Archives for December 2012

Unless you are a recluse, you have heard how diligently, arduously and with the upmost determination our President and members of Congress have been working on resolving the budgetary fiscal issues. While these political duels are being fought in DC between vacations, the IRS has announced [Read more…] about The Fiscal Cliff – Filing Extensions of Time to File

Acting IRS Commissioner, Steven T. Miller, has urged the Senate Finance Committee to act immediately to address the AMT patch that expired December 31, 2011. Since the AMT patch has been extended by Congress over the past few years, the IRS computers for 2012 were programmed as if the AMT patch would be extended through 2012. If the patch is not extended by Congress, Miller stated that “We do not believe that the IRS has ever faced such a formidable operational risk.” What does he mean by that? It means that Congress’s inaction could cause a delay as to when taxpayers can begin to file their 2012 tax returns. The IRS estimates that without the patch, tax returns processing could be delayed until late in March. In addition to the AMT patch, there are other tax extenders that Congress needs to consider.

Please be sure to read the disclaimer page on our blog. This blog is for educational purposes only and should not be considered as the rendering of tax advice.

Employees may be surprised to a new item reported on their 2012 W-2s. Beginning with the issuance of 2012 W-2s, the employer is required to report the value of health care coverage [Read more…] about Form W-2 Reporting of Employer-Sponsored Health Care

The IRS has released (IRS Notice 2012-72) the 2013 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving expense purposes.

Beginning January 1, 2013, the standard mileage rates for the use of a car (including vans, pickups or panel trucks) will be: [Read more…] about IRS ANNOUNCES 2013 STANDARD MILEAGE RATES

If you have one or more traditional IRAs set up in your name and you will be age 70 1/2 or older at year end or you have an inherited IRA, you must comply with the required minimum distribution (RMD) rules or face an expensive penalty. These rules force account owners to take [Read more…] about DON’T FORGET TO TAKE 2012 IRA REQUIRED MINIMUM DISTRIBUTION

Here’s a snapshot of what you must do to steer clear of trouble with the IRS when you hire someone to take care of your children in the home. The trouble is that not paying the “nanny tax” is considered income tax evasion.

If you have household workers, you are required [Read more…] about “Nanny Tax” Considerations