• Interest Rates for the Second Quarter of 2016

    Interest Rates for the Second Quarter of 2016

    Interest rates have increased for the calendar quarter beginning April 1, 2016. The rates will be: four (4) percent for overpayments, three (3) percent in the case of a corporation, one and one-half (1.5) percent for the portion of a corporate overpayment exceeding $10,000, four (4) percent for underpayments and six (6) percent for large…

  • Small Business Health Care Tax Credit

    Small Business Health Care Tax Credit

    Do you own a small business or run a tax-exempt organization with fewer than 25 full-time equivalent employees? If  you do, the Small Business Health Care Tax Credit can help you provide insurance to your employees. You may be able to save on your taxes if you paid for at least half of their health…

  • Information for Restaurant Owners

    Information for Restaurant Owners

    Question As an employer, do I have any liability for social security and Medicare taxes if my employees receive tips but don’t report them to me? Answer: Yes. Employers in industries where tipping is common know that they must report and pay taxes on tips employees report to them. However, many employers do not realize…

  • Self-Employed

    Self-Employed

    Who is Self-Employed? Generally, you are self-employed if any of the following apply to you. You carry on a trade or business as a sole proprietor or an independent contractor. You are a member of a partnership that carries on a trade or business. You are otherwise in business for yourself (including a part-time business).…

  • Required Minimum Distributions

    Required Minimum Distributions

    Information for Seniors and Retirees You cannot keep retirement funds in your account indefinitely. You generally have to start taking withdrawals from your IRA, SIMPLE IRA, SEP IRA, or retirement plan account when you reach age 70½. Roth IRAs do not require withdrawals until after the death of the owner. Your required minimum distribution is…

  • Hiding Income Offshore

    Income from Abroad is Taxable Many United States (U.S.) citizens and resident aliens receive income from foreign sources. There have been recent reports about the interest of the Internal Revenue Service (IRS) in taxpayers with accounts in Liechtenstein. The interest of the IRS, however, extends beyond accounts in Liechtenstein to accounts anywhere in the world.…

  • Statement of Specified Foreign Financial Assets

    What are the specified foreign financial assets that You need to report on Form 8938? If you are required to file Form 8938, you must report your financial accounts maintained by a foreign financial institution.  Examples of financial accounts include: savings, deposit, checking, and brokerage accounts held with a bank or broker-dealer. And, to the…

  • Additional Medicare Tax

    A new Additional Medicare Tax went into effect on Jan. 1, 2013. The 0.9 percent Additional Medicare Tax applies to an individual’s wages, Railroad Retirement Tax Act compensation and self-employment income that exceeds a threshold amount based on the individual’s filing status. The threshold amounts are $250,000 for married taxpayers who file jointly, $125,000 for…

  • Home Office Deduction

    If you use your home for business, you may be able to deduct expenses for the business use of your home. If you qualify, you can claim the deduction whether you rent or own your home. You may use either the simplified method or the regular method to claim your deduction. Here are six tips…