June 8, 2010
Accidents happen. More often, mistakes happen. In some cases, you just didn’t know. In other cases, maybe you did and need to come clean. Beginning soon, Florida embraces debt forgiveness, along with several states who are now offering a window of forgiveness. From July 1 through September 1, Florida will be offering amnesty to help bring […]
June 2, 2010
We have discussed whether you you qualify for the HITECH Medicare and Medicaid credits and what type of Electronic Medical Record program will qualify you. No doubt you are left with that all important question of “How do I get started?” In this final blog of the series, we will help you answer that question. […]
May 20, 2010
Last time we wrote about the new provisions in the HITECH Act that could provide medical providers with up to $44,000 in Medicare credits or up to $65,000 in Medicaid credits by switching to electronic medical records (EMR). In order to qualify for these credits, you need to be able to show that you meet […]
May 3, 2010
The HITECH Act passed on February 17th, 2009 could stimulate some medical practices to make changes in the way they do business in 2010. This act allows physicians to qualify for up to $65,000 in Medicaid incentives and $44,000 in Medicare incentives for the adoption an Electronic Health Record (EHR) system. In this series of […]
March 19, 2010
If you’re getting ready to hire someone whose been unemployed for 53 days, you might want to give it another week. Congress has passed the HIRE Act giving tax credits to employers who hire people who have been in the unemployment lines for at least two months. Here are the details: The hiring period is […]
March 8, 2010
The government is coming up with new ways to incentivize you to “go green”. Cash for clunkers got us to trade in those old gas guzzlers for new clean and efficient vehicles. Believe it or not there are even government credits that allow some people to get paid to ride their bicycles to work. Now […]
February 17, 2010
When the economy is down, sometimes once successful business owners have no better choice but to dip into that tax deferred retirement nest egg to get by. We are seeing an unprecedented number of tax returns with early retirement distributions from retirement accounts from 2009. When you receive that Form 1099-R, there are ten things […]
January 23, 2010
We wrote last year about some of the payroll reporting issues you can run into switching from one payroll provider to another. Here we want to look indepth at some things your current payroll service provider may not know about your situation. This is part one in a short series regarding what things you should […]
January 6, 2010
While business owners are scraping together money to grow and hire new employees, Florida is among many of the states increasing payroll taxes to cover the unemployed. There could be an unemployment tax increase of 1000% for some companies. State unemployment taxes have been on the first $7,000 of each individual’s wages and had recently […]
December 30, 2009
In addition to the Hope Credit and Lifetime Learning Credit, the IRS is adding a new education credit to the mix. The American Opportunity Tax Credit (AOTC) sweetens the deal and picks up where the Hope Credit and Lifetime Learning Credit leave off. The AOTC provides a maximum credit for 2009 and 2010 of $2,500. […]
December 28, 2009
The Senate has been as busy as Santa’s elves on Christmas Eve trying to pass their healthcare bill, even though most of the provisions won’t even go into effect until 2011 and 2014. In the meantime, they have tabled many important tax issues that will affect 2010. Every year Congress promises an AMT fix, and […]
December 7, 2009
The First Time Homebuyer Credit has been extended once again. This time, it has been extended to more than just first time homebuyers. You may be able to take advantage of this credit now even if you already own a home. Under the Worker, Homeownership and Business Assistance Act of 2009, taxpayers buying their first […]
December 7, 2009
Thursday afternoon, December 3rd, 2009, the House of Representatives voted 225-200 in favor of H.R. 4154 which makes the current estate tax (death tax) exemption, or and rates permanent. For the majority of Americans this is good news. For many others, it could have been better. H.R. 4154 makes the first $3.5 million of an individual’s estate exempt […]
November 24, 2009
Normally, new tax credits can be a great way to stimulate the economy. Here is why Making Work Pay tax credit could end up making you owe taxes at the end of the year. Earlier this year, the administration passed a massive stimulus program that included Federal grants, projects and a tax credit for many […]
November 20, 2009
After losing a property to foreclosure, many taxpayers learn that they may owe additional taxes on the canceled debt. The following is part three of a series on tips for reducing foreclosuretax consequences and securing the most favorable tax position in a foreclosure. When faced with the prospect of foreclosure on property other than a principal residence, […]
November 20, 2009
Every year we get calls from our clients regarding scam emails and notices that they have received. The nature of the financial and accounting industry makes computer stored information a valuable resource. Here are some tips on protecting account and routing numbers, personal information and/or your identity in one of these scams. Computer privacy attacks are on […]
November 19, 2009
From Cash for Clunkers to new vehicle credits, the government is brainstorming ways to save Detroit with new vehicle tax breaks. The result is that this may be the best time to purchase a new vehicle personally or for your business. One of the significant tax breaks for new vehicles is a sales tax deduction […]
November 12, 2009
For those who travel for their job, the solution to your shoebox full of receipts just got a little sweeter. The IRS allows standard reimbursement amounts for travel, Per Diem, to simplify record keeping for businesses, and in 2009 these Per Diem deductions increased. As of October 1, the IRS is increasing the amount businesses […]
October 27, 2009
The American Recovery and Reinvestment Act (Recovery Act), enacted earlier this year, expanded two home energy tax credits: the nonbusiness energy property credit and the residential energy efficient property credit. Both are 30 percent tax credits for different types of qualified home energy improvements. Tax credits, unlike deductions, are direct dollar for dollar reductions in […]
October 23, 2009
According to the Mortgage Bankers Association, 1 out of every 200 homes will be foreclosed upon. In an effort toward reducing foreclosure tax consequences associated with the cancellation of debt that often times accompany foreclosure, Congress passed The Mortgage Forgiveness Debt Relief Act of 2007 (“Mortgage Act”). The Mortgage Act provides taxpayer relief by excluding […]
October 21, 2009
Another deadline has come and gone. Perhaps many out there have not yet filed their income tax return because you know you have a substantial balance due to the IRS and you just can’t pay it right now. Maybe you have that one project or deal that you are waiting on to come through so […]
September 25, 2009
After years of studying Scripture, Hebrew, Greek, history, theology, and a wide variety of other spiritual subjects, clergy members sometimes find that they could have used a business tax course or two as well. This is especially true for smaller ministries. Fortunately, the IRS offers guidance in Publication 517 on complicated pastor payroll issues such […]
September 25, 2009
If you are a solvent taxpayer facing foreclosure on a property, you might be surprised to find yourself also owing taxes as a result of the foreclosure. In some circumstances, if the property you lose in a foreclosure is not worth the balance of the debt owed, the IRS may consider that additional forgiven debt […]
August 28, 2009
If you are forced to file bankruptcy there are certain assets your creditors cannot normally touch. Typically, your IRA is one of those protected assets. It may now be necessary ensure bankruptcy protection for your IRA. A district court has recently decided that you can lose that bankruptcy exemption if you misuse your IRA. Although creditors cannot […]
August 25, 2009
Signing up with a payroll service is a great way to facilitate the sometimes complicated payroll process with a minimum exposure to IRS and state penalties. Payroll companies are able to track your payroll in real-time, help with any audits, and provide accurate and up to date records to you and your accountant as needed. […]
August 20, 2009
Gold and precious metal investments have often been considered a “safe” investment during times of economic instability. Unfortunately, the IRS has ruled privately that capital gains from the sale of precious metals in exchange-traded funds do not receive the same favorable treatment as other long term investments. Investors of exchange traded funds that include precious […]
August 19, 2009
Do the wealthy pay their fair share? The IRS has just released the statistics for 2007 on who is paying what portion of the total income tax burden in the United States, and in answer to the quesiton, yes, the rich pay taxes. The upper incomers of our nation continue to bear a record share […]