Insights

Insights
CJBS

Lawmakers Set Stage for Tax Reform Debate After April Recess

by Michael W. Blitstein, CPA  Democrats and Republicans have begun a two week recess with lawmakers returning home to promote very different visions of tax reform. Before recessing, the House passed a Republican budget blueprint calling for individual and business rate cuts, the Ways and Means Committee approved a GOP small business tax package, and […]
April 9, 2012
2 MIN READ
Tags:
Read More
Insights
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
2 MIN READ
Tags:
Read More
Insights
CJBS

Are You Missing Form W-2?

by Michael W. Blitstein, CPA  There are times where I am asked, “I have not received my W-2 from my employer. What should I do?” Often this happens when an employer is no longer in business.  Companies sell, merge, consolidate or even close their doors – all circumstances that can lead to employees not receiving […]
February 14, 2012
2 MIN READ
Tags:
Read More
Insights
CJBS

IRS Throws in the Towel…

by Michael W. Blitstein, CPA  IRS has thrown in the towel on pursuing some innocent spouses for back taxes.  The Service historically required a taxpayer who claimed it was inequitable to be held liable for unpaid tax attributable to their spouse, to seek relief within two years of the date IRS began its collection activity. […]
January 24, 2012
2 MIN READ
Tags:
Read More
Insights
CJBS

IRS Releases New Deductible Mileage Rates

by Matthew Bergman, CPA The IRS has released the 2012 optional standard mileage rates that employees, self-employed individuals, and other taxpayers can use to compute deductible costs of operating automobiles (including vans, pickups and panel trucks) for business, medical, moving and charitable purposes. The 2012 standard mileage rate remains at 55.5 cents per mile for […]
December 13, 2011
1 MIN READ
Tags:
Read More
Insights
CJBS

Retirement Plan Limitations for 2012…

by Michael W. Blitstein, CPA  Internal Revenue Service has announced the following limitations for 2012 retirement plans: Employee Deferrals: IRA account – 100% of earned income up to $5,000; age 50 and older catch up $1,000 SIMPLE – 100% of earned income up to $11,500; age 50 and older catch up $2,500 401(k) – $17,000; age 50 and […]
November 21, 2011
1 MIN READ
Tags:
Read More
Load More