Monthly Archives: June 2013

June 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 June 2013. June 5 Employers. Semi-weekly depositors must deposit employment taxes...
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How do I? Calculate imputed interest on bargain-rate loans

Loans without interest or at below-market interest rates are recharacterized so that the lender must recognize market-rate interest income. Put another way, below-market loans are loans for which a rate of interest that is lower than the applicable federal rate (AFR) (which is computed by the government and released by...
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FAQ: How are vacation homes taxed?

Vacation homes offer owners many tax breaks similar to those for primary residences. Vacation homes also offer owners the opportunity to earn tax-advantaged and even tax-free income from a certain level of rental income. The value of vacation homes are also on the rise again, offering an investment side to...
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Senate passes Internet Sales Tax Bill that will require state sales tax on all online purchases

On May 6, 2013 the Senate passed the Marketplace Fairness Act of 2013 (a.k.a, the “Internet Sales Tax Bill” by 69-27. Passage in the Senate was considered a major hurdle for taxing Internet sales. The bill, if passed in the House and signed by the President, would enable states to...
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IRS steps up guidance under Health Care Law as 2014 mandates loom

The government continues to push out guidance under the Patient Protection and Affordable Care Act (PPACA). Several major provisions of the law take effect January 1, 2014, including the employer mandate, the individual mandate, the premium assistance tax credit, and the operation of health insurance exchanges. The three agencies responsible...
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Review of IRS’s treatment of conservative groups intensifies; Agency under 30-day top-down review

The IRS’s improper handling of applications for tax-exempt status from conservative groups has led to the removal of top officials, the appointment of a new Acting Commissioner, a 30-day top-down review of the agency’s operations, Congressional hearings, and a criminal investigation. The outcome of all these activities may reshape how...
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