Even though a one-member limited liability company (LLC) is treated as a “disregarded entity” for income-tax purposes, under state law the LLC is still a separate property owner.
The much awaited repeal of the 1099 reporting rules has finally come true.
The Senate approved the retroactive repeal of the expanded 1099 reporting requirements and the legislation was signed by President Obama. The signing of this legislation is sure to put a
smile on the faces of CPAs and business owners everywhere.
IRS Releases 2010 Gift Tax Form...Finally!
Taxes - Planning, Rules and Returns , Estates, Gifts & TrustsDue to the late changes in the Federal Gift and Estate Tax law included in the 2010 Tax Relief Act passed on December 17, 2010, IRS Form 709 underwent significant revisions to incorporate those changes.
The National Association of College Stores is urging students and their families to take advantage of the American Opportunity Tax Credit, which applies to textbooks and other course materials in 2009 through 2012.
The credit covers textbooks and other course material expenses —as well as tuition and fees not covered by scholarships or grants up to $2,500 each year for the first four years of college. Forty percent of the credit is refundable.
The NACS has created a Web site, www.textbookaid.org, to provide information about how to best take advantage of the program, according to NACS director of government relations Rich Hershman.
The association has also developed brochures and a Facebook page in partnership with the Internal Revenue Service. It includes a summary of the AOTC, explanatory examples, answers to frequently asked questions about the credit, and direct links for further information from the IRS.
For more information, contact Howard J. Kass, CPA, Partner, at hkass@zinnerco.com.
The credit covers textbooks and other course material expenses —as well as tuition and fees not covered by scholarships or grants up to $2,500 each year for the first four years of college. Forty percent of the credit is refundable.
The NACS has created a Web site, www.textbookaid.org, to provide information about how to best take advantage of the program, according to NACS director of government relations Rich Hershman.
The association has also developed brochures and a Facebook page in partnership with the Internal Revenue Service. It includes a summary of the AOTC, explanatory examples, answers to frequently asked questions about the credit, and direct links for further information from the IRS.
For more information, contact Howard J. Kass, CPA, Partner, at hkass@zinnerco.com.
With the recent increase in the lifetime generation skipping tax exemption to $5 million, effective for 2011 and 2012, you may be thinking that there is no way that this could apply to you (or your spouse). While this may only affect a smaller portion of taxpayers than before for those with potential exposure, let me explain how this works, as simplistically as possible.
Get Credit for Making Your Home Energy Efficient or Buying Energy-Efficient Products
Taxes - Planning, Rules and ReturnsTaxpayers who made some energy efficient improvements to their home or purchased energy-efficient products last year may qualify for a tax credit this year. The IRS wants you to know about these six energy-related tax credits created or expanded by the American Recovery and Reinvestment Act of 2009.
After spending most of 2010 procrastinating, Congress finally decided to throw a wrench into estate planning in mid-December by enacting the Taxpayer Relief Unemployment Insurance Reauthorization, and Job Creation Act of 2010. Since then, all the estate planning professionals have been scrambling to make sense of the new law and ferret out the implications it has for taxpayers now. Some of the effects of this law are summarized in a few bullet points below:
Six Facts the IRS Wants You to Know about the Alternative Minimum Tax
Taxes - Planning, Rules and ReturnsThe Alternative Minimum Tax attempts to ensure that anyone who benefits from certain tax advantages pays at least a minimum amount of tax. The AMT provides an alternative set of rules for calculating your income tax. In general, these rules should determine the minimum amount of tax that someone with your income should be required to pay. If your regular tax falls below this minimum, you have to make up the difference by paying alternative minimum tax.
Here are six facts the Internal Revenue Service wants you to know about the AMT and changes for 2010.
Have Nagging Financial Questions?
