Source: Journal of Accountancy, AICPA August 21, 2010 The IRS has issued proposed regulations that would eliminate paper coupons for deposits of employment taxes, corporate income and estimated taxes, and many other taxes (REG-153340-09). The paper coupon payment system will be shut down at the end of this year. With [...]
Taxpayers have many options available to save and lower their tax liability before the year-end. Often, it comes down to planning, saving, and working with your tax professional. One way to use tax planning is to find out what your taxable income is prior to year-end and what tax bracket [...]
Source: IRS Issue Number: IRS Summertime Tax Tip 2010-15 Inside This Issue Nine Tips for Taxpayers Who Owe Money to the IRS Did you end up owing taxes this year? The vast majority of Americans get a tax refund from the IRS each spring, but those who receive a bill may [...]
Source: irs.gov There are typical actions that are taken when closing a business. You must file an annual return for the year you go out of business. If you have employees, you must file the final employment tax returns, in addition to making final federal tax deposits of these taxes. [...]
Source: irs.gov The checklist below provides the basic steps you should follow to start a business. This list should not be construed as all-inclusive. Other steps may be appropriate for your specific type of business. Information about specific industries can be found at the Industries/Professions Web page. Each state has [...]
Small businesses, charities face more reporting rules By Sandra Block, USA TODAY July 8, 2010 A little-known provision in the health care reform law could significantly increase tax recordkeeping requirements and costs for nearly 40 million self-employed workers, small businesses and charities, the IRS' national taxpayer advocate said Wednesday. Starting [...]
Source: S S A / I R S R e p o r t e r, s u m m e r 2 0 1 0, Page 6 Plug-In Electric Vehicle Credit Internal Revenue Code Sections 30 & 30D provide credits for certain Plug-in Electric Vehicles. Qualified vehicles may include [...]
Source: S S A / I R S R e p o r t e r, s u m m e r 2 0 1 0, Page 4 The Alternative Fuel Motor Vehicle Credit was enacted by the Energy P olicy Act of 2005 and includes separate credits for four [...]
The House passed the Small Business Jobs Tax Relief Act of 2010 on Tuesday. The bill would eliminate certain tax penalties for small businesses, allow the exclusion of 100% of capital gains on investments in qualifying small-business stock, and allow the deduction of up to $20,000 in startup costs unrelated [...]
Floating Rate of Interest for Most Taxes and Fees Will Remain 7 Percent For the Period July 1, 2010, Through December 31, 2010 Florida law provides a floating rate of interest on payments of taxes and fees due on or after January 1, 2000. This floating rate of interest applies [...]
