Archive for the ‘General’ Category

Employers Must Use Revised Form I-9, Employment Eligibility Verification

Monday, May 20th, 2013

U.S. Citizenship and Immigration Services (USCIS) reminds employers that beginning May 7, 2013 they must use the revised Form I-9, Employment Eligibility Verification (Revision 03/08/13)N for all new hires and reverifications. All employers are required to complete and retain a Form I-9 for each employee hired to work in the United States.

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Maryland Homestead Tax Credit

Thursday, November 15th, 2012

By the end of 2012, all Maryland homeowners must reapply for the Homestead Tax Credit, which helps offset large assessment increases for property tax purposes in a given year. The law requires the state government to limit increases in the taxable assessment of a property to a maximum of 10% per year for properties to which the Homestead Tax Credit applies, and certain counties and municipalities have a lower percentage for their portion of the property tax assessment. The tax credit works by providing a reduction in the actual taxes paid, rather than reducing the assessment value of the property. The result is that homeowners do not pay property tax on assessments that exceed the percentage thresholds in the current year for example Stock Locksmith.

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Employers hit by rising health costs look to high-deductible plans

Friday, November 9th, 2012

There’s a good chance during open enrollment this fall that you will be offered a high-deductible insurance plan with a savings account — if you haven’t already been nudged into one.
Increasingly, employers are offering this as a way to rein in their health insurance costs. The high deductible means lower premiums, benefits experts say. And employees — confronted with the prospect of potentially paying thousands of dollars before insurance kicks in — are less likely to run to the emergency room for minor problems, which also keeps costs down.

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President Signs Repeal of Expanded 1099 Requirements

Friday, April 22nd, 2011

On Thursday, President Barack Obama signed into law the Comprehensive 1099 Taxpayer Protection and Repayment of Exchange Subsidy Overpayments Act of 2011 (HR 4; 1099 Act), which repeals both the expanded Form 1099 information reporting requirements mandated by last year’s health care legislation and also the 1099 reporting requirements imposed on taxpayers who receive rental income enacted as part of last year’s Small Business Jobs Act (PL 111-240). The Senate approved the bill on April 5, and the House voted in favor of it on March 3.

Read More » [Journal of Accountancy]

Wrap Fees

Wednesday, February 16th, 2011

“Wrap Fees” charged to IRA holders qualify for tax favored treatment are not counted as payins to the IRA if paid separately by the owner, IRS privately rules. The fee covers investment planning and broker commissions. Although the payment of broker commissions is usually treated as a IRA payin, that rule doesn’t apply to wrap fees because the charge doesn’t vary with the number of trades made. Instead it is based on a percentage of total assets under management. These wrap fees can be deducted as a miscellaneous itemized deduction on Schedule to the extent the total exceeds 2% of the filer’s adjusted gross income.

New Smartphone App Lets You Check Tax Refund Status

Tuesday, January 25th, 2011

The IRS unveiled a new smartphone app Monday that will allow taxpayers to check the status of their tax refunds and get other information about their tax returns.

The app, IRS2Go, can be downloaded for free on iPhones and Androids, the IRS said. Taxpayers will need to provide some basic information to check the status of their refund on the app. They’ll need to enter their Social Security number, which will be masked and encrypted for security purposes, the IRS said.

Read Full Article » [USA Today]

View App Website » [IRS]

Where To Keep Your Important Financial Records

Monday, January 24th, 2011

We all have financial records, whether they’re pay stubs, tax returns, or receipts that we’re using for tax write-offs. Although many of us are now using personal finance software, there still isn’t a one-stop solution to track all your finances. So, should you use online storage, or just keep hard copies?

There are no easy answers, but here are a few options to keep in mind.

Read Full Article » [Yahoo News]

How Long to Keep Tax Records

Wednesday, January 19th, 2011

You can toss some supporting documents, but you’ll need to hang onto others for years. This is a great time of the year to get rid of outdated files and to organize your records in preparation for filing your tax return in the spring.

Read more» [Kiplinger]

IRS 2011 Mileage Rates

Wednesday, January 5th, 2011

The IRS just released the 2011 mileage rates to be used by employees, self-employed individuals and other taxpayers to compute deductible costs of operating an automobile (including vans, pickups and panel trucks) for business, medical, moving and charitable purposes.

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