Recently certain health insurance providers have begun issuing rebates to employers that sponsor insured group health plans, as well as individuals who purchase health insurance coverage in the individual market. The rebates are a result of the Patient Protection and Affordable Care Act, enacted on March 23, 2010. You [...]
Don’t Let the 2012 Gifting Exclusion of $5 Million Pass You By… The IRS is allowing individuals to make gifts of up to $5,120,000 in 2012 before having to pay any transfer taxes. This exemption amount is returning to $1 Million in 2013 unless modified by Congress. Given the [...]
6/5/12 Reminder: 2nd Quarter Tax Estimates Due June 15th We wanted to send you a courtesy reminder that if you are making quarterly estimated tax payments, your next payment should be mailed off by next Friday June 15th (postmarked). If your 2011 return has been filed, we have included [...]
5/31/12 Report of Foreign Bank and Financial Accounts (FBAR), Form TD F 90-22.1, is due June 30, 2012 This form is used to report a financial interest in a foreign financial account, or signature authority over a foreign financial account. You are required to file this form if the aggregate [...]
The IRS assesses penalties for underpayment of income tax. If you did not pay enough tax throughout the year, either through withholding or by making estimated tax payments, you may have to pay a penalty for underpayment of estimated tax. What are the requirements to avoid penalties? The required [...]
Individuals are allowed a non-refundable personal credit for improvements to their principal residence that meet certain energy efficiency standards. For 2011, the credit is equal to the sum of: 10% of amounts paid or incurred for qualified energy efficiency improvements plus Any residential energy property costs paid or incurred [...]
The 2010 Tax Relief Act provides that the bonus depreciation percentage is 50% for "qualified property" that is placed in service during 2012 (100% depreciation for qualified property placed in service during 2011). The new law extends the additional first-year depreciation provision for investment in new business equipment. Currently, [...]
The IRS has established a more stringent set of rules for deducting meals & entertainment, travel, mileage, etc. These deductions take extra effort on the part of the taxpayer, but are well worth the peace of mind knowing you have retained adequate records should you be audited. General Rule [...]
Each U.S. person who has a financial interest in or signature or other authority over foreign bank accounts, securities accounts or other financial accounts must file a Form TD F 90-22.1 (Report of Foreign Bank and Financial Accounts or FBAR) for each calendar year during any part of which [...]
We wanted to take this time to remind you that if you are required to pay personal estimated tax payments, the deadline is approaching and payments should be made by September 15, 2011. The required annual payment for most individuals is the lower of 90% of the tax shown [...]
