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CJBS
by Matthew Bergman, CPA Beginning July 1, 2011, the 0.2% Federal unemployment tax (FUTA) surtax is no longer in effect. Thus, the FUTA tax rate, before consideration of state unemployment tax credits, is now 6.0%. Background. Under Code Sec. 3301(1), the 0.2% FUTA surtax expired on June 30, 2011. The surtax was part of the […]
July 15, 2011
2 MIN READ
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CJBS
by Matthew Bergman, CPA The effective tax rate for the Federal Employment Taxes (“FUTA”) was reduced from .8% (.008) to .6% (.006) on July 1, 2011. Congress has announced that the FUTA .2% surcharge, first enacted in 1977, will not be extended after June 30, 2011. Employers have been required to pay a flat rate […]
July 5, 2011
1 MIN READ
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CJBS
by Larry Goldsmith, C.P.A., J.D., C.F.F.A. The Internal Revenue Service recently announced an increase in the optional standard mileage rates for the final six months of 2011. Taxpayers may use the optional standard rates to calculate the deductible costs of operating an automobile for business and other purposes. The rate will increase to 55.5 cents […]
July 5, 2011
2 MIN READ
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CJBS
by Matthew Bergman, CPA The IRS has released the 2010 version of Form 5500-EZ, Annual Return of One-Participant (Owners and Their Spouses) Retirement Plan, which some plans must file by July 31, 2011. The new form reflects a new type of pension plan that first became available in 2010. It also reflects some changed administrative […]
July 5, 2011
3 MIN READ