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Illinois Small Business Jobs Creation Tax Credit Program

by Michael W. Blitstein, CPA  To help move the Illinois economy to a sustainable recovery, the Small Business Jobs Creation Tax Credit has been extended by Governor Quinn and the General Assembly with some new components. Effective July 1, 2012, new, full-time jobs created beginning July 1, 2012 to June 30, 2016 will be eligible […]
July 18, 2012
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IRS Expands Its Fresh Start Initiative; Provides Penalty and Installment Payment Relief

by Michael W. Blitstein, CPA  The IRS announced enhancements to its “Fresh Start” initiative by providing higher dollar thresholds for using the streamlined application process for installment agreements and new penalty relief for qualified individuals affected by the economy in 2011. The IRS doubled the dollar threshold amount and increased the maximum term for streamlined […]
April 16, 2012
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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
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State Nexus Issues

by Robin Mandell, CPA Many states are becoming aggressive in taxing corporations based on the privilege of conducting business or deriving income within a state.   Florida has just ruled on a case subjecting a corporation to income tax even though it has no physical presence in Florida. A corporate taxpayer had nexus with Florida and […]
August 17, 2011
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