NEWSLETTERS

We invite you to learn about emerging issues, and read articles that may be pertinent to your individual or business needs. Please see featured articles for this month and previous months.

Previously Featured Newsletter Articles
 

Featured Articles for January 2008

• IRS anticipates a challenging 2008 filing season
• 2008 tax strategies: How to hit the ground running
• FAQ: What kinds of moving expenses are deductible?
• IRS allows two-percent S-corporation shareholders to
  deduct health insurance premiums
• IRS develops new form for misclassified workers to claim
  social security and medical taxes
• How do I? Calculate compound interest on an IRS penalty
• Prove it! IRS demands less proof of business expenses in certain situations

Featured Articles for December 2007

• So the IRS has reclassified your workers: What next?
• Top ten “to-do” list of smart 2007 year-end tax moves
• How do I? Process employee Earned Income Tax Credits
• Flurry of federal tax legislation predicted just before filing season
• IRS increases business standard mileage rate to 50.5 cents-per-mile for 2008

Featured Articles for November 2007

• 2007 year-end tax planning for small businesses: Opportunities abound
• How do I? Keep a log for automobile expenses
• How do I? Set up a transportation benefit plan for my employees
• IRS releases 2008 COLAs for retirement plans
• IRS updates maximum per diem rates for FY 2008

Featured Articles for October 2007

• IRS reviews options available to homeowners faced with foreclosure
• Like-kind exchanges: Don’t overlook a valuable business and tax planning tool
• How do I? Compute the Kiddie Tax
• FAQ: Are long-term insurance premiums tax deductible?
• 2007 foreign housing limitation increases for many locations; coverage also increases
• 2008 inflation-adjusted rate brackets and other tax amounts set to rise

Featured Articles for September 2007

• Collapse of mortgage market brings unanticipated tax consequences to homeowners
• How do I? Compute the small corporation AMT exemption
• FAQ: Is foreign business travel deductible?
• Pay your taxes on-line: Options for both businesses and individuals
• IRS spells out what qualifies for the child and dependent care tax credit
• Sole proprietors beware: IRS to increase audits of Schedule C filers
• No more extensions likely to comply with new deferred compensation rules
• Proposed rules on cafeteria plans signal changes on the way
• QSubs and LLCs must bear sole employment tax responsibilities

Featured Articles for September 2007

• Collapse of mortgage market brings unanticipated tax consequences to homeowners

• How do I? Compute the small corporation AMT exemption

• FAQ: Is foreign business travel deductible?

• Pay your taxes on-line: Options for both businesses and individuals

• IRS spells out what qualifies for the child and dependent care tax credit

• Sole proprietors beware: IRS to increase audits of Schedule C filers

• No more extensions likely to comply with new deferred compensation rules

• Proposed rules on cafeteria plans signal changes on the way

• QSubs and LLCs must bear sole employment tax responsibilities

Featured Articles for August 2007

• "Reasonable" compensation: Hot button for IRS auditors

• FAQ: Will renting my vacation home mean big tax-write offs?

• 2008 Mazda hybrids certified for full vehicle tax credit

• Latest SOI Bulletin shines spotlight on high-income individuals, noncash contributions

Featured Articles for July 2007

• Act soon to adjust your tax plans for new "kiddie tax" rules

• New tax law makes Work Opportunity Tax Credit more attractive

• How do I? Handle non-cash incentive award reporting and withholding

• FAQ: When are back social security payments included in income? How about repayments?

• IRS to investors: fees for "wrap accounts" not capital costs

• Use of appreciated partnership property to pay guaranteed payment is taxable

• Vacation home sales are not like-kind exchange

• Sole LLC owner liable for payroll taxes after failure to check-the-box

Featured Articles for June 2007

• Congress passes small business tax cuts

• Third-party reporting: Your responsibilities likely to increase

• FAQ: What are private collection agencies up to by working for the IRS?

• Reimbursing employees over per-diem travel rate can mean trouble

• Pass-throughs given entity-level option to compute domestic activities deduction

• IRS clarifies child dependency exemption for separated and divorced parents

Featured Articles for May 2007

• No bright line between businesses and hobbies

• How do I? Calculate required minimum distributions for my traditional IRS

• FAQ: How is a major repair on a business vehicle deducted?

• IRS releases vehicle depreciation limits for 2007

• Multi-party exchange qualifies as "like-kind" despite "related parties"

Featured Articles for April 2007

• IRS revises Offer-In-Compromise application package to reflect new law

• IRS continues to crackdown on frivolous positions

• How do I? Compute the Work Opportunity Credit

• FAQ: What are payroll taxes?

Featured Articles for March 2007

• Like-kind exchanges can be a valuable business and tax planning tool

• FAQ: After what period is my tax return safe from Audit?

• House and Senate approve small business tax relief bills; Conference must settle final bill

• FAQ: Must I retain original business expense receipts if I computer scan them?

• President’s FY 2008 Budget proposes AMT patch, new tax gap provisions, health insurance deduction, and more

• IRS announces $2.3 billion tax shelter settlement-the biggest ever

Featured Articles for February 2007

• Congress works on small business tax incentives; President talks health care

• Billions in telephone tax refunds waiting to be claimed in 2007

• FAQ: What is tax risk management?

• How do I? Compute the optional state and local sales tax deduction

• Some start up costs avoid long term start up deduction period

• IRS releases maximum vehicle FMV amounts for 2007 personal-use fringe benefits computations

• AMT will ensnare one-third of individuals by 2010, National Taxpayer Advocates warns

• IRS explains new retirement savings tax breaks for charitable distributions, non-spousal rollovers, and hardship

Featured Articles for January 2007

• New tax law adds to New Year’s "to do" list

• What planning opportunities should I be thinking about for 2007?

• FAQ: Does filing at any particular time or manner increase my odds of an audit?

• How do I? Compute the new AMT tax credit break

• Tread carefully when deducting "luxury"business expenses

• IRS simplifies substantiation rules for charitable donations made through payroll deductions

• IRS announces start of reporting/withholding requirements for 2005/2006 taxable deferred compensation

• IRS sets five-year limit for consecutive audits of same taxpayer by same agent

Featured Articles for December 2006

• IRS commissioner promises no let-up in tough tax collection

• FAQ: When are gifts taxable?

• Last minute tax tips for year-end deductions

• How do I? Compute the child care credit

• IRS increases business standard mileage rate to 48.5 cents-per-mile for 2007

• Meals and incidental expenses per diem reimbursements will be taxed in full as wages if excess payments not substantiated

• FAQ: What are catch-up retirement savings?

• Congress continues to debate extending certain temporary tax cuts set to expire at the end of 2005

• Businesses can use new IRS formula to estimate telephone tax refunds

Featured Articles for November 2006

• As year-end approaches, tax planning can maximize your stock market investments

• Still time to maximize depreciation on 2006 business purchases

• Turning bad debts into tax savings when customers don’t pay

• FAQ: When are business meal deductions restricted?

• How do I? Compute the new foreign housing exclusion

• IRS releases 2007 COLAs for retirement plans; Social Security base also going up

• IRS releases new per diem travel rates for rest of 2006 and into 2007

Featured Articles for October 2006

• Year-end tax planning for individuals

• Year-end tax planning for businesses

• 2007 inflation-adjusted rate brackets and other tax amounts set to rise

• IRS releases safe harbor rules for your telephone tax refund

• S Corporations and Partnerships remain popular choice of business entity

• Fourth quarter overpayment/underpayment interest rates hold steady

Featured Articles for September 2006

• Enhancements to Saver’s Credit make it more attractive than ever before

• New pension law creates plethora of planning opportunities for employers and employees

• FAQ: When is the best time of year to contribute to an IRA?

• Hospitality: IRS expands tip compliance program

• Additional tax cuts wait for Congressional action after August recess

• How do I? Deduct a contribution of clothing or a household item under the new rules?

Featured Articles for August 2006

• Rising prices make inflation-protected securities more attractive

• Tax benefits give added incentives to telecommuting

• Independent contractors can help limit your liability

• "Tax Gap" Hearing Points to multifaceted enforcement on the way

• Phishing scams by IRS impostures multiply

Featured Articles for July 2006

• IRS fine-tunes popular domestic production activities deduction

• Explosive growth in vacation homes raise important tax questions

• How do I? Compute gain in a like-kind exchange when some cash is received

• Health insurance costs not deductible from self-employment income

• Tough new requirements for offers-in-compromise take effect in July

• FAQ: Should I worry about the tax gap?

Featured Articles for June 2006

• Setback dealt to taxpayers with worthless Incentive Stock Options

• $70 Billion Tax cut package signed into law on May 17th by President Bush

• Get ready for new Roth IRA conversion opportunity

• FAQ: What does the change in the "kiddie tax" do for college savings?

• How do I? Compute small business expensing under the new tax law?

• IRS cracks down on abuses in credit counseling industry

• Congress to look at estate tax repeal; fundamental tax reform on hold

• Closely-held shares do not have to be offered to Public to determine value

• Summer help: Before hiring young adult, brush-up on child labor laws

Featured Articles for May 2006

• Post-tax season planning can save you money next year

• Sale of residence due to unforeseen circumstances may qualify for partial home sale exclusion

• How do I? Obtain an appraisal for a non-cash charitable contribution.

• FAQ: Are alimony payments always deductible?

• SUV loophole still exists, reports Congressional Research Service

• How do I? Report the traded value of "traded" property or services

Featured Articles for April 2006

• Payroll taxes can be a minefield for small employers

• New IRS statistics reveal audit spotlight shines on individuals and small businesses

• How do I? Determine when a business asset is “placed in service”

• FAQ: Should I provide life insurance for my employees?

• IRS releases 2006 vehicle depreciation limits

• Employers have more time to amend SIMPLE IRAs

• Separate business avoids qualified personal service corporation PSC tax bracket

Featured Articles for March 2006

• Tax cuts and President's proposals on Congress' agenda

• Is a tax refund a good thing?

• How do I? Predict whether I'll owe alternative minimum tax

• FAQ: Are parking tickets ever deductible as a cost of doing business?

• Follow-up rules released for Roth 401k distributions

• Not all payments to employees trigger employment taxes

Featured Articles for February 2006

• Tips for small business to maximize the new manufacturing deduction

• Turning bad debts into tax savings when customers don't pay

• Many small businesses shift to annual employment tax return filing

• Tax cuts face uncertain future as Congress wrestles with growing federal budget deficit

• IRS backtracks on 2005 Schedule D Capital Gains and Losses instructions; attachments still allowed

• How do I? Correct an excess contribution to an IRA

• FAQ: Can I convert stock with paper losses into tax benefits?

• IRS releases regs in time for employers to start offering Roth 401(k)s

Featured Articles for January 2006

•  Businesses big beneficiaries in second Katrina tax relief package

•  FAQ: What if I receive an incorrect information return?

•  FAQ: How do I? Apply for the new automatic six-month extension

•  Ten steps to jumpstart your 2006 tax year

•  Standard mileage rates drop for 2006

•  IRS suspends obligation for employers to report deferred compensation

•  Section 1202 & 1244 stock -- Profitable small business tools

Featured Articles for December 2005

• Sneak preview of what’s ahead for 2005 individual filers

• Limited liability companies (LLCs) come into their own

• FAQ: Audits and Examinations

• IRS announces record audits in 2005

• Congress returns to work with tax cuts on agenda

• IRS streamlines automatic six-month filing extensions in 2006

• IRS offers investors global tax shelter settlement

• IRS reminds debtors of new requirements under bankruptcy law

Featured Articles for November 2005

• Reform panel makes controversial recommendations for changing how individuals and businesses pay taxes

• Year-end charitable and family gift giving

• How do I -- Time a year-end bonus to be taxed next year?

• FAQ: When is holiday gift taxable?

• IRS announces COLA adjustments for retirement plans and Social Security taxes

• IRS issues rules enforcing new deferred comp restrictions

• IRS continues to give taxpayers clarification and guidance in Katrina’s aftermath

• IRS puts limits on waivers of 60-day IRA rollover deadline

• How do I? ...Set up a transportation benefit plan for my employees

Featured Articles for October 2005

• Standard mileage rates take historic jump

• Year-end tax planning starts now

• Hurricane & other casualty losses - Maximizing tax recovery

• How do I: Calculate gain on the sale of collectibles?

• IRS and Congress offer tax relief to Katrina victims

• Projected 2006 tax brackets and other inflation-adjusted figures

• New Form 1098 required for charitable donations of vehicles, boats, and aircraft

• As mistakes dealing with retirement accounts continue, IRS offers some relief

• GA - Governor proposes small business tax exemption and jobs credit

Featured Articles for September 2005

• Start planning now for business energy conservation tax breaks

• Education tax breaks can ease the financial pain of back-to-school

• FAQ - If I am temporarily disabled because of depression, do I qualify for a penalty-free early IRA withdraw?

• How do I...secure more time for a family member to pay estimated tax while serving in a combat zone?

• Energy bill replaces "green" vehicle deduction with complex new credit

• New energy tax breaks can save consumers and businesses money

Featured Articles for August 2005

• Employers fear growing IRS interest in personal use of company cell phonesnergy conservation tax breaks

• Plan administrators seek easy implementation of FSA grace period

• Independent contractors can help limit your liability

• How do I? Make and compute a charitable contribution of inventory?

• Business must include state disaster relief payment in income

Featured Articles for July 2005

• Tread carefully when deducting "luxury" business expenses

• Your business plan is your blueprint to success

• Personal holding company tax traps many unsuspecting businesses

• Can I deduct interest on money from a refinanced mortgage that I use to buy a new car?

• IRS issues tough vehicle donation rules to end abuses

Featured Articles for June 2005

• Explosive growth in vacation homes raises important tax questions

• Employers need to educate employees about costs of health insurance

• FAQ - If I employ my 17-year old child what withholding etc is required?

• How do I? Figure the phase-outs that can reduce itemized deductions and personal exemptions

• IRS relaxes harsh "use-it-or-lose-it" rule for flexible spending accounts

• Lexus SUV eligible for $2,000 clean-burning fuel deduction

• IRS gives mutual fund shareholders a dividend tax break

• Senate leaders spearhead AMT repeal; Business groups join in.

Featured Articles for May 2005

• New bankruptcy law may move more people into tougher Chapter 13

• Tax planning does not stop on April 15 important business tax developments on horizon

• Supreme Court shields IRAs from creditors in bankruptcy

• IRS targets higher-income taxpayers to close tax gap

• New HSA rules benefit married couples

• Employers get break in new W-4 submission rules

• IRAs for offsprings: A head-start on a child's retirement

Featured Articles for April 2005

• Despite deficit worries tax cuts remain high on Congress 2005 agenda

• How do I? Stop interest from running on a potential tax bill

• FAQ - Ive already filed and I just discovered that I left out an item of income or a deduction - What do I do?

• How do I? Set up a transportation benefit plan for my employees

Featured Articles for March 2005

• The growing AMT threat- What is it- and how to avoid it

• Not all payments to employees trigger employment taxes

• FAQ - Are closing costs tax deductible when you refinance

• How Do I-Comply with the tax laws on household help

This Month's Featured Articles