Category: Tax
Don’t be Scammed by Cyber Criminals
The Internal Revenue Service (IRS) receives thousands of reports each year from taxpayers who receive suspicious emails, phone calls, faxes or notices claiming to be from the IRS. Many of these scams fraudulently use the IRS name or logo as...
Breaking News: Employee portion of Social Security tax to remain at 4.2% through 2012
Last week at the White House, President Barack Obama signed into law the Middle Class Tax Relief and Job Creation Act of 2012, H.R. 3630. The next day, the IRS released a revised Form 941, Employer’s Quarterly Federal Tax Return,...
Client Question: Do I Need to File a Tax Return This Year?
You are required to file a federal income tax return if your income is above a certain level, which varies depending on your filing status, age and the type of income you receive. However, the Internal Revenue Service (IRS) reminds...
Top 10 Overlooked Tax Deductions
In this Kiplinger’s Personal Finance article, the IRS indicated that millions of taxpayers overpay their taxes every year by overlooking just one of the money-savers tax deductions listed below: State Sales Tax Reinvested Dividends Charitable Deductions Student Loan Interest Paid...
Tax Tips for the Self-Employed
There are many types of benefits that come from being your own boss. When working for yourself, as an independent contractor, or carrying on a trade or business as a sole proprietor, you are generally considered to be self-employed. Here...
Five tax time tips!
The income tax filing season has begun and important tax documents should be arriving in your mailbox. Even though your return is not due until April 17 this year, you can make tax time easier on yourself by getting an...
Update: Michigan Unclaimed Property Enforcement Warrants a Second Look
The State of Michigan is reinforcing their unclaimed property filing requirements. You can review the Michigan Unclaimed Property manual here. They recently sent out unclaimed property notices to all businesses that did not submit an unclaimed property report by July...
Reporting of Offshore Accounts (Part 2)
In Reporting of Offshore Accounts (Part 1), we discussed the requirements of disclosing and reporting foreign accounts on Schedule B of Form 1040 and the FBAR form. For the year 2011 the IRS has issued a new Form 8938 Statement...
Unreported Offshore Accounts (Part 1)
The IRS has had an initiative to voluntarily disclose offshore accounts. There is an annual filing of Form TD F 90-22.1 Report of Foreign Bank and Financial Accounts (FBAR) which is due each June 30. The voluntary reporting period is...
Make S-Corp Election to Eliminate Michigan Corporate Income Tax
As we have discussed in previous posts, the Michigan Business Tax (MBT) has been replaced by the CIT (Corporation Income Tax). Under the CIT, the following types of taxpayers are not subject to the tax: Individuals Trusts & Estates Partnerships...