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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FUTA surtax is no longer in effect

by Matthew Bergman, CPA Beginning July 1, 2011, the 0.2% Federal unemployment tax (FUTA) surtax is no longer in effect.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

by Matthew Bergman, CPA The effective tax rate for the Federal Employment Taxes (“FUTA”) was reduced from .8% (.008) to .6% (.006) on July 1, 2011. Congress has announced that the FUTA .2% surcharge, first enacted in 1977, will not be extended after June 30, 2011. Employers have been required to pay a flat rate […]
July 5, 2011
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IRS Increases Mileage Rate to 55.5 Cents per Mile

by Larry Goldsmith, C.P.A., J.D., C.F.F.A. The Internal Revenue Service recently announced an increase in the optional standard mileage rates for the final six months of 2011. Taxpayers may use the optional standard rates to calculate the deductible costs of operating an automobile for business and other purposes. The rate will increase to 55.5 cents […]
July 5, 2011
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