Biz Tax 411
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Biz Tax 411
Tax information for small businesses
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Payroll Tax Cut Heads for Lapse as Lawmakers Doubt Policy

Payroll Tax Cut Heads for Lapse as Lawmakers Doubt Policy | Biz Tax 411 | Scoop.it
Four months after reaching a bipartisan agreement to extend a payroll tax cut through 2012, U.S. lawmakers and President Barack Obama are showing little fervor for continuing the break, which puts about $1,000 a year in an average worker’s pocket.
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CPAs Can Help Americans Plan for a Secure Retirement - AICPA Insights

A recent CPA Letter Daily Poll recently asked the question, “What would make you cash in your 401(k) before retirement?” and an astounding 42% said nothing.
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IRS releases new FAQs for Offshore Voluntary Disclosure Program, announces other rules

The IRS issued 55 FAQs clarifying the rules and operation of its third Offshore Voluntary Disclosure Program, which was announced last January.
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Supreme Court upholds health care law

The Supreme Court held that the “individual mandate” requiring individuals to maintain health insurance coverage or pay a penalty is a valid exercise of Congress’s power to tax.
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Claims about the small-business tax cut (Part 1)

Claims about the small-business tax cut (Part 1) | Biz Tax 411 | Scoop.it

The Small Business Tax Cut Act would provide a 20-percent tax deduction for companies with fewer than 500 employees. The House passed the measure by a vote of 235-173, and it’s up to the Democrat-controlled Senate now to decide whether the legislation should go to the president’s desk.

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Travel, Meal, and Entertainment Expenses are Deductible Expenses

Travel, meal, and entertainment expenses are partially deductible as business expenses.
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Important Tax Dates — Certified Tax Coach

Important Tax Dates — Certified Tax Coach | Biz Tax 411 | Scoop.it

Most United States taxpayers, though, fear the Ides of April, the day on which annual tax returns are due. For businesses, there are several other important tax dates as well.

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CPAs prioritize security, unsure how to best leverage new technologies

AICPA survey: CPAs aren’t confident their organizations can properly leverage emerging technologies.
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Downsizing Your Way to a Lower Tax Bill! - Certified Tax Coach

Downsizing Your Way to a Lower Tax Bill! - Certified Tax Coach | Biz Tax 411 | Scoop.it

Sometimes, simply selling the property might be the best option. You can maximize the gain exclusion ($250,000 for singles, $500,000 for married filing jointly). This exclusion will save you up to $75,000 in tax. If your profit on the sale is higher than these limits, you’ll generally still enjoy capital gains tax rates of only 15% on the remaining gain.

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Two New Types of Corporations In California :: California Tax Attorney Blog

California became the seventh state to adopt two new subtypes of stock corporations — a “flexible purpose corporation” and a “benefit corporation" as of January 1, 2012. Now, investors and entrepreneurs can pursue both social and economic objectives allowed by the new corporation subtypes.

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Hassett and Hubbard: Romney vs. Obama on Corporate Tax Reform

Hassett and Hubbard: Romney vs. Obama on Corporate Tax Reform | Biz Tax 411 | Scoop.it

The one thing on which our political leaders seem to agree is the need for corporate tax reform. Barack Obama and Mitt Romney unveiled new proposals on the same day last month, with President Obama cutting the top corporate tax rate to 28% and Mr. Romney reducing it to 25%. Rick Santorum would cut the rate to 17.5%, and to zero for manufacturing. Congressional action is bubbling below the surface as well

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Canceled Debt Provides No Easy Solution

Canceled Debt Provides No Easy Solution | Biz Tax 411 | Scoop.it

And just what is a 1099-C? It’s a tax form sent to you from a creditor who has forgiven a debt you owed them…basically stating that your forgiven debt is taxable income. You don’t owe your lenders anymore, but you very well may wind up owing the IRS back taxes. And, quite honestly, it’s much worse owing the IRS than anyone else.

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Company Provided Trips for Employees and Spouses

for a trip to be tax-free, the majority of the days must be for business. Training activities must predominate each day, other than weekend days, which can be sandwiched between business days. In addition, each day would be a business day if the employee attended at least four hours and one second of meetings or it were either a travel day or a sandwiched weekend day.

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International Banking Rules Making Their Way into U.S. - AICPA Insights

After the financial crisis of the late 2000s, the global public’s view of the banking sector took a severe hit.
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IRS distinguishes between tips and service charges, explains notice and demand for payment

To determine whether a payment is a tip or a service charge, the IRS cites the factors in Rev. Rul. 59-252:

The payment must be free from compulsion.
The customer must be able to determine the amount of the payment without restriction.
The payment cannot be negotiable or dictated by the employer.
The customer should generally have the right to decide who receives the payment.

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Starting Sunday, Texans will have to pay tax on Amazon purchases

Starting Sunday, Texans will have to pay tax on Amazon purchases | Biz Tax 411 | Scoop.it
If you've been putting off that big-ticket purchase on Amazon, you might want to pull the trigger sometime today.
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Supreme Court Lets Most of Healthcare Law Stand

What Are the Tax Implications?

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IRS Approved: 8 Crazy Tax Deductions

IRS Approved: 8 Crazy Tax Deductions | Biz Tax 411 | Scoop.it
Even honest tax payers sometimes find themselves thinking about “creative” tax deductions. Here are 8 wacky deducton that the IRS has let slide.
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Tax Deductions — Basics

Tax Deductions — Basics | Biz Tax 411 | Scoop.it

Rather than simply taxing your gross income, the Internal Revenue Service collects taxes based on a net taxable income calculated as your income after you have subtracted a surprisingly large variety of exemptions and deductions.

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A Wealth of Opportunity

A Wealth of Opportunity | Biz Tax 411 | Scoop.it
CPAs who aren’t credentialed as personal financial planners can nonetheless play a key role in helping clients craft their financial futures.
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Tax Court disallows cost segregation of apartment building components

A taxpayer that used a cost segregation study to attempt to more quickly depreciate over 1,000 apartment building components had most of its deductions denied by the Tax Court.
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Top 15 Highest Property Tax Counties

Top 15 Highest Property Tax Counties | Biz Tax 411 | Scoop.it

How to avoid unfair property taxes; N.Y., N.J. collect highest taxes. According to the National Taxpayers Union, about 30 percent of properties in the U.S. are assessed at higher values than they are really worth. That means their owners pay inflated property tax bills while other taxpayers in their towns reap the benefits.

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How to Prepare a Tax Return for a Sole Proprietor

Sole proprietors are people who work for themselves in their own business. They may be called freelancers, independent contractors, or entrepreneurs. Sole proprietors could be working under their own name or through a single-member limited liability company. In either case, a sole proprietor reports his or her income on Schedule C.

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7 Common Small Business Tax Misperceptions

7 Common Small Business Tax Misperceptions | Biz Tax 411 | Scoop.it

One of the biggest hurdles you'll face in running your own business is staying on top of your numerous obligations to federal, state, and local tax agencies. Tax codes seem to be in a constant state of flux making the Internal Revenue Code barely understandable to most people.

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Dynasty Trusts – A Trust that Lasts Forever

Dynasty Trusts – A Trust that Lasts Forever | Biz Tax 411 | Scoop.it
The Iowa Legislature is considering legislation that will authorize an individual to create a trust that will last forever.  If passed by the Senate (the House has passed it) the legislation will ...
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