Middle Class Tax Relief and Job Creation Act of 2012
President Obama on February 22, 2012, signed into law a much-anticipated extension of the employee-side payroll tax cut through the end of 2012. After weeks of uncertainty over whether an agreement could be reached, the House passed the Middle Class Tax Relief and Job Creation Act of 2012 (H.R. 3630) by a vote of 293 to 132 on February 17, 2012.
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Form 1099 Reporting
If you operate a trade or business, you have an obligation to report certain payments you made in connection with that trade or business. These payments are reported on Form 1099. These payments include...
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Temporary Payroll Tax Cut Continuation Act
At the eleventh hour, Congress approved a two-month extension of the employee-side payroll tax cut in the Temporary Payroll Tax Cut Continuation Act of 2011. The two-month extension, for January and February 2012, is intended to give lawmakers additional time to negotiate a full-year extension of the payroll tax cut through the end of 2012.
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2012 Annual Payroll Newsletter
Here is our annual summary of specific provisions relating to payroll and information reporting.
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2012 Business Mileage Rates
The Internal Revenue Service has released the 2012 optional standard mileage rates that employees, self-employed individuals and other taxpayers can use to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.
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2011 Year-End Tax Planning Newsletter
As the end of 2011 approaches, now is a good time to start year-end tax planning to minimize your individual and business tax burden. Generally, year-end tax planning involves considering at least two years – in this instance, 2011 and 2012. With tax changes on the horizon, you should consider the likelihood of future changes. Tax planning is a dynamic process and is best accomplished with forethought and assistance from your tax adviser.
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NE Sales Tax Due Date Change
REMINDER: The Nebraska Department of Revenue announced that the due date will change from the 25th of the month to the 20th of the month. See the following table for dates the change will take effect.
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Budget Control Act of 2011
On August 2, President Obama quickly signed the Budget control act (Sen. 365 as amended) after passage by the Senate 74 to 26.
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2011 Mid-Year Tax Planning Newsletter
As we approach the mid-point of 2011, it is once again time to talk about tax planning. Many people focus their tax planning strategies on the end of the tax year, when they make decisions such as whether to defer or accelerate income and what deductible expenses to pay before Dec. 31. However, some savvy taxpayers plan their actions with sufficient lead time to take advantage of tax-saving opportunities.
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Business Standard Mileage and Other Rates
The Internal Revenue Service is trying to cope with rising gas prices by increasing the optional standard mileage rates that taxpayers can use to calculate the deductible costs of operating an automobile
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FUTA Tax Rate Change Effective July 1, 2011
The 0.2% Federal Unemployment Tax Act (FUTA) surtax expired on June 30, 2011. The 0.2% surtax was added as a temporary measure in 1976 and has been in effect since then.
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1099 Repeal
Taxpayers got some good news recently when legislation was passed to repeal expanded information reporting requirements.
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NE Sales Tax Due Date Change
The Nebraska Department of Revenue announced that the due date will change from the 25th of the month to the 20th of the month.
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UPDATE: 2011 Social Security Rates
For 2011 only, the new act reduces the Social Security tax on employees, which will result in a higher take-home pay. For details, read bottom of page 6 in our 2010 Tax Relief Act.
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2010 Tax Relief Act
After months of political inaction, countless hours of debate, threats, cajoling and a special post-election Congressional session, the Senate and the House of Representatives have approved, and the President has signed, the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010.
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2010 Year-End Tax Planning Newsletter
While we wait for Congress to determine the fate of our 2011 tax situation, it’s time to consider some tax planning tactics for 2010. Whether you’re new to tax planning or you have done it consistently for years, tax planning for 2010 will likely be both important and difficult.
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2011 Business Milage Rates
IRS has announced that the optional mileage allowance for owned or leased autos (including vans, pickups or panel trucks) is 51¢ per mile for business travel in 2011. That’s up 1¢ from the 50¢ allowance for business mileage in 2010.
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Employer's Reporting of Health Insurance Coverage on Forms W2 Now Option for 2011
IRS has announced that employers won't have to report the aggregate cost of employer-sponsored group
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Small Business Jobs Act of 2010
The recently enacted 2010 Small Business Jobs Act includes a wide-ranging assortment of tax breaks and incentives for small business, paid for with various revenue raisers. Here's a brief overview of the tax changes in the new law.
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Mid Year Tax Planning Newsletter
Mid-year tax planning for 2010 may require an understanding of one of the most complicated tax years in recent memory.
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Homebuyer Assistance Improvement Act Extended
The Homebuyer Assistance Improvement Act of 2010 provides a three-month reprieve for taxpayers who couldn't meet a key June 30, 2010, closing date to qualify for the first-time homebuyer credit.
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Hiring Incentives to Restore Employment Act
With all of the press coverage of the healthcare reform legislation, the HIRE bill passed into law almost unnoticed.
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2010 Health Care Reform Legislation
Two bills signed into law by President Obama at the end of March will change health care in the United
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2010 Annual Payroll Letter
Our annual summary of specific provisions relating to payroll and information reporting.
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Business Standard Mileage and Other Rates
BUSINESS STANDARD MILEAGE AND OTHER RATES DECREASE FOR 2010
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2009 Year-End Tax Planning Newsletter
Year-end tax planning is always a tricky proposition, and this year is no exception.
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Revised Business NOL Carryback Rules
REVISED BUSINESS NOL CARRYBACK RULES FROM "WORKER, HOMEOWNERSHIP, AND BUSINESS ASSISTANCE ACT OF 2009."
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Revised Homebuyer Credit Rules
REVISED HOMEBUYER CREDIT RULES FROM "WORKER,HOMEOWNERSHIP, AND BUSINESS ASSISTANCE ACT OF 2009"
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NE New Hire Reporting Change
Nebraska change in new hire reporting laws requiring employers to report all independent contractors.
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MId Year Tax Newsletter 2009
2009 Mid Year Tax Letter - Investement, Business and Tax Strategies
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Federal Minimum Wage Increase
The current Federal Minimum Wage rate will increase effective July 24th, 2009.
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Revised Form I-9 (Rev. 02.02.09)
On December 17, 2008, the USCIS interim final rule to streamline the Employment Eligibility Verification (Form I-9) process was published in the Federal Register. Employers must begin using this new version of the form on April 3rd, 2009.
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IRS Updated Tax Withholding Tables for 2009
WASHINGTON ? The Internal Revenue Service today released new withholding tables that will result in more takehome pay this spring for millions of American workers. The new tables incorporate the new Making Work Pay credit, one of the key tax provisions included in the American Recovery and Reinvestment Act of 2009 that became law earlier this week.
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Cobra Premium Reduction
The American Recovery and Reinvestment Act of 2009 provides for premium reductions and additional election opportunities for health benefits under COBRA...
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Federal Tax Watch March 2009
Federal Tax Watch Special Edition. Stimulus act brings $300 billion in tax relief.
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2009 Payroll Withholding and Payroll Tax Changes
Annual summary of specific provisions relating to payroll and information reporting.
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Required Minimum Distribution Relief in the Worker, Retiree, and Employer Recovery Act of 2008
A recent tax law change promises to help give older Americans some much needed financial flexibility as they struggle to manage their finances during this difficult economic time.
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2008 Year-End Tax Planning Newsletter
With our nation's economic markets in flux - and facing a new presidental administration in January that will undoubtedly result in changes to the tax code - the need for effective tax planning may never have been greater.
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Standard Mileage Rate For 2009 Decreases
IRS has announced that the optional mileage allowance for owned or leased autos (including vans, pickups or panel trucks) is 55 cents per mile for business travel after 2008.
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Emergency Economic Stabilization Act of 2008 (EESA)
The "Emergency Economic Stabilization Act of 2008" (EESA), which was enacted October 3, 2008, contains multiple important provisions that we want to make you aware of.
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Bonus Depreciation and Section 179
Just a nudge to remind you that the Economic Stimulus Act of 2008 (passed earlier this year) added generous provisions for businesses, namely, a 50% bonus depreciation deduction and an increased Section 179 deduction of $250,000.
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Resident Change At The White House
Will our new President beginning in 2009 be Senator John McCain or Senator Barack Obama?
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Mileage Rate Increases
Business standard mileage rate increases for last half of 2008; other rates also rise.
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2008 Mid-Year Tax Planning Newsletter
Tax planning has become increasingly complicated. Congress in the past several years has passed legislation that phases in, phases out, or sunsets. They apply some laws retroactively or for the future! Or our personal favorite, the 12th hour legislation where your planning has to be centered on "if you only had a crystal ball", will they or won't they extend the friendly rules or take the more aggressive approach.
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Tax Rebate Check Dates
The IRS just released the following expected payment dates (for those who qualify) for the economic stimulus rebate checks. If you file your 2007 tax return on time, you should receive your payment by the following dates:
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Congress Passes Economic Stimulus Act of 2008
On Feb. 7, both the Senate and House of Representatives passed H.R. 5140, the "Economic Stimulus Act of 2008" (Stimulus Act). The measure is thus cleared for the President's signature.
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Tax Increase Prevention Act
The “Tax Increase Prevention Act of 2007” (TIPA) provides for a one-year patch of the AMT for 2007 but does not offset the revenue cost of the measure with revenue raising provisions.
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2008 Payroll Withholding and Payroll Tax Changes
Our annual payroll information update for 2008 is now available. Please review it carefully and share it with personnel who assist in payroll matters.
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New IRS Form 990-N
If you serve on the board of a small tax exempt organization (such as your local school’s PTA or PTO), you may need to be aware of a recent tax law change.
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2007 Tax Newsletter
The final quarter of the year is an excellent time to review some tax planning strategies that may help reduce your overall income tax burden.
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