Monthly Archives: February 2012

New Rules – For Asset Repairs

Posted on February 27, 2012

Recently the IRS has published new rules for the treatment of repairs and improvements to business property. These new rules are meant to help make clear the difference between a business expense that is a repair and can be tax-deductible … Continue reading →

Posted in News & Updates | Tagged Asset Repairs, De Minimis, IRS, repair vs. improvements | Leave a comment

Middle Class Tax Relief of 2012

Posted on February 24, 2012

The Middle Class Tax Relief and Job Creation Act of 2012 was signed into law this week, ending several weeks of doubt. The payroll tax relief will continue unabated through December 31, 2012. For 2012, the wage base for Social … Continue reading →

Posted in News & Updates | Tagged doc fix, Job creation act of 2012, Medicare reimbursement rates, tax relief act of 2012 | Leave a comment

New Tax Changes for 2012

Posted on February 22, 2012

There are several significant tax changes coming into effect in 2012, along with some that took effect late in 2011 and so are “new.” These tax changes stem from tax legislation passed in prior years, or are activated by effective … Continue reading →

Posted in News & Updates | Tagged defined benefit plans, estimated taxes, tangible property costs, tax changes for 2012, work opportunity tax credit | Leave a comment

Reporting Foreign Assets

Posted on February 6, 2012

The Foreign Account Tax Compliance Act reporting requires foreign assets to be reported if the assets have a total value of more than $50,000 ($100,000 if married filing jointly). The Foreign Account Tax Compliance Act is more expansive than the … Continue reading →

Posted in News & Updates | Tagged foreign banks, IRS, reporting foreign assets | Leave a comment

Adjustments for Investors in Reporting Basis

Posted on February 2, 2012

Form 1099-B has been modified so that brokers can report the basis of transactions during the year. The IRS will inspect to make sure that this data matches the basis reported on the taxpayer’s return. Furthermore, these transactions should now … Continue reading →

Posted in News & Updates | Tagged 2011 taxes, Form 1099B, Investors, IRS, Reporting Basis | Leave a comment