Category: Tax
News from Lansing: Business Personal Property Tax Returns
Given the looming personal property tax due date of Feb 20, business owners should be aware of a bill signed by Michigan Gov. Snyder on December 20, 2012. This bill eliminates the personal property tax for small taxpayers starting in...
Attention Teachers! Don’t lose the benefit of your out of pocket classroom expenses!
For tax years prior to 2014, K-12 teachers, teacher’s aides or principals are allowed to deduct up to $250 for supplies paid for out of your own pocket. However, for 2014 and forward (pending any law changes), that deduction has been...
Summary of the American Taxpayer Relief Act of 2012
The American Taxpayer Relief Act of 2012 (the Act) was signed into law by President Obama on January 2, 2013 and will protect the majority of taxpayers from seeing an increase in their income taxes, thus, averting the “Fiscal Cliff”,...
What to Expect for Personal Income Tax Refunds in 2013
The has IRS taken several steps to improve taxpayers' ability to understand their refund status in 2013. Starting this year, taxpayers will get a personalized refund date when they use Where’s My Refund? tool on the IRS website. The Where’s...
Watch out for 28% withholding effective January 1, 2013
Starting in the 2011 tax year, credit/debit card processing companies were required to file Form 1099-K to companies for payments made in settlement transactions for each calendar year. As part of this requirement, they are required to verify the...
Big depreciation breaks for small businesses
The American Taxpayer Relief Act (ATRA) has extended, through 2013, the enhanced Code Sec. 179 small business expensing. The Code Sec. 179 dollar limit for tax years 2012 and 2013 is $500,000 with a $2 million investment limit. The rule...
News from the IRS (don’t worry, we’re on it)
News from the IRS regarding several sets of forms and returns for 2012 filing...don't worry, it's alot to absorb and your professionals at ShindelRock are staying on top of it! We'll continue to keep you abreast of IRS communications...
News from the IRS: Form 5472, Final Regulations
Internal Revenue Bulletin: 2011-30, issued July 25, 2011, sets forth the final regulations for the filing of Form 5472. Information Returns of a 25% Foreign-Owned U.S. Corporation or a Foreign Corporation Engaged in a U. S. Trade or Business. This...
IRS Plans Jan. 30 Tax Season Opening For 1040 Filers
Following the January tax law changes made by Congress under the American Taxpayer Relief Act (ATRA), the Internal Revenue Service announced that it plans to open the 2013 filing season and begin processing individual income tax returns on Jan. 30....
Avoiding the Fiscal Cliff (for now…)
In a bill passed by both the House and Senate on January 1st 2013, and expected to be signed by the president on January 2nd, the Fiscal Cliff has been averted. The “American Taxpayer Relief Act” prevents many of the...