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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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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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