11. May 2011 by admin.

The IRS does not send taxpayers unsolicited e-mails about their tax accounts, tax situations, or personal tax issues.If you receive such an e-mail, it’s a scam.

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

11. May 2011 by admin.

For wages earned starting 6/1/2011 Florida employers must start paying their employees $7.31 per hour.

This is an increase of $.06 over the current minimum wage of $7.25 per  hour. 

Tipped employees must be paid an hourly rate of $4.29 per hour on wages earned starting  6/1/2011.  

Please visit the website http://www.floridajobs.org/minimumwage/index.htm for more information.

Posted in Payroll Tax, Sub S Corporations, LLC's, Income Tax, General | 1 Comment »

18. March 2011 by admin.

Did  you donate any non-cash items?

Name and address of organization.  Date(s) of donation(s).

If multiple dates to same charity, you can just say “various”.

General description of what was donated, (clothing, household, furniture, etc).

Thrift shop value of donation.   This link from our website may help you determine this:

http://usataxhelp.com/taxtopics/donations-non-cash-value-salvation-army-guide

Posted in Income Tax, General | 1 Comment »

18. March 2011 by admin.

IRPAC (Information Reporting Program Advisory Committee) was established in 1991 as a result of an administrative recommendation contained in the final conference report for the Omnibus Budget Reconciliation Act of 1989.  The recommendation suggested that the IRS consider “the creation of an advisory group of representatives from the payer community and practitioners interested in the Information Reporting Program (IRP) to discuss improvements to the system.”

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

10. February 2011 by admin.

You heard Bush tax cuts were extended BUT did you know………

it excluded more than 70 temporary programs from the bill, including federal subsidies for state and local borrowing (Build America Bonds), a sales tax deduction for new cars and trucks (although you can deduct sales tax paid in 2010 for a 2009 purchase), a property tax deduction for people who don’t itemize on their tax returns and an exemption from taxes for the first $2,400 of unemployment benefits.  They all expired, not renewed, etc…….

Posted in LLC's, Income Tax, General | 1 Comment »

29. January 2011 by admin.

Wednesday, January 26, 2011

IRS Names 10 New Members to IRPAC

The Internal Revenue Service today announced the selection of 10 new members in 2011 for the Information Reporting Program Advisory Committee (IRPAC).

“Members of IRPAC provide industry perspective and recommendations that assist the IRS in making decisions about third-party information reporting, which is important to sound tax administration,” said IRS Commissioner Doug Shulman.

The new appointees will join 14 returning members who are in the second or third year of their three-year terms.

The following people have been appointed to serve on the committee:

Susan R. Boltacz, JD, CPA of Atlanta, Ga. Boltacz is a Group Vice President, Tax Counsel and Director of Tax Information Reporting at Sun Trust Bank. She has been advising on tax information reporting issues and implementing tax information reporting requirements for financial services and telecommunications industries for over 21 years. She is a member of the Tax Section of the American Bar Association.

Duncan W. Brennan, of Washington, D.C. Brennan is Manager of the Legal Support Group at Burt, Staples & Maner, LLP. He is experienced working with domestic and nonresident withholding and information reporting and holds a Masters of Public Policy Degree.

Julia K. Chang, CPA, of Pacific Palisades, Calif. Chang has worked in the accounting field for over 30 years, specializing in taxation. She is a member of AICPA and the California Society of CPAs.

Terrance C. Coppinger, CPA, of New York. Coppinger is a Director at Deloitte Tax, LLP. He has been advising clients on tax information reporting for more than 15 years. He is a member of the Tax Section and the Personal Financial Specialist Section of the AICPA, and the IRS Relations Committee of the New York State Society of CPAs.

Rebecca M. Harshberger, a Certified Payroll Professional of Burbank, Calif. Harshberger is Director, Payroll Tax Administration at GEP, Administrative Services, Inc. She has over 10 years experience in tax information reporting. She is on the Board of directors of the Los Angeles Chapter of the American Payroll Association and is a member of APA.

Anne W. Jetmundsen, CPA, of Tampa, Fla. Jetmundsen is a Tax Advisor to the University of South Florida. She advises the University on payroll, purchasing and accounts payable and information reporting obligations. She is Chair of the Taxation Subcommittee of the Inter-institutional Committee on Finance and Accounting (ICOFA) and a member of the Tax Council of the National Association of College and University Business Officers (NACUBO).

Tony Y. Lam, JD, CPA, of Owings Mills, Md. Lam is an Associate Tax Counsel at T. Rowe Price Associates, Inc. He addresses the legal requirements of tax information reporting and withholding for millions of investor accounts and retirement plan participant accounts both domestic and foreign. He is a member of the Investment Company Institute’s Tax Committee.

Michael M. Lloyd, JD, CPA of Washington, D.C. Lloyd is a Member/Counsel/Senior Associate of Miller & Chevalier Chartered. He advises clients in the areas of tax and employee benefits with a focus on cross-border payment reporting and withholding, domestic information reporting, employment tax reporting, fringe benefits, executive compensation and penalty abatement. He is a member of the AICPA and the Section of Taxation of the American Bar Association.

Jeffrey N. Mason, JD, of Salem, N.C. Mason is Tax Counsel, Corporate Tax Department at Wells Fargo & Company. He has 10 years experience ensuring compliance with information reporting requirements in the banking industry. He is a member of the SIFMA Tax Compliance Committee.

Lonnie Young, CPA, of Lake Mary, Fla. Young is owner of Young & Company, LLC. His firm prepares corporate, partnership, trust and individual returns as well as payroll information returns. He is a member of the AICPA and the National Society of Accountants.

The IRPAC was established in 1991 and focuses on information reporting issues. The committee’s purpose is to provide an organized public forum for discussion of relevant tax administration issues between IRS officials and representatives of the public.

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

8. January 2011 by admin.

For well over a year we have had a scrolling alert on our main website www.USATaxHelp.com about this issue…. here is State of Florida’s latest web post…..

CONSUMER ALERT!   Arvitas, LLC is a private company sending e-mails to businesses in Florida offering to file annual reports.   ARVITAS IS NOT AN AGENT OR REPRESENTATIVE FOR THE FLORIDA DEPT. OF STATE, DIVISION OF CORPORATIONS.   Arvitas is acting on its own to solicit business for its own company.   It is offering to file annual reports for business entities in Florida at an inflated fee.   They do not offer any additional service than what is available to the public on sunbiz.org.   The Attorney General´s Office, on behalf of the Dept. of State, is currently pursuing legal action against Arvitas.  

Posted in International Taxation, Payroll Tax, Sub S Corporations, LLC's, Income Tax, General | 2 Comments »

8. January 2011 by admin.

Taxpayers will have until Monday, April 18 to file their 2010 tax returns and pay any tax due because Emancipation Day is a holiday observed in the District of Columbia.  It is on April 15th, so by law, DC’s holidays impact tax deadlines in the same way that federal holidays do; everyone (persoal tax returns, not corporate) will have three more days to file.  An extension will will apply till Oct. 17, 2011.

Posted in LLC's, Income Tax, General | 1 Comment »

27. December 2010 by admin.

A temporary, 13-month extension of unemployment benefits is in effect for 2011.

Posted in Income Tax, General | 2 Comments »

27. December 2010 by admin.

A 2-year estate tax rate set at 35% with an exemption for estates valued at up to $5 million

Posted in Retirement Accounts, Income Tax, General | 1 Comment »