Okay this blew my mind today. The IRS is providing special relief to banks and other 'payment settlement entities' required to begin reporting payment card and third-party network transactions to the IRS on new Form 1099-K. Payers (Banks) have to make good-faith efforts to file...
Tax Treatment of Incentive Stock Options (ISO's): Qualifying Disposition...
If you are an employer you can appreciate the fact that everyone working for you it seems wants to be an independent contractor until they get injured on the job or get pissed off at you and seek relief outside of your organization. Employees and...
Many taxpayers who claimed the first time home buyer's credit are having their tax returns examined by the IRS. Turns out generally that this credit is not being properly reported. Even tax practitioners are demonstrating incompetence when it comes to preparing, signing and filing tax...
The benefits available to a self-employed individual in a solo 401(k) plan have increased. The self-employed individual can contribute to the solo 401(k) plan two ways: Through elective deferrals limited to the lesser of $16,500 or 100% of the self-employed individual’s compensation for 2011 and 2012. Through...
The small employer health insurance credit is applied for on IRS Form 8941. The credit itself is based on the non-shareholder staff, their hours worked, wages and the premiums paid for them. The hours worked, wages and health insurance premiums of shareholders are not taken...
I write in support of this effort on behalf of our elected officials here in Colorado and urge anyone delinquent in their Colorado tax responsibilities to come forward NOW before the Amnesty period ends. Although it seems like a ruse to 'root you out' as...
The Social Security Administration has announced the new benefits and thresholds for 2012 as follows: Gross Social Security benefits increase for 2012 by 3.6%. The amount of earnings subject to Social Security taxes increases to $110,100. The amount of earnings required to be subjected to Social Security taxes...
Employment taxes withheld by your employer are considered 'trust fund' taxes. I'm not entirely sure of its origin but I think the term trust fund tax is used because the US Treasury considers employment taxes withheld from your paycheck the US federal government's money and...
The Affordable Care Act increased the amount of the Adoption Tax Credit and made it fully refundable, which means it can increase the amount of your refund or decrease the amount of your tax liability in the immediate tax year. Additionally: The adoption tax credit, which is...