Category Archives: Tax

Tax news briefs

Fiscal Cliff Tax Act

Summarized from an AICPA article by Paul Bonner and Alistair M. Nevius With some modifications targeting the wealthiest Americans with higher taxes, the American Taxpayer Relief Act  permanently extends provisions of the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA), and Jobs … Continue reading

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Reconcile Your Credit Card Statements

Properly accounting for and reconciling credit card statements are good accounting practices and part of a fraud prevention and detection program. QuickBooks will keep track of your credit card purchases much the same way that it keeps track of activity for your … Continue reading

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Congress Votes to Repeal New 1099 Requirement

The Senate and House have approved a measure that would repeal the expanded Form 1099 reporting requirements that were part of last year’s health care law. The move has broad support because the Form 1099 rules, which are set to require businesses … Continue reading

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Section 199 Manufacturing Deduction

If your business didn’t meet the requirements in the past to claim a manufacturing deduction or you determined that it wasn’t worth the time, maybe you should reconsider it.  One of the most compelling reasons is because the 9% deduction is … Continue reading

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Medicare Part B Now Deductible as SE Health Ins.

According to page 29 of the 2010 Form 1040 Instructions, “Medicare Part B premiums can be used to figure the [Self-Employed Health Insurance] deduction” That’s a change from 2009 Form 1040 instruction where on page 39, it stated “Medicare premiums cannot … Continue reading

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IRS Agents Requesting QuickBooks Data File

During a recent examination…, the agent requested a copy of the QB file and told me they will be specifically reviewing the QB audit trail. He said they want to see if there were any significant changes to the transaction coding in the days leading up to the audit appointment. Continue reading

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IRS Delay in Processing Tax Returns Until Feb 14th

The IRS announced a delay in its ability to process some tax returns affected by late-year changes to the tax law, which involve: State and local sales tax deductions The higher education tuition and fees The educator expenses deductions Schedule A … Continue reading

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One Year Payroll Tax Reduction

The biggest new tax break for individuals in the recently enacted “Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010” is the one-year payroll tax reduction.  Under this new provision the payroll tax will be cut by two … Continue reading

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Tax Deal Details

Note: The following was passed by congress and signed by the President in December. Income Tax -All the Bush tax cuts remain at all levels for two years. Including: -The child credit -Adoption credit -Dependent care credit -Education credits -Child … Continue reading

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