New Payroll Tax Exemption Form W-11 Now Available

Apr 29, 2010 | No Comments

New form will help employers claim the special payroll tax exemption that applies to many newly-hired workers during 2010, created by the Hiring Incentives to Restore Employment (HIRE) Act signed by President Obama on March 18.
The new law requires that employers get a statement from each eligible new hire, certifying under penalties of perjury, that [...]

Two New Tax Benefits Aid Employers Who Hire and Retain Unemployed Workers (HIRE Act)

Mar 19, 2010 | No Comments

Two new tax benefits are now available to employers hiring workers who were previously unemployed or only working part time. These provisions are part of the Hiring Incentives to Restore Employment (HIRE) Act enacted into law on March 18, 2010.

Employers who hire unemployed workers (unemployed for 60 days or more) this year (after Feb. [...]

Windfall – Five-Year Carryback of NOLs Extended to Include 2009 NOLs

Dec 16, 2009 | 2 Comments

The Worker, Homeownership, and Business Assistance Act (WHBAA) of 2009, signed into law by President Barack Obama in November 2009, expands the 2008 Net Operating Loss (NOL) carryback rules previously enacted in the ARRA. The WHBAA now allows ANY business to elect to carry back an eligible NOL for up to five years (3, 4 [...]

Know Your Rights as a Taxpayer

Dec 2, 2009 | No Comments

Whether you file a Form 1040EZ or a complicated corporate return, you will benefit from knowing your rights as a taxpayer and being familiar with the IRS’ obligations to protect them. You have rights as a taxpayer when dealing with the IRS. Eight of most important rights as a taxpayer are listed below.
I. Protection [...]

Independent Contractor or Employee – How to decide?

Sep 29, 2009 | No Comments

“Income tax has made more liars out of the American people than golf.” — Will Rogers, humorist
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It is critical that you, the business owner, correctly determine whether the individuals providing services are employees or independent contractors. Generally, you must withhold income taxes, withhold and pay Social Security and Medicare taxes, and pay unemployment tax on [...]

Seven Steps to save energy this year may result in tax saving next year.

Aug 3, 2009 | No Comments

The recently enacted American Recovery and Reinvestment Act (ARRA) of 2009 contained a number of either new or expanded tax benefits on expenditures to reduce energy use or create new energy sources. Here are seven steps to save energy that may result in tax saving next year for businesses and individual taxpayers. One should explore [...]