IRS Circular 230 Disclosure:
To ensure compliance with requirements imposed by the Internal Revenue Service, we inform you that any tax advice contained in this communication, unless expressly stated otherwise, was not intended or written to be used, and cannot be used, for the purpose of (i) avoiding tax-related penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any tax-related matters addressed herein.
As part of the administraion's efforts to bring all available resources to Sandy victims, the IRS announced that 401k's and similar employer-sponsored retirement plans can make loans and hardship distributions to Sandy victims and members of their families. Click to read more.....
It wasn't until the very last moment that the so called "fiscal cliff" was averted. Should taxpayers be relieved? The question is, how will it affect you? As with all tax laws, this act is complicated and the impact will depend on your individual situation. This newsletter will give you the highlights of what to expect.
With tax season in full swing we have som helpful reminders about deductions and refunds in this month's newsletter. We also cover Amazon.com's new deal with CT and a brief history on how the income tax system was created.
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Most taxpayers with less complicated returns are now able to file their 2012 federal income tax returns. However, some taxpayers will not be able to file until late in February or possibly early March due to the last-minute tax changes Congress approved. This includes individuals who claim residential energy credits or education credits. Form 4562 for depreciation and amortization is also not yet being accepted by the IRS, so many businesses, including corporations and partnerships, will have a delay in filing.
The New Surtax, Will It Affect You? May 8, 2013
Surtax starts in 2013Applies to single taxpayers with modified adjusted gross income over $200,000 and joint filers over $250,000Trusts and estates with income over $11,950 in 2013 will also be subject to the surtax
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