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 [...]
WASHINGTON — As part of a larger Administration announcement on efforts to strengthen the health care workforce, the Internal Revenue Service today announced that under the Affordable Care Act health care professionals who received student loan relief under state programs that reward those who work in underserved communities may qualify [...]
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 [...]
WASHINGTON — The Internal Revenue Service today issued regulations outlining the administration of a 10-percent excise tax on indoor tanning services that goes into effect on July 1. The regulations were published today in the Federal Register. In general, providers of indoor tanning services will collect the tax at the [...]
Depreciation and Section 179 Expense HIRE and Section 179 DeductionA qualifying taxpayer can choose to treat the cost of certain property as an expense and deduct it in the year the property is placed in service instead of depreciating it over several years. This property is frequently referred to as [...]
Fannie Mae and Freddie Mac are asking banks to repurchase home loans that did not meet certain requirements, per their contracts with the lenders, but many financial institutions are refusing to buy back the loans. The situation often leads to a battle between Fannie or Freddie and the mortgage lender [...]
If your business is a C corporation, it may be a good time to arrange for dividend payments, stock redemptions and stock sales. Though the federal income tax rate structure is currently favorable, it's scheduled to change dramatically after this year. Here are some strategies to consider before the end [...]
The new health reform law gives a tax credit to certain small employers that provide health care coverage to their employees, effective with tax years beginning in 2010. The following questions and answers provide information on the credit as it applies for 2010-2013, including information on transition relief for 2010. An [...]
Please read the article below and contact my firm if you need assistance with this. If our firm is already providing your payroll service make sure you have notified us of all 2010 new hires. IRS updates Form 941 to reflect new-hire tax exemption The Internal Revenue Service has released [...]
People who owe taxes but can’t pay the full amount owed by the April deadline should still file their return on time and pay as much as they can to avoid penalties and interest. If you can’t pay the full amount, you should contact the IRS to ask about alternative [...]
