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news for your business and personal finances
  • Tax Related Due Dates

January 31, 2012

* File Form 720 for the fourth quarter of 2010. * Furnish Forms 1098, 1099 and W-2G to recipients for certain payments during 2010. * Furnish Form W-2 to employees who worked for you during 2010. * File Form 730 and pay the tax on wagers accepted during December 2010. * Deposit any FUTA tax…

January 15, 2012

* Individuals: Pay the final installment of your 2010 estimated tax. Use Form 1040-ES.

IRS Soft Notices May Improve Tax Compliance

11/09/2011 Filled under News, Tax/Compliance

BY MICHAEL COHN, ACCOUNTING TODAY A pilot project at the Internal Revenue Service to send out so-called “soft notices” to taxpayers whose tax returns appear to disagree with the information forms from their employers and banks could provide some benefits in terms of improved tax compliance. However, questions about the cost and benefits of the…

December 15, 2011

11/01/2011 Filled under Important Tax Dates

* Corporations: Deposit the fourth installment of your estimated tax for 2011.

October 17, 2011

09/01/2011 Filled under Important Tax Dates

* Deposit Payroll tax for September if the monthly deposit rule applies * Individuals: File 2010 Form 1040, 1040A, or 1040EZ if you timely requested a 6-month extension. * Electing Large Partnerships: File 2010 Form 1065 if you timely requested a 6-month extension.

IRS Jacks Up Standard Mileage Rate to 55.5 Cents a Mile

06/24/2011 Filled under News, Self-Employed, Tax/Compliance

The IRS has increased the optional standard mileage rates for the final six months of 2011, in response to higher fuel prices. The rate will increase to 55.5 cents a mile for all business miles driven from July 1, 2011, through Dec. 31, 2011. This is an increase of 4.5 cents from the 51 cent…

2011 Tax Changes At-a-Glance

02/03/2011 Filled under Money Management/Personal Finance, News, Tax/Compliance

A host of tax provisions enacted in 2001 and 2003–commonly referred to collectively as the “Bush tax cuts”–expire at the end of the year. While it’s possible that new legislation could extend some or all of these expiring tax provisions, election-year politics make it difficult to predict what action, if any, Congress will take. With…

IRS Audit Red Flags: The Dirty Dozen

01/11/2011 Filled under Small Business Related, Tax/Compliance

Ever wonder why some tax returns are audited by the IRS while most are ignored? Well, there’s a whole host of reasons to this age-old question. The IRS audits only about 1% of all individual tax returns annually. The agency doesn’t have enough per…

Recognizing Debt Overload in Financial Statements

10/04/2010 Filled under Accounting, Finance, Money Management/Personal Finance, News, Small Business Related

https://www247.americanexpress.com/MoblOpenWeb/articles.do?TargetID=financial-statement-analysis-recognizing-debt-overload-julie-rains&showOnOne=true Posted from WordPress for Android

HSA Changes for 2011

10/04/2010 Filled under Healthcare Insurance, News

http://www.webcpa.com/news/IRS-Guidance-Buying-Non-Prescription-DrugsHealth-Insurance-Accounts-55488-1.html?st=RSS&utm_source=twitterfeed&utm_medium=twitter Posted from WordPress for Android

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