Archive

22Nov2010

Capital Gains Strategies

One of the greatest benefits of the tax code is the special tax rates that currently apply to gain recognized from the sale of capital assets held for more than a year (long-term). The special tax rates apply to virtually all capital assets including land, improved real estate, your main and vacation homes, and business
  • 22 Nov, 2010
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19Nov2010

Rental Owners Need to Prepare for the New 2011 Reporting Requirement

If you are a rental owner and during 2011 make payments of $600 or more to a service provider (such as a plumber, painter, or accountant) in the course of earning rental income, the 2010 Small Business Jobs Act says that you are required to provide an information return (typically Form 1099-MISC) to IRS and
  • 19 Nov, 2010
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11Nov2010

New Roth IRA Opportunities

2010 is the first year in which taxpayers—including married taxpayers filing separately—are able to convert funds in regular IRAs (including SEP and Simple IRAs) to Roth IRAs, regardless of income level. This can provide a significant opportunity for certain taxpayers. There are several advantages to a Roth IRA – All future earnings and distributions at
  • 11 Nov, 2010
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08Nov2010

Beware of a New Fraud Risk!

There is a fraud risk related to the Electronic Federal Tax Payment System (EFTPS) that you need to be aware of. Always remember that the IRS does not initiate taxpayer contact by e-mail. Therefore, if you receive an e-mail that appears to be from a tax agency telling you that your federal electronic funds transfer
  • 8 Nov, 2010
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04Nov2010

Tax Rumors Abound

There are two false tax rumors that have been circulating around and troubling clients. To set the record straight, a brief explanation of both rumors is provided below. False Rumor #1 – “Employer-paid health insurance benefits will be taxable in 2011.” Not true! Starting in 2011, the amount of employer-paid healthcare benefits was to be
  • 4 Nov, 2010
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02Nov2010

Health Care Professionals Working in Underserved Areas May Qualify for Special Benefit

Under the Affordable Care Act, health care professionals who received student loan relief under state programs that reward those who work in underserved communities may qualify for refunds on their 2009 federal income tax returns, as well as an annual tax cut going forward. The Affordable Care Act included a change in the law, effective
  • 2 Nov, 2010
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