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 Under the new act, Congress has repealed the 3 percent withholding rule, which was set to apply to all payments to government contractors beginning Jan. 1, 2013....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...
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,...