’ve probably heard that the odds of being audited by the IRS are about the same as being struck by lightning. While holding a winning Powerball ticket. On your birthday. Technically, that may be true. In 2010, the IRS audited 1.0% of taxpayers. For middle-income taxpayers, the percentage was even lower. Only 0.6% with adjusted [...]
Why is it smarter to operate a business as a LLC for tax purposes? No matter the timing, it is important for you to consider which business entity will benefit your small business the most, during tax time. An LLC is specific type of business entity, whereof the federal government provides favorable tax benefits [...]
The West Virginia Supreme Court of Appeals held that the portion of a statute allowing a non-lawyer agent to appeal a property tax ruling of a county board of equalization and review to the circuit court and to engage in activities that constitute the practice of law is unconstitutional because it is a legislative encroachment [...]
Compared to some prior years, Congress has made few tax changes this year. Following are highlights of changes and facts for the upcoming tax season. Opening day for electronic filing. The IRS starts accepting returns for electronic filing on Jan. 17th. Due Date of Return The end of tax season is April 17, 2012 [...]
1. Who needs to repay the credit? If you bought a home in 2008 and claimed the First-Time Homebuyer Credit, the credit is similar to a no-interest loan and must be repaid in 15 equal annual installments that began with your 2010 return. Also, anyone who sold their home, or stopped using it as their [...]
WASHINGTON — The IRS today issued guidance that now allows partnerships to provide Schedule K-1, Partner’s Share of Current Year Income, Deductions, Credits, and Other Items electronically to recipients. Certain entities, such as partnerships, are required annually to file K-1s with the IRS and provide a copy to their partners. The new rules can make it [...]
WASHINGTON – The Internal Revenue Service and the Justice Department announced on January 31, 2012 the results of a massive national sweep cracking down on suspected identity theft perpetrators as part of a stepped-up effort against refund fraud and identity theft. Working with the Justice Department’s Tax Division and local U.S. Attorneys’ offices, the nationwide [...]
WASHINGTON — The Internal Revenue Service today reminded certain tax return preparers that they must complete 15 hours of continuing education (CE) annually beginning in 2012 and the programs must be taken from IRS-approved providers. Preparers can now find a list of IRS-approved providers on the agency’s web site. The new CE requirement is part [...]
We offer 50% discount off regular fee for active-duty marines and 25% discount off regular fee for other U.S. marines. We do all federal and state income tax returns: 1040, 1041, 1120, 1120S, 1065.
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