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Posted in General on Feb 20, 2012
Last Updated by David Rosenhouse on 2012-02-20 08:33:15
Posted in Tax Updates on Jan 22, 2012
1099s are required to be sent out by January 31. Do you need to send out any? If you need help preparing them, please contact us at 972-991-4272.
Last Updated by David Rosenhouse on 2012-01-22 12:27:20
Posted in Tax Updates on Jan 10, 2012
Fourth Quarter estimated tax payments are due on January 15. If you have any questions or need a new copy of the payment form please contact us soon.
Last Updated by David Rosenhouse on 2012-01-10 20:44:43
Posted in Tax Updates on Jan 05, 2012
Check out the numerous changes coming up including recognizing tax on Roth IRA conversions made in recent years, repayment of first-time home buyer credits and expiration of the "making work pay" credit.
Last Updated by David Rosenhouse on 2012-01-05 07:59:07
Posted in Tax Updates on Jan 03, 2012
The Temporary Payroll Tax Cut Continuation Act of 2011 temporarily extends the two percentage point payroll tax cut for employees, continuing the reduction of their Social Security tax withholding rate from 6.2 percent to 4.2 percent of wages paid through Feb. 29, 2012. This reduced Social Security withholding will have no effect on employees? future Social Security benefits.
This additional recapture tax is an add-on to income tax liability that the employee would otherwise pay for 2012 and is not subject to reduction by credits or deductions. The recapture tax would be payable in 2013 when the employee files his or her income tax return for the 2012 tax year. With the possibility of a full-year extension of the payroll tax cut being discussed for 2012, the IRS will closely monitor the situation in case future legislation changes the recapture provision.
Last Updated by David Rosenhouse on 2012-01-03 12:51:42
Posted in General on Dec 30, 2011
Are you considering refinancing your mortgage, purchasing vs leasing a car or the effects of making IRA contributions? On our websites: www.cpadallas.com andwww.rgpc-accounting.com we have many financial calculators available to help in your analysis.
http://www.cpadallas.com/
http://
Last Updated by David Rosenhouse on 2011-12-30 09:13:09
Posted in Tax Updates on Dec 28, 2011
Protect Your Personal Information!
The IRS never initiates taxpayer communications through email. Here is what to do if you receive a suspicious IRS-related communication.
If you receive an email claiming to be from the IRS that contains a request for personal information:
Do not reply.
Do not open any attachments. Attachments may contain malicious code that will infect your computer.
Do not click on any links.
If you clicked on links in a suspicious email or phishing website and entered confidential information, visit the IRS identity protection page. Forward the email as-is, to the IRS at phishing@irs.gov.
After you forward the email and/or header information, delete the original email message you received.
If you discover a website on the Internet that claims to be the IRS but you suspect it is bogus send the URL of the suspicious site to phishing@irs.gov. Please add in the subject line of the email, 'Suspicious website'.
If you receive a phone call or paper letter via mail from an individual claiming to be the IRS but you suspect they are not an IRS employee:
Ask for a call back number and employee badge number.
Contact the IRS to determine if the caller is an IRS employee with a legitimate need to contact you.
If you receive an unsolicited fax (such as Form W8-BEN) claiming to be from the IRS, requesting personal information:
Contact the IRS to determine if the fax is from the IRS.
If you learn the fax is not from the IRS, please send us the information via email at phishing@irs.gov. In the subject line of the email, please type the word ?FAX?.
Last Updated by David Rosenhouse on 2011-12-28 13:12:37
Posted in Tax Updates on Dec 27, 2011
Recently the IRS announced the standard mileage rates for vehicle usage in 2012. According to Notice 2012-1, the business mileage rate for 2012 is $0.555/ mile. The medical/Moving rate is $0.23, and the Charitable purpose rate is $0.14.
Last Updated by David Rosenhouse on 2011-12-27 13:34:01
Posted in Yearend Planning on Dec 26, 2011
Machinery and equipment purchases for business. 100% of the cost of new equipment purchased for a business may deductible in the year of purchase through bonus depreciation. This is scheduled to expire at the end of 2011 although for many small businesses the section 179 deduction is large enough to give a similar benefit. If you are considering making a purchase in either at the end of this year or the beginning of 2012 to discuss the tax ramifications.
Last Updated by David Rosenhouse on 2011-12-26 14:48:16
Posted in Yearend Planning on Dec 23, 2011
Last Updated by David Rosenhouse on 2011-12-23 07:40:11
Posted in Yearend Planning on Dec 22, 2011
Mortgage interest and property taxes. If you can pay some or all of your 2012 property taxes and January mortgage payment before the end of the year, these are also deductible.
Last Updated by David Rosenhouse on 2011-12-22 09:31:20
Posted in Yearend Planning on Dec 21, 2011
Year end Planning Tip - Charity. If you itemize your deductions, any gifts to charity you make before the end of the year are deductible. Not only will you be getting the advantage of an extra deduction, but you will also have the satisfaction associated with helping your favorite charities especially in these tough times when some charities are hurting for contributions. If you pay by credit card you can be assured of getting the deduction and you may be able to defer actual payment until 2012. (Many organizations also have matching donation programs thru the end of the year.)
Last Updated by David Rosenhouse on 2011-12-21 08:24:34
Posted in General on Aug 02, 2011
This is the home of our new blog. Check back often for updates!
Last Updated by Admin on 2011-08-02 15:28:12
