Payroll Tax Cut Extension 2012
On the evening of Feb. 22 at the White House, President Barack Obama signed into law the Middle Class Tax Relief and Job Creation Act of 2012, H.R. 3630. On Feb. 23, the IRS released a revised Form 941, Employer’s Quarterly Federal Tax Return, to reflect the extended payroll tax cut. The act extends the [...]
The Tax Horizon – What’s on the Agenda
Ever wonder what’s in play as far as taxes go so you can plan ahead? The Treasury Dept. released the "General Explanations of the Administration's Fiscal Year 2013 Revenue Proposals," better known as the "Greenbook.” I find it interesting that Treasury refers to our tax dollars as revenue, like they earned it. You will find [...]
How Healthy is Your Company?
I have read many financial statements over the years. There are many ways to evaluate the health of a company. You have no doubt seen all of the ratio analysis models. I have boiled down the analysis to one item per financial statement. Common financial statements consist of three statements: The Balance Sheet–a snapshot of [...]
Road Remains Bumpy For Business Taxation
The 2011 year started with a lot of talk about tax reform to spur the economy, create jobs, and promote investment and capital spending. However, no meaningful changes happened and probably will not until after the 2012 election. The Tax Relief, Unemployment Insurance Reauthorization, and Jobs Creation Act of 2010 extended some 2011 tax [...]
Are You an IRS Audit Target?
Your chance of getting audited is about 1%. A recent Kiplinger Tax Letter identified what draws IRS attention: Making over $200,000 Failing to report all of your taxable income–W-2s, 1099s, K-1s, etc. Taking a large charitable contribution deduction Claiming a home office deduction Claiming rental losses Deducting business meals, travel and entertainment [...]
