Determining Stock Basis
Jan 15, 2012
It is simple to determine the basis of your stock if you buy all of a certain stock in one purchase and then sell it in a single sale.Many times this actually happens.But, there are times when multip...
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Social Security Benefit Statements
Jan 15, 2012
To reduce costs for the Social Security Administration, the Social Security Administration (SSA) has announced plans that it will no longer mail annual benefit statements that provide a chronology o...
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1099 Filings for Businesses in 2011
Jan 15, 2012
New for 2011, business returns for individuals, including Schedule C and Schedule E, Corporations, and Partnerships, will ask whether all required 1099 forms have been, or will be, filed by the busi...
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Are eFiled Returns Now a Requirement?
Jan 15, 2012
eFiling of tax returns is now mandatory unless the client opts out per IRS regulations.
No form will be provided by the Internal Revenue Service to opt out of efiling.Instead, if a taxpayer decides ...
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Non-Employee Compensation Paid to Nonresident Aliens
Jan 15, 2012
If you make payments of non-employee compensation to nonresident aliens you will need to withhold Federal Tax using the following rules:
U.S. source nonemployee compensation for any amount in exce...
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Tax Savings Still Available for 2011
Jan 15, 2012
If you find that you owe more in taxes than you wanted at the end of 2011, there is still time to make certain moves to lower your tax bill. Follow these simple savings below and reap the savings....
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Understanding the Mortgage Forgiveness Debt Relief Act of 2007
Jan 14, 2012
The Mortgage Forgiveness Debt Relief Act of 2007 is still very much in play and is an effective tool for those faced with cancellation of debt income on their home mortgage until December 31, 2012. The...
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Pension Plan Contribution Limitations for 2011
Jan 12, 2012
As we approach the filing requirements for our 2011 tax returns, it is a good time to take a look at the 2011 pension plan contribution limitations to make sure we are taking full advantage of the tax ...
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New 1099 Rules for 2012
Jan 12, 2012
With the New Year comes new rules for Forms 1099 that are effective January 1, 2012. This will certainly increase the volume of paperwork required for most businseses with regard to Form 1099. Under th...
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Exclusion of Disability Income for Police Officer
Jan 08, 2012
IRC Section 104 provides that compensation for injuries and sickness are not taxable and are excluded from income.InBakken v. Commissioner, TCS 2011-55, the court concluded that the disability income...
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