Strange to be this warm so early in the year, but might as well be Spring (aka Tax Season) at our office…. All this warm weather matches all the new tax changes that are keeping us busy as bees! We sent out a letter a few weeks ago informing clients of the new 1099 tax [...]

With a new tax year comes new tax laws. Some of these tax law changes are set in stone as of January 1, 2012, while others are extended for a few months or a final regulation has not been announced.  Below are some changes that are definite: The Alternative Minimum Tax exemption amount has decreased [...]

Many of us know family, friends, coworkers or acquaintances that have a child with special needs, and this number is increasing drastically. For instance the number of children diagnosed with autism has grown 70% from 2005 to 2010. Though there is little comfort to such a situation, the tax code does have benefits for these [...]

Happy holidays everyone! The Internal Revenue Service announced the mileage rate for 2012 this month. The business mileage will remain at 55.5 cents, which is the same rate it has been since July 1, 2011. The medical and charitable organization mileage rates have been reduced to be 23 cents and 14 cents respectively. Many of [...]

As fast as the cool weather has moved in, so has the season for colds, flus, and runny noses. This may not be too glamorous but there is one “up” side to the flu season upon us… medical deductions! If you itemize your deductions, using Schedule A on Form 1040, you may be able to [...]

Happy Thanksgiving to everyone – As the holiday weekend approaches we are all busy with travel, family, errands to run, and last minute chores to finish. But at Mary Wilson Keener CPA we are aware that in between all of this most of us will donate perishable food items to a local food bank, church, or purchase [...]

I have seen a significant increase in correspondence brought in to my firm sent from the IRS to taxpayers.  Please read the article from Accounting Today and be aware of the increase in the IRS spending. IRS Workforce Challenged by Changing Tax Laws by Michael Cohn, Accounting Today (August 17, 2011) The Internal Revenue Service had [...]

Please see below:   Forbes article dated 08/17/2011:  More IRS Cops, More Audits, Says Treasury Report The number of federal individual income tax returns examined by the Internal Revenue Service has continuously increased over the past five years, with 1 out of every 90 taxpayers examined in fiscal year 2010, according to a statistical report released today by the [...]

As of  July 1, 2011, the  FUTA surtax of 0.2% no longer exists.  Meaning, before considering state unemployment tax credits, the FUTA tax rate is now 6.0%. The FUTA surtax, under Code Sec. 3301(1), expired as of June 30, 2011.  The 0.2% was part of the 6.2% gross unemployment tax rate that employers paid on the first $7,000 of wages [...]

I have had a lot of questions from clients regarding their individual 1099 filing requirements.  I suggest that you find a good CPA and become their new BFF.  Please see below……. http://www.journalofaccountancy.com/Web/20114071.htm On Thursday, (April 14, 2011), President Barack Obama signed into law the Comprehensive 1099 Taxpayer Protection and Repayment of Exchange Subsidy Overpayments Act of 2011 (HR 4; [...]