Archive

28Mar2012

1099-K Business Return Reconciliation Eliminated

The Housing and Economic Recovery Act of 2008 required third-party payment entities, such as credit card companies, to begin filing informational returns with the IRS reporting merchant card transactions, such as credit and debit card payments. The purpose was to give the IRS the ability to match a business’s credit and debit card sales with
  • 28 Mar, 2012
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22Mar2012

Reporting Stock Transactions Becomes More Complicated

Beginning with the 2011 tax return, reporting stock transactions has become significantly more complicated because of the new requirement for brokerage firms to track the purchase price of stocks acquired in 2011 and subsequent years and to include that information on the information-reporting document 1099-B. For several years now, the IRS has required brokerage firms
  • 22 Mar, 2012
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19Mar2012

Good News – Payroll Tax Cut Extended through 2012!

Congress gave all wage earners a short-lived 2012 reprieve by temporarily extending the 2% payroll tax cut though February of 2012. The payroll tax, frequently referred to as FICA or OASDI on your paycheck, has historically been 6.2%. This is the tax that funds the Social Security Administration. For 2011, as an economic stimulus measure,
  • 19 Mar, 2012
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15Mar2012

Recently Enacted Tax Breaks for Small Businesses

Keeping track of tax changes these days is quite a task. Congress is constantly tweaking the tax laws in an effort to stimulate the economy and deal with the budget deficit. The following is a compilation of recent changes to keep you up date. Cell Phones No Longer Listed Property – This means that cell
  • 15 Mar, 2012
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12Mar2012

The Latest Scam—Don’t be a Victim!

Last month, we cautioned you about Internet scams aimed at tricking you into divulging information that will compromise your identity. That article described how Internet crooks disguise themselves as the IRS in an attempt to steal your identity. The IRS is not the only disguise these scammers use. They pretend to be attorneys representing estates,
  • 12 Mar, 2012
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08Mar2012

Using Direct Deposit is a Smarter Option for your Refund

Want your refund faster? Have it deposited directly into your bank account. More taxpayers are choosing direct deposit as the way to receive their federal tax refunds. More than 79 million people had their tax refunds deposited directly into their bank accounts in 2011. It’s a secure and convenient way to get your money in
  • 8 Mar, 2012
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05Mar2012

March 2012 Due Date Reminders

March 2012 Due Date Reminders – Individual March 12 Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during February, you are required to report them to your employer on IRS Form 4070 no later than March 12. Your employer is required to withhold
  • 5 Mar, 2012
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