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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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Changes to Innocent Spouse Relief

by Larry Goldsmith, C.P.A., J.D., C.F.F.A. The Internal Revenue Service recently announced that it will extend help to more innocent spouses by eliminating the two-year time limit that now applies to certain relief requests. “In recent months, it became clear to me that we need to make significant changes involving innocent spouse relief,” said IRS […]
August 16, 2011
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Real Estate Professionals Allowed Late Election to Aggregate Rental Real Estate Interests

by Michael W. Blitstein, CPA  Revenue Procedure 2011-34 In a Revenue Procedure, IRS has provided guidance that allows certain real estate professionals to make a late election under Regulation § 1.469-9(g) to treat all interests in rental real estate as a single rental real estate activity for purposes of the passive activity loss (PAL) rules. […]
August 16, 2011
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FUTA surtax is no longer in effect

by Matthew Bergman, CPA Beginning July 1, 2011, the 0.2% Federal unemployment tax (FUTA) surtax is no longer in effect.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
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