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 […]
News
by Matthew Bergman, CPA On August 7, 2011, the IRS issued guidance on the time and manner for making the election not to have estate tax apply to estates of decedents who died in 2010. The election must be made by November 15, 2011. The notice also discusses how donors can elect out of automatic […]
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 […]
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. […]
by Matthew Bergman, CPA Beginning July 1, 2011, the 0.2% Federal unemployment tax (FUTA) surtax is no longer in effect.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 […]
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 […]