Monthly Archives: February 2013

FAQ: What are above-the-line deductions?

An above-the-line deduction is an adjustment to income (deduction) that can be taken regardless of whether the individual taxpayer itemizes deductions. The adjustment reduces the taxpayer’s adjusted gross income (AGI). These adjustments are also sometimes called deductions from gross income, as opposed to itemized deductions that are deducted from AGI....
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New IRS guidance on health care employer mandate looks to 2014 start date

Under the new health care law, starting in 2014, “large” employers with more than 50 full-time employees will be subject to stiff monetary penalties if they do not provide affordable and minimum essential health coverage. With less than eleven months before this “play or pay” provision is fully effective, the...
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February 2013 tax compliance calendar

As an individual or business, it is your responsibility to be aware of and to meet your tax filing/reporting deadlines. This calendar summarizes important tax reporting and filing data for individuals, businesses and other taxpayers for the month of February 2013. February 1 Employers. Semi-weekly depositors must deposit employment taxes...
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ATRA delays start to 2013 filing season; requires careful planning for retroactive and prospective provisions

As the 2013 filing season gets underway, some taxpayers may experience delays in filing returns and others need to revisit their returns because of the passage of the American Taxpayer Relief Act (ATRA) on January 1, 2013.  Late tax legislation always complicates tax planning and filing and 2013 is no...
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Business Financial Statements… Yawn. Key Performance Indicators… Wake Up!

Financial statements can be boring.  Yes I,  the accountant, admit that financial statements are boring.  And financial statements can be worth less than the paper on which they are printed if you don’t understand what you are reading or if they are inaccurate.  But, financial statements are a necessity.  We...
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Little known, often overlooked, IRS “Audit Techniques Guides”

The IRS issues Audit Technique Guides to its examiners to provide the auditors with information about your industry and potential issues on our tax return which can raise questions.  These guides are the equivalent of a “Cliff’s Notes” summary of your industry.   These guides are also useful to CPAs...
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Where’s My Refund?

The IRS has instituted some programs to reduce exposure to fraudulent refund schemes and identity theft which may result in a delay if you are expecting a refund.  IRS stated policy is that you can generally expect your refund in less than 21 days.   Tax refunds that are large,...
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