Household Workers: Social Security, Medicare, W-2,
If you hire someone to work in your home, such as a cleaning person, a cook, a gardener or a baby sitter, both you and your employee should know about paying Social Security and...
Accounting Portal Articles
2011 Tax Scams
Hiding Income Offshore The IRS aggressively pursues taxpayers involved in abusive offshore transactions as well as the promoters, professionals and others who facilitate or enable these schemes. Taxpayers have tried to avoid or evade...
Surviving Spouses to Benefit from Portability Election; Estate Tax Return Required to Make this Choice For Some, Form 706 Due as Early as Oct. 3
IR-2011-97, Sept. 29, 2011 The Internal Revenue Service reminded estates of married individuals dying after 2010 that they must file an estate tax return to pass along their unused estate & gift tax exclusion...
Electing Portability of Deceased Spousal Unused Exclusion Amount
1 If the executor of the estate of a decedent dying after December 31, 2010, intends to make the portability election to allow the decedent’s surviving spouse to use the deceased spousal unused exclusion...
IRS Tax Calendar 2011
IRS Tax Calendar 2011 Tax Calendar for Small Business
Claiming the Small Business Health Care Tax Credit
Many small employers that pay at least half of the premiums for employee health insurance coverage under a qualifying arrangement may be eligible for the small business health care tax credit. This credit can...
TIGTA Finds Inaccurate Preparation of Tax Returns at Volunteer Tax Preparation Sites
Fewer tax returns are being prepared accurately at the Volunteer Program sites sponsored by the Internal Revenue Service (IRS), according to a new report by the Treasury Inspector General for Tax Administration (TIGTA). TIGTA...
President Obama Signs America Invents Act
September 16, 2011 Key Elements of America Invents Act The America Invents Act was passed with the President’s strong leadership to move this bill forward, after nearly a decade of legislative efforts. It reflects...
Equal Access to Tax Planning Act
Equal Access to Tax Planning Act – Deems any strategy for reducing, avoiding, or deferring tax liability insufficient to differentiate a claimed invention from the prior art when evaluating specified conditions of patentability under...
Stop Tax Haven Abuse Act
Bill Status Official Summary 7/27/2011–Introduced.Stop Tax Haven Abuse Act – Authorizes the Secretary of the Treasury to impose restrictions on foreign jurisdictions or financial institutions operating in the United States that are of prime...
New York State Metropolitan commuter transportation mobility tax
The metropolitan commuter transportation mobility tax (MCTMT) is a tax imposed on certain employers and self-employed individuals engaging in business within the metropolitan commuter transportation district (MCTD). This department administers the tax for the Metropolitan...
New York State Tax Calendar 2011
2011 Tax Filing Dates for Corporation Tax, Personal Income Tax, Sales Tax, Withholding Tax, and Metropolitan Commuter Transportation Mobility Tax (MCTMT) Tax Filing Date Return Due January 18th Personal Income Tax Estimated Tax Payment...
Business Expenses – IRS Publication 535
Publication 535 – Introductory Material Introduction Ordering forms and publications. Tax questions. What’s New for 2010 What’s New for 2011 Reminders 1. Deducting Business Expenses Introduction Topics – This chapter discusses: Useful Items...
New York State and Local Quarterly Sales and Use Tax Return
Quarterly filer forms (Form ST-100 series)
Imputed Interest Calculation
Resources for calculating Imputed Interest: Imputed Interest Calculation – Calculating Imputed or Unstated Interest Under I.R.C. 1274 Investment Income and Expenses IRS Publicaton 550 Applicable imputed income amount. 1. Figure the amount of interest...
Statements of Financial Accounting Concepts – SFAC
Statements of Financial Accounting Concepts are a part of the FASB conceptual framework project. Statements of Financial Accounting Concepts
Statement of Financial Accounting Concepts No. 5 – CON 5: Recognition and Measurement in Financial Statements of Business Enterprises
CON 5: Recognition and Measurement in Financial Statements of Business Enterprises
Applicable Federal Rates (AFR) 2011
Find latest AFR rates at IRS website RR-2014-06 — APPLICABLE FEDERAL RATES FEB. 2014 RR-2014-01 — APPLICABLE FEDERAL RATES JAN. 2014 RR-2013-26 — APPLICABLE FEDERAL RATES DEC. 2013 RR-2013-22 — APPLICABLE FEDERAL RATES NOV....
Burden of Proof
Burden of proof is responsibility to prove entries, deductions, and statements made on your tax returns is known as the burden of proof. You must be able to prove (substantiate) certain elements of expenses...
Travel, Entertainment, Gift, and Car Expenses
Publication 463 – Introductory Material What’s New Reminder Introduction Users of employer-provided vehicles. Volunteers. Ordering forms and publications. Tax questions. Useful Items – You may want to see: 1. Travel Traveling Away From...