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4 April , 2012, 6:04 pm
FAQ: What is a disregarded entity?

A disregarded entity refers to a business entity with one owner that is not recognized for tax purposes as an entity separate from its owner. A single-member LLC ( "SMLLC"), for example, is considered to be a disregarded entity. For federal and state tax purposes, the sole member of a SMLLC disr [...]

4 April , 2012, 6:04 pm
April 2012 tax compliance calendar

As an individual or business, it is your responsibility to be aware of and to meet your tax filing/reporting deadlines. This calendar summarizes important tax reporting and filing data for individuals, businesses and other taxpayers for the month of April 2012. April 4Employers. Semi-weekly deposito [...]

2 March , 2012, 6:03 pm
Payroll tax holiday extended for all of 2012

On February 22, President Obama signed the Middle Class Tax Relief and Job Creation Act of 2012. The new law extends the employee-side payroll tax holiday, giving wage earners and self-employed individuals 12 months of reduced payroll taxes in 2012. 2011 payroll tax holiday Until 2011, the O [...]

2 March , 2012, 6:03 pm
Coming soon: greater tax-wise retirement options

Retired employees often start taking benefits by age 65 and, under the minimum distribution rules, must begin taking distributions from their retirement plans when they reach age 70 ½. According to Treasury, a 65-year old female has an even chance of living past age 86, while a 65-year old male has [...]

2 March , 2012, 6:03 pm
Administration unveils Framework for Business Tax Reform

A reduced corporate tax rate, elimination of many business tax preferences, a new minimum tax on overseas profits, and much more are all part of President Obama's recently released Framework for Business Tax Reform (the "Framework"). The much-anticipated blueprint of the administration's plans for c [...]

2 March , 2012, 6:03 pm
FAQ: What are employer share responsibility assessable payments under the PPACA?

The Patient Protection and Affordable Care Act (PPACA) introduced many new requirements for individuals and employers. One of the new requirements is an employer shared responsibility assessable payment. At this time, there is little guidance for employers other than the language of the PPACA and s [...]

2 March , 2012, 6:03 pm
How do I… Guard against taxpayer identity theft?

The number of tax return-related identity theft incidents has almost doubled in the past three years to well over half a million reported during 2011, according to a recent report by the Treasury Inspector General for Tax Administration (TIGTA). Identity theft in the context of tax administration ge [...]

2 March , 2012, 6:03 pm
March 2012 Tax Compliance Calendar

As an individual or business, it is your responsibility to be aware of and to meet your tax filing/reporting deadlines. This calendar summarizes important tax reporting and filing data for individuals, businesses and other taxpayers for the month of March 2012. March 2 Employers. Semi-weekly de [...]

10 February , 2012, 5:02 pm
February 2012 tax compliance calendar

10 February , 2012, 5:02 pm
How Do I… Receive my tax refund that the IRS used to offset my spouse’s debt?

The Treasury Department is authorized to offset a taxpayer’s tax refund to satisfy certain debts. A spouse who believes that his or her portion of the refund should not be used to offset the debt that the other spouse owes may request a refund from the IRS. Offset If an individual owes mon [...]