1. February 2012 by admin.

Florida

Contribution Rates
For 2012, the minimum rate is 2.02% and the maximum rate is 5.4%, except that employers participating in the short-time compensation program will be subject to a maximum rate of 6.4%. New employers pay 2.7% in 2012. The noncharge ratio is .0057, the excess payment ratio is .0089, the gross benefit ratio is .0275, the multiplier is 1.1382, the fund size ratio is .0167, and the final adjustment ratio is .0313. There also will be a special tax assessment in effect for 2012 to assist in repaying the interest on the state’s Title XII loan, but that amount is not available yet. (DEO Communication.)

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21. January 2012 by admin.

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17. January 2012 by admin.

The 2012 federal mileage rates for the use of a car (also vans,

pickups or panel trucks) will be:

• $0.555 per mile driven for business purposes

• $0.23 per mile driven for medical or moving purposes

• $0.14 per mile driven in service of charitable organizations

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11. January 2012 by admin.

There were approximately 4,430 changes to the tax code from 2001 through 2010, an average of more than one a day, including an estimated 579 changes in 2010 alone. 

Posted in Payroll Tax, Newsletter Topics, Retirement Accounts, International Taxation, Sub S Corporations, Income Tax, LLC's, General | 1 Comment »

26. December 2011 by admin.

A 2-Month Extension to the Payroll Tax Cut Signed

Friday, December 23, 2011 a 2-month extension of the payroll tax cut was signed. This means the employee social security rate will remain at 4.2% through February 29, 2012. Paycor has updated the tax rate to 4.2% for January and February 2012. We continue to closely monitor this legislation and will relay any additional updates.

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27. November 2011 by admin.

• If you are like me and cannot attend all the games,  and you give the tickets away to a client or potential client, you have a choice:

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19. October 2011 by admin.

IRS statistics now available for 2009 tax returns.

The highest earning 1% of all U.S. individual taxpayers paid 36.7% of all federal income taxes.

The highest earning 5% paid 58.7%.

The bottom 50% paid only 2.25% of total federal income tax.

Posted in Newsletter Topics, Retirement Accounts, International Taxation, Sub S Corporations, Income Tax, LLC's, General | 1 Comment »

5. September 2011 by admin.

The Job Creation and Worker Assistance Act of 2002 (JCWA) provided an additional depreciation deduction in the placed-in-service year that is equal to 30% of the adjusted basis of the qualified property placed in service after 9/10/01. This law is reflected (for the most part) in IRS Code section 168(k).

The Jobs and Growth Tax Relief Reconciliation Act of 2003 (JGTRRA) amended the bonus depreciation provisions of the Job Creation and Worker Assistance Act of 2002. For qualified property placed in service between 5/6/03 and 12/31/04, the bonus depreciation increased from 30% to 50%.

The Economic Stimulus Act of 2008 allows 50% bonus depreciation for qualified property placed in service between 1/1/08 and 12/31/08.

The American Recovery and Reinvestment Act of 2009 allows 50% bonus depreciation for qualified property placed in service between 1/1/09 and 12/31/09.

The Small Business Jobs Act of 2010 allows 50% bonus depreciation for qualified property placed in service between 1/1/10 and 12/31/10.

The Tax Relief Act of 2010 allows 100% bonus depreciation for qualified property placed in service between 9/9/10 and 12/31/11 and 50% bonus depreciation for qualified property placed in service between 1/1/12 and 12/31/12.

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31. August 2011 by admin.

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19. August 2011 by admin.

Background: “Enrolled” means EAs are licensed by the federal government, while “Agent” allows appearance in place of the taxpayer before the Internal Revenue Service (IRS).

Only EAs, attorneys and CPAs may represent taxpayers before the IRS. The EA profession started in 1884 when, after questionable claims had been presented for Civil War losses, Congress acted to regulate persons who represented citizens with the Treasury Department.

EAs were created by legislation signed into law by President Chester A. Arthur to handle these claims. At the time, some individuals with legitimate claims were cheated by their representatives in Washington while on other occasions; the government was being defrauded by false claims. EAs were the trusted individuals to represent petitioners in the US Court of Claims. Eventually their work expanded to focus on tax practice.

Professional Competency. The EA designation is awarded to individuals who successfully demonstrate expertise in the field of taxation by passing a tough enrollment test. EAs account for less than 10% of all individuals currently practicing in the field of taxation.

Continuing Education. EA is the only professional credential issued at the Federal level in taxation and requires considerable continuing professional education yearly.

Posted in Payroll Tax, Newsletter Topics, Retirement Accounts, International Taxation, Sub S Corporations, Income Tax, LLC's, General | 1 Comment »