“Why was my 2011 tax liability so high this year?” was a question asked by many taxpayers when their CPAs presented them with their 2011 tax returns. CNBC reported that the “AMT will trap more … [Read more...] about 2012 Tax Planning: Alternative Minimum Tax (AMT) for Individuals
Abandoned Property – Money Owed to You?
This blog addresses money that business owners may owe PA (or another state) and money that may be owed to you. The first part of the blog is addressed to business owners, and the last paragraph … [Read more...] about Abandoned Property – Money Owed to You?
IRS Offer in Compromise (OIC) Procedures
The IRS announced on February 7, 2012 (SBSE-05-0212-020) that it is changing its procedures regarding its initial review of OIC. … [Read more...] about IRS Offer in Compromise (OIC) Procedures
IRA PLANNING – HOW TO MAKE THAT PROHIBITED ROTH CONTRIBUTION
Would you like to fund a Roth IRA regardless of your income or whether you are covered by your employer’s retirement plan? You want to contribute to an IRA for your retirement. You wish to do so in a … [Read more...] about IRA PLANNING – HOW TO MAKE THAT PROHIBITED ROTH CONTRIBUTION
IRS Eases Streamlined Installment Agreements
The IRS announced on January 20, 2012 by issuing SBSE 05-0112-013 that it has made significant changes to its steamlined installment agreements (SIA). What is a SIA? The IRS has the authority to enter … [Read more...] about IRS Eases Streamlined Installment Agreements
IRS Announces 2012 Mileage Rates
The IRS has released (IRS Notice 2012-1) the 2012 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving expense … [Read more...] about IRS Announces 2012 Mileage Rates
