by apexcpas | Jul 4, 2018 | Tax Planning
For 2011, employers in 23 states and the Virgin Islands could suffer a credit reduction on their Federal Unemployment Tax Act tax returns. Under the provisions of the Federal Unemployment Tax Act (FUTA), a tax is levied on employers covered by the Unemployment...
by apexcpas | Jul 4, 2018 | Tax Planning
Anyone who has set up a Section 529 plan to help pay for the education of a family member should be aware of the plight of Timothy Karlen, as described in a recent Tax Court case. Timothy Karlen was experiencing financial difficulties. On Sept. 4, 2008, he took...
by apexcpas | Jul 4, 2018 | Tax Planning
On Nov. 21, 2011, President Obama signed the Three Percent Withholding Repeal and Job Creation Act. Under the new act, Congress has repealed the 3 percent withholding rule, which was set to apply to all payments to government contractors beginning Jan. 1, 2013....
by apexcpas | Jul 4, 2018 | Tax Planning
When considering year-end tax planning strategies, tax-paying corporations, otherwise known as C corporations, should factor 2012 estimated taxes into their 2011 year-end plans. C corporations are required to pay their entire 2012 tax liability through quarterly...
by apexcpas | Jul 4, 2018 | Tax Planning
Last week, the Joint Committee on Deficit Reduction – the so-called super committee – announced its failure to reach a compromise on a combination of revenue enhancements and spending cuts designed to reduce the federal deficit by $1.2 trillion over a 10-year...