Tax Law Changes Will Delay Start of Filing Season for Some Taxpayers
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The IRS is warning taxpayers that it will not accept certain 2010 individual tax returns until mid- or late February due to tax law changes recently enacted by Congress (IR-2010-126).
Tax Relief Act of 2010: Employee Payroll Tax Reduction
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The Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 (Tax Relief Act of 2010) provides a "payroll tax holiday" that is estimated to inject over $110 billion into the economy in 2011.
Federal Tax Day - Current, C.1 Tax Cut Measure Heads to President, (Dec. 17, 2010)
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House Democrats and Republicans spent hours blaming each other for Congress' failure to address the nation's growing federal budget deficit before passing an $858-billion measure to extend the Bush-era tax rates, provide unemployment benefits, patch the alternative minimum tax and provide a two-year break for inheritance taxes.
Here is a sample of information we need to prepare your Business Income tax return:
General Ledger or QuickBooks (Accountant's copy)
Bank statements and bank reconciliations as of the end of the tax year
Accounts receivable listing (if accrual basis)
Inventory balance at the end of the year (at cost)
Listing of assets purchased and disposed during the year: Purchases - Description, Date purchased, Purchase price and loan details, if any.
IRS Expands Use of Electronic Payments, Discontinues Paper Coupons
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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.
Buying a home is the single most valuable investment most families make, and home ownership offers tax breaks that make it the foundation for your overall tax planning.
Although the computer age and modern telecommunications have reduced the need for in-person contact, it is still sometimes necessary for businesses to send employees out of town on business, or to entertain clients and customers.
Inclusion of Cost of Employer-Sponsored Health Coverage on W-2
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Starting for the 2011 tax year, employers are required to disclose on the employee's Form W-2, the aggregate cost of employer-sponsored health insurance coverage regardless of whether the employer pays for the coverage.
If your home or other property is damaged as a result of a fire, earthquake, flood, hurricane, vandalism or similar event, you may be able to take a deduction for the loss.
Recently, two pieces of legislation, the Patient Protection and Affordable Care Act and the Health Care and Education Reconciliation Act of 2010 were signed into law.
The President is expected to soon sign into law the "Hiring Incentives to Restore Employment Act of 2010" (the 2010 HIRE Act), the centerpiece of which is a payroll tax holiday and up to $1,000 tax credit for business that hire unemployed workers.