The PA Department of Revenue (PA DOR) has advised the Pennsylvania Institute of CPA’s (PICPA) that the PA DOR will be re-instituting its Voluntary Disclosure Program with guidelines similar to those of the prior Tax Amnesty Program that ended on June 18, 2010. They have indicated however, that the 5% non-participation penalty will not be [...]
Certain summer day care expenses may qualify for an income tax credit. Many parents who work arrange for care of their children under 13 years of age during the summertime. Those expenses may help you get a credit on next year’s tax return.
Here are six facts the IRS recently released in its Summertime Tax Tip [...]
After much delay in the House and Senate over extenders legislation, H.R. 5623 (the “Homebuyer Assistance and Improvement Act of 2010”), a stand-alone bill, has finally been signed by President Obama, extending the first-time homebuyer credit. The new law extends the closing date deadline from June 30, 2010 to September 30, 2010. Please note: the [...]
The Senate has proposed an amendment to H.R. 4213 (The American Jobs and Closing Tax Loopholes Act of 2010) that would increase taxes on payments made to small S-Corporation owners in the form of additional FICA taxes, even though these payments are not currently subject to payroll taxes.
As an example, a small professional services firm [...]
The IRS announced last month that (1,200) twelve hundred 401(k) plans will be selected at random to receive a compliance check questionnaire in June 2010. The Compliance Check Project is designed to be a comprehensive look into 401(k) plans to help the IRS determine potential compliance issues, gain a better understanding of the reasons for [...]