Per the SSA, P.C. Engagement Letter, please find the link below for additional information on IRS Reportable Transactions. http://www.irs.gov/pub/irs-pdf/i8886.pdf
Federal Tax Day – Current,I.1,IRS Releases 2015 Standard Mileage Rates (IR-2014-114; Notice 2014-79),(Dec. 11, 2014) The IRS has released the 2015 optional standard mileage rates that employees, self-employed individuals, and other taxpayers can use to compute deductible costs of operating automobiles (including vans, pickups and panel trucks) for business, medical, moving and charitable purposes. The […]
Many business people are not aware that the scope of a typical accounting engagement does not include specific services relating to the disclosure of employee fraud. How are you managing your business finances? Many business owners are discovering that their assets are not as well protected as they thought. This is especially true in small […]
Colorado’s Enterprise Zone (EZ) program provides tax incentives to encourage businesses to locate and expand in designated economically distressed areas of the state. If your business is located in an EZ area and will perform an activity that will earn an EZ tax credit, Colorado Revised Statutes require that you receive Pre-Certification prior to commencing […]
If your student-age children prepare (or have someone else prepare) their own individual income tax returns as they take those steps towards independence, please make sure they do NOT claim their own dependency exemption if they still qualify as your dependent. This is a matching item for the IRS, so if your child’s return has […]
IRS tax scams are on the rise. Consequently it is important to use extreme caution when viewing emails and receiving telephone calls purportedly from the IRS. The most important thing to point out is that the IRS will NEVER send you an email or call you directly regarding a balance due or saying you are […]
If you have employees (including owners), please take note of the following changes that go into effect January 1, 2013.
Currently, the exemptions for federal gift tax, estate tax, and the generation-skipping transfer (GST) tax are at historic highs, and the gift, estate, and GST tax rates are at historic lows. But, in 2013, the exemptions are scheduled to substantially decrease, and the tax rates are scheduled to substantially increase.
Under the Middle Class Tax Relief and Job Creation Act of 2012, workers will continue to receive larger paychecks for the rest of this year based on a lower social security tax withholding rate of 4.2 percent, which is two percentage points less than the 6.2 percent rate in effect prior to 2011.
Please note effective January 1, 2012, Colorado SUTA will increase its wage base from 2011’s $10,000 up to $11,000.