Deadlines Extended for Certain Foreign Account Reporting Requirements Under FATCA

The U.S. Department of the Treasury and the IRS have announced deadline extensions for some of the requirements in the final regulations implementing the Foreign Account Tax Compliance Act (FATCA)

Read the rest of entry »

Kids going to day camp? You may be eligible for a tax credit

Day camp is a qualified expense under the child or dependent care credit, which is worth 20% of qualifying expenses (more if your adjusted gross income is less than $43,000), 

Read the rest of entry »

Is There a “Snowbird” Tax in Your Future?

by Mike Crabtree, JD, CPA
Legislation was introduced on February 18th that would create a “snowbird” tax in Minnesota, extending the Minnesota Individual Income Tax to nonresidents who are present in the state for more than 60 days but less than 183 days and maintain an abode in Minnesota for at least 6 months

Read the rest of entry »

S-corp Shareholder/Employees – Is Your W-2 Correct?

S-corporation employees that own, directly or indirectly, more than 2 percent of the S corporation’s stock (or stock possessing more than 2 percent of the voting power of all stock) cannot receive all of the tax-free fringe benefits that are allowed to other employees

Read the rest of entry »

Charitable Contribution Opportunity

For several years, the Internal Revenue Code allowed taxpayers over 70½ to make charitable contributions of up to $100,000 directly from their IRAs to certain charities. This is known as a Qualified Charitable Distribution

Read the rest of entry »

IRS Issues Remaining Inflation-Adjusted Amounts for 2013

The IRS just released the remaining inflation-adjusted amounts for 2013. 

Read the rest of entry »

Social Security Claiming Strategies: What Can Married Couples Do to Increase Joint Lifetime Benefits?

Roughly half of retirees claim Social Security benefits at age 62, as soon as they become eligible. Some people delay benefits, using their retirement savings and other income as an income source during the delay years. Others apply out of necessity; their financial situation leaves them little choice. These factors aside, what if you have a choice? If you wait a few years to apply for Social Security, how much more income might you realize?

Read the rest of entry »

IRS Issues Some Updated Amounts for 2013

The IRS just updated the Standard Mileage Rate for 2013. 

Read the rest of entry »

IRS Increases Standard Mileage Rate

In response to recent increases in fuel prices, the IRS has increased the Standard Mileage Rates for business, medical, and moving automobile expenses paid or incurred on or after July 1, 2011

Read the rest of entry »

The JOBS Act – New Opportunities for IPOs

During 2012 the President signed the JOBS Act into law.

Read the rest of entry »

CONNECT

 

 

 

CONNECT


Categories