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 Under the new act, Congress has repealed the 3 percent withholding rule, which was set to apply to all payments to government contractors beginning Jan. 1, 2013....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...
by apexcpas | Jul 4, 2018 | Tax Planning
A recent Tax Court case serves as a reminder that taxpayers bear the responsibility of proving the business nature and amount of any claims for unreimbursed business expenses. In this case, Eliana Farias’ primary job was teaching elementary school fitness,...
by apexcpas | Jul 4, 2018 | Tax Planning
In a recent Tax Court case, even presiding Judge Vasquez thought the result was unfair. Richard Nixon (not that one!) was a divorced parent who paid child support for two children who were in the custody of his ex-wife. Neither child qualified as...