10 Surprising Facts About Online Sales Taxessales tax, online, tips 09/13/2012
Back-to-School Tips for Students and Parents Paying College ExpensesWhether you’re a recent high school graduate going to college for the first time or a returning student, it will soon be time to head to campus, and payment deadlines for tuition and other fees are not far behind. The IRS offers some tips about education tax benefits that can help offset some college costs for students and parents. Typically, these benefits apply to you, your spouse or a dependent for whom you claim an exemption on your tax return. 08/31/2012
Inaction in Congress could delay tax refundsCongress could delay billions of dollars in 2013 U.S. tax refunds, dealing a blow to the economy, if it waits too long after the November 6 elections to finalize tax law, a top tax oversight official said. 08/21/2012
How to Get a Transcript or Copy of a Prior Yearâ??s Tax Return from the IRSTaxpayers should keep copies of their tax returns, but if they cannot be located or have been destroyed during natural disasters or by fire, the IRS can help. Whether you need your prior yearâ??s tax return to apply for a loan or for legal reasons, you can obtain copies or transcripts from the IRS. 08/15/2012
Donâ??t Overlook the Benefits of Miscellaneous DeductionsIf you are able to itemize your deductions on your tax return instead of claiming the standard deduction, you may be able to claim certain miscellaneous deductions. A tax deduction reduces the amount of your taxable income and generally reduces the amount of taxes you may have to pay. 08/13/2012
Health Care Law's Tax Hikes Are Coming: Who Pays?Who gets thumped by higher taxes in President Barack Obama's health care law? The wealthiest 2 percent of Americans will take the biggest hit, starting next year. And the pain will be shared by some who aren't so well off â?? people swept up in a hodgepodge of smaller tax changes that will help finance health coverage for millions in need. 08/09/2012
Expanded Adoption Tax Credit Still Available for Extension FilersIf you adopted a child last year and requested an extension of time to file your 2011 taxes, you may be able to claim the expanded adoption credit on your federal tax return. The Affordable Care Act temporarily increased the amount of the credit and made it refundable, which means it can increase the amount of your refund. 07/25/2012
IRS Staffing for Health Care Reform Called into QuestionThe Internal Revenue Service needs to do a better job of estimating its staffing needs for implementing the Affordable Care Act, according to a new government report. 07/23/2012
Guidance on tax treatment of tips vs. service chargesTips included for both employee and employer taxes. This ruling provides guidance for employers and employees in a question and answer format regarding taxes imposed on tips under the Federal Insurance Contributions Act (FICA), including information on the difference between tips and service charges, the reporting of the employer share of FICA under section 3121(q) of the Code, and the section 45B credit. See related Announcement 2012-25, published elsewhere in this Bulletin. Rev. Rul. 95-7 modified and superseded. 07/05/2012
FAQs explain employers' withholding obligations for post-2012 additional Medicare taxIRS has released new guidance, in question and answer (Q&A) format, on the 0.9% additional Medicare tax scheduled to go into effect in 2013. The Q&As are intended to assist employers and payroll service providers in adapting systems and processes that may be affected by the new tax. 07/03/2012
July Spotlight Employee: Adam SchweissAdam was recently promoted to Manager from Senior Accountant. He comes to us from Rubin Brown, LLP, a large regional firm in St. Louis, where he developed a strong tax background. Adam continues to shine for Thurman, Shinn and Company where he specializes in financial reporting, individual and corporate taxes. 07/03/2012
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