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IRS Issues Guidance on Expanded Work Opportunity Tax Credit

by Michael W. Blitstein, CPA  The IRS has released guidance and posted online Frequently Asked Questions (FAQs) for employers planning to claim the enhanced Work Opportunity Tax Credit (“WOTC”) for hiring qualified military veterans.  The guidance contains transition relief, describes electronic submission of the form used to claim the credit and describes the procedures for […]
March 30, 2012
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Court Upholds Treatment of S Corporation Dividends as Compensation

by Michael W. Blitstein, CPA  The Eighth Circuit Court of Appeals has affirmed a Federal district court decision holding that a portion of the dividends paid to an employee-owner of professional services firm was compensation for services. As a result, the taxpayer earned additional wages and owed additional Social Security taxes. Taxpayers and the IRS […]
March 27, 2012
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IRS Issues 2012 Vehicle Depreciation Dollar Limits

by Michael W. Blitstein, CPA  The IRS has issued limitations on depreciation deductions for owners of passenger automobiles, light trucks, and vans first placed in service during calendar year 2012.  Generally, depreciation deduction limits for calendar year 2012 are $100 more than the limits for calendar year 2011. For 2012, the depreciation dollar limits also […]
March 22, 2012
2 MIN READ
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CJBS

Winning The Lottery Is Just The Beginning…

by Michael W. Blitstein, CPA  Many individuals play the lottery every week with the fantasy of having that winning ticket. Oh, all the things the prize would provide if we just had the lucky numbers.  However, most do not think of the necessary tax planning that surrounds acquiring the wealth. A recent Tax Court case […]
March 20, 2012
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