Blog posts from: 2011
Client Question: “I’m unhappy with my annuity. What are the tax implications of changing it?”
You have invested in an annuity. After a period of time, you review the results of your investment and determine that the annuity is not doing what you wanted it to do when you made the investment. A tax-free exchange...
“Temporary” unemployment tax expires after 35 years
Thirty five years ago, Congress passed a “temporary” 0.2 percent surtax on federal unemployment taxes that employers pay on the first $7,000 of each employee’s annual wages, or about $14 per employee. The “temporary” surtax was extended 8 times but...
New IRS regulations affect Form 5472
On June 9, the IRS issued temporary and proposed regulations to remove the duplicate filing requirement for Form 5472, Information Return of a 25% Foreign-Owned U.S. Corporation or a Foreign Corporation Engaged in a U.S. Trade or Business (TD 9529...
Employee Fraud Basics–Part 2
In the previous post Employee Fraud Basics Part 1, we addressed occupational fraud and mentioned that employers should focus on the one side of the fraud triangle over which they exert the most control: Perceived Opportunity. Even if an employee...
Employee Fraud Basics–Part 1
Summer is here, and for many companies year-end financial reporting is complete, tax returns are filed, monthly reporting is down to a science (right?) and 2011 budgets are in place. So what should be on management’s minds? How about focusing...
How Amazon’s state tax issues sheds light on possible tax issues for your company
I heard a good segment on NPR's "Morning Edition" this morning about how the State of California's sales tax laws are creating tax collecting issues for online retailers. This touches on the growing issue of "nexus" for state taxing authorities. ...
IRS Mileage Rate Change Effective July 1st, 2011
Effective July 1, 2011 the IRS will increase the standard mileage rates for the balance of 2011. In recognition of recent gasoline price increases, the IRS made this special adjustment for the final months of 2011. The IRS normally updates...
What’s your “vision”?
The impetus for the growth or change of a company--your company--is VISION. You have a vision of what the company is and what it will become. Without a vision of the future, there will be no change or energy exerted...
One Billion
You are part of the Billion! IRS efile has reached a major milestone as it passed the one-billion mark for individual tax returns processed safely and securely since 1986. The IRS’s electronic filing program started as a pilot project in...
SR Glossary: Exemption to DoL Overtime Rules
The U.S. Department of Labor and the State of Michigan have regulations which state that an employee shall receive compensation at not less than 1-1/2 times the regular rate at which the employee is employed for employment in a workweek...