NewsIRS reopens disclosure programPublished on March 22nd, 2012To encourage taxpayers with offshore accounts to get current with their tax obligations, the IRS has reopened its “offshore voluntary disclosure program (OVDP).” Similar programs in 2009 and 2011 resulted in the collection of more than $4.4 billion of taxes owed. The 2012 program will be similar to the 2011 program; however, one difference is [...] Is your small business overlooking this tax credit?Published on March 20th, 2012Health care legislation passed in 2010 included a tax credit for small businesses that provide health care coverage for their employees. Recent surveys have shown that the majority of small companies that might qualify for the credit have failed to take it. The reasons given for ignoring the credit ranged from being unaware of it [...] New foreign investment reporting requirementPublished on March 6th, 2012If you own foreign investments, you may have an additional federal tax filing requirement this year. Form 8938, Statement of Specified Foreign Financial Assets, is due April 17, 2012, and is filed as part of your individual tax return. You’ll use Form 8938 to disclose interests in certain foreign financial accounts when your ownership exceeds [...] Payroll tax cut extended through 2012Published on February 23rd, 2012Congress passed an extension of the 2 percent payroll tax cut that had been scheduled to expire at the end of February. The extension means 160 million working Americans will continue to pay Social Security tax on their wages at a 4.2 percent rate for the rest of 2012, rather than at a 6.2 percent [...] Estate Planning – Choosing your ExecutorPublished on February 21st, 2012One of the most important decisions in making your will is the choice of whom to name as the executor. The executor is the person responsible for settling your estate after your death. They will be required to gather your assets, pay debts, taxes and expenses, and distribute the remaining money and assets according to [...] |
|