News and Events

Overview of the tax provisions in the 2012 American Taxpayer Relief Act

The 2012 American Taxpayer Relief Act includes, among many other items, permanent extension of the Bush-era tax cuts for most taxpayers, revised tax rates on ordinary and capital gain income for high-income individuals, modification of the estate tax, permanent relief from the AMT for individual taxpayers, limits on the deductions and exemptions of high-income individuals, and a host of retroactively revived and extended tax breaks for individuals and businesses.

IRS provides guidance on 2012 depreciation and expensing options

On Jan. 1, 2013, Congress passed the American Taxpayer Relief Act (2012 Taxpayer Relief Act), which the President has now signed. Although the focus on the 2012 Taxpayer Relief Act seemed to be on individual income tax rates, especially for the "wealthy", there was considerably more to the legislation. The following summarizes a few of the provisions affecting depreciation and expensing options.

IRS provides guidance on 2013 withholding

IRS released revised version of Notice 1036 which includes latest withholding tables and new social security rates. Also, IRS provides guidance on pay adjustments retroactively.

Medicare surtax

For tax years beginning January 1, 2013, the tax law imposes a 3.8 percent surtax on certain passive investment income of individuals. Fortunately, there are a number of effective strategies that can be used to reduce the surtax.

Business valuations, estate, and succession planning

Having your business valued is an essential tool for a variety of reasons, including selling the business, financing or refinancing, retirement planning, estate planning, various litigation issues, and succession planning.

Charitable contributions under attack: Tax courts are denying the deduction

Preserving the deductibility of your charitable deductions should be easier than what has happened recently. Courts are ruling that following the spirit of the law is not good enough.

New reporting requirements if you have Specified Foreign Financial Assets

New for 2011 is Form 8938 (Statement of Specified Foreign Financial Assets). The form is used to report your specified foreign financial assets if the total value of all such assets exceeds a certain reporting threshold.

Tax scams for 2012

Every year, the IRS releases a list of the prevailing tax scams. However, what is missing from the list is one perpetuated by the IRS itself.

Items affecting employers in early 2012

As employers, you have many recordkeeping and reporting responsibilities. Some of these responsibilities changed for 2012. And some of the changes are likely to change again. Updated Monday, February 20, 2012.

Verifying work eligibility

Form I-9 is used to verify and record the employment eligibility and identity documents presented to employers by each employee. Employers should use the current form for all new hires. You can download the revised Form I-9 ...

Labor law poster regulations

Displaying up-to-date labor law posters is mandatory even if you only have one paid employee. Frequent changes to these posters, from both state and federal levels, makes acquiring, displaying and updating the most current...

Internet advertising not up to par

On a recent internet search for golf equipment, I noticed several websites touting no sales tax on purchases from the site. Technically, these companies do not have sufficient ties to the state so they are not required to collect and ...

Archived articles

Please take a look through some of our older articles. Topics include, among others, the American Opportunity Credit and changes in the Illinois state income tax. Visit our archives section by clicking on the link below.