IRS not ready for some 2010 tax returns
Tuesday, February 1st, 2011
The Tax Relief Act extended several tax credits and deductions that expired at the end of 2009. As a result, the IRS has delayed processing of several 2010 tax returns. The delays impact these returns: Form 1120-PC, U.S. Property and Casualty Insurance Company Income Tax Return Form 941 (First Quarter 2011), Employer’s Quarterly Federal Tax […]
Read More »Itemizers may file Feb. 14
Friday, January 21st, 2011
Beginning Feb. 14, the IRS will start processing both paper and e-filed returns claiming itemized deductions on Schedule A, the higher education tuition and fees deduction on Form 8917 and the educator expenses deduction. As we explained in a prior post, the late passage of the Tax Relief Act in December gave the IRS too […]
Read More »Tax filing deadline extended, but don't wait
Friday, January 7th, 2011
We have an extra weekend for tax return preparation! Because April 15 is a holiday in Washington, D.C., the deadline for filing Forms 1040, 1065, and other returns normally due April 15 is Monday April 18, 2011. If you’re working on your taxes that weekend, though, a smarter choice would be to request an automatic […]
Read More »Tax filing delayed for some
Monday, December 27th, 2010
The tax relief law enacted on December 17 extended current tax rates and other provisions for two years. It also retroactively extended several tax breaks that had expired at the end of 2009. As a result, the IRS must reprogram their processing systems before the agency can begin receiving tax returns that claim these breaks. […]
Read More »Beware Tennessee tax scam
Wednesday, December 15th, 2010
We received word from the Tennessee Department of Revenue about a fraudulent email scam. Here are the details from TDOR: An e-mail is circulating that looks like an e-mail from the Tennessee Department of Revenue requesting that the recipient go to a website and file tax forms with the department for the year 2010. This e-mail […]
Read More »2011 standard mileage rates
Wednesday, December 8th, 2010
The IRS has announced the standard mileage rates that will go into effect January 1, 2011: 51 cents per mile for business miles; 19 cents per mile for medical or moving expenses; 14 cents per mile in service of charitable organizations.
Read More »Health care tax credit starts this year
Monday, December 6th, 2010
If your company or tax-exempt organization provides group health insurance coverage to your employees, it may be eligible for a tax credit on its 2010 return. The criteria for taxable entities: Employ fewer than 25 “full-time equivalent” employees (FTE, explained later); Pay average annual wages less than $50,000 per FTE; Maintain a “qualifying arrangement” for […]
Read More »Payroll tax credit
Wednesday, July 7th, 2010
It is time to prepare your second quarter payroll tax returns, due August 2, 2010 (July 31 falls on Saturday). If your company or tax-exempt organization has hired employees this year, you may be eligible for the HIRE Act new hire tax credit. You should check before filing Form 941. We previously posted about this and other tax credits in the […]
Read More »Congress helps homebuyers
Friday, July 2nd, 2010
Homebuyers who were unable to close before July 1 have been granted a reprieve to claim the homebuyer credit. If the contract on their house was signed before May 1, they now have until September 30 to close on the purchase. The homebuyer credit in its present form (it’s been amended three times now) is a tax […]
Read More »Tax code as cash flow tool
Thursday, July 1st, 2010
Has your business suffered a net loss during the recession? A tax refund may give you a needed cash infusion. The federal tax code provides a means to smooth out the business cycle. If your company reports a net operating loss on this year’s tax return, you can recover tax paid in prior (or future) years when the company […]
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