General Tax

President signs American Taxpayer Relief Act of 2012

By on Jan 4, 2013 in General Tax, Uncategorized | 0 comments

On January 2, 2013, the President signed into law the American Taxpayer Relief Act of 2012 (“ATRA”) that prevents broad federal tax increases and spending cuts from going into effect beginning January 1, 2013.  Thus, at least for the time being, the so-called “fiscal cliff” has been avoided. The new law retains many of the favorable tax measures that were slated to...

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2013 social security wage base and COLA increases

By on Oct 26, 2012 in General Tax, Uncategorized | 0 comments

The Social Security Administration has announced that the wage base for computing Social Security tax will be $113,700 for 2013 (an increase from $110,100 in 2012). Additionally, cost-of-living adjustment (COLA) increases have been released for Social Security benefits. SS Wage Base Increases for 2013 The Social Security Wage Base is the maximum amount of wages (or...

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By on Jul 25, 2012 in General Tax, Uncategorized | 0 comments

The Patient Protection and Affordable Care Act (“the Act”) contains tax increases that will go into effect for tax years beginning after December 31, 2012. One such tax is an additional hospital insurance tax (“Additional Medicare Tax”) for higher-earning self-employed and working taxpayers. Recently, the IRS released guidance containing some frequently asked...

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Foreign Asset Reporting

By on Jun 1, 2012 in General Tax, Uncategorized | 0 comments

Please note that any person or entity subject to the jurisdiction of the United States (includes individuals, corporations, partnerships, trusts, and estates) having a financial interest in, or signature or other authority over, bank accounts, securities, or other financial accounts having a value exceeding $10,000 in a foreign country, shall report such a...

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By on Dec 21, 2011 in General Tax, Uncategorized | 0 comments

Many federal tax law dollar limits are subject to periodic inflation adjustments. However, due to low “official” inflation rates, many limitations remained unchanged for three years — an unprecedented stretch of no inflation adjustments. For 2012, however, several cost-of-living adjustments will go into effect. Here is a list of some important tax law...

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By on Sep 26, 2011 in General Tax, Uncategorized | 0 comments

Small business owners currently face many uncertainties regarding present and future economic conditions. While certain soon-to-expire tax provisions may be extended for another year or so in an effort to kick start the economy, there is no guarantee that will be the case. Prudent business planning entails taking advantage of any available taxbreaks while they are...

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