January 2012
As you might know, 2011 had been predicted to be a quiet year in federal tax news – as it landed between major tax legislation in 2010 and expected tax reform in 2012
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Payroll Tax Cut Temporarily Extended into 2012
The current two percentage point reduction in Social Security tax withholding rate (from 6.2% to 4.2%) has been extended through Feb. 29, 2012 by the Temporary Payroll Tax Cut Continuation Act of 2011.
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"Reasonable Ccompensation" for S-Corporation Owner
Lately the IRS has added some additional case law added concerning “reasonable compensation” for the S-Corporation owner shareholder. A new case challenges the “reasonable compensation” determination.
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IRS announces 2012 standard mileage rates
The Internal Revenue Service today issued the 2012 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.
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October 2011
Robert Palmer and Associates Appoints New Accountant
Fort Mill’s full service accounting firm for small business clients, Robert Palmer & Associates, announces the hiring of Allison White.
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Government Update
We continue to hear our President throw out plans to improve the economy. The latest being a payroll tax cut along with infrastructure development to decrease unemployment.
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Economics for Budgeting Your Small Business
We've received a helpful list of metric predictions for 2012 from our leading economists.
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Interesting IRA Contribution Idea
In order to contribute to a Roth IRA, you must have earned income. Consider your son, daughter, or granddaughter is working or has worked a summer job...
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IRS Continues to Flood Taxpayers with Electronically Generated Notices
Over the past few months, we have continued to see a flood of notices outlining IRS mismatching with taxpayers personal tax returns. In most cases, there is an easy solution to these inquiries.
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August 2011
Political Update
Congress came together on August 2nd to patch up the looming debt ceiling cap. As part of this agreement, a new committee has been created to search for $1.5 trillion dollars in deficit reduction proposals by November 23rd.
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Moving this summer & looking for a tax deduction?
Summertime has become a popular time for relocation for our clients with children. If your move is related to starting a new job or job location, they may be deductible during the tax year of the move.
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Tax Tips for Job Applicants
Currently looking for a job? Good news, the IRS allows a deduction for some of the expenses related to job seekers.
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Financial Planning
Here at Robert Pamler & Associates, we are consistently asked why we don't perform financial planning including the sales of financial instruments, stocks, bonds, IRAs, etc.
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July 2011
Tax Credit for Summer Day Camp?
Along with the lazy, hazy days of summer come some extra expenses, including summer day camp. But, the IRS has some good news for parents: those added expenses may help you qualify for a tax credit.
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Change in Federal Unemployment Rate.
The Federal Unemployment rate (FUTA) will change on July 1, 2011, from 6.2% to 6.0%. Most companies are eligible for a 5.4% credit, which reduces your effective FUTA rate from 0.8% to 0.6%.
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Changes made to the list of tax-exempt charities
IRS is revoking the tax-exempt status of 275,000 charities that didn’t file their tax returns for three consecutive years. A list of these organizations is published on the IRS website.
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Charlotte is among one of the ten growing cities!
With a current population of 1,745,524, Charlotte has ranked as one of the top 10 growth cities in a recent study.
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IRS revising the optional standard mileage rates
Announcement 2011-40 advises the public that the Internal Revenue Service is revising the optional standard mileage rates. The revision is for computing the deductible costs of operating an automobile for business, medical, or moving expense purposes and for determining the reimbursed amount of these expenses.
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Purchasing a vehicle for Your business?
Sometimes it can be tricky knowing how to purchase a vehicle for your business and take what we call Section 179 expensing of the cost of the vehicle. While our best option is to purchase the vehicle in the name of the business, it is sometimes not an option due to the limited credit history on the company.
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June 2011
What's Happened Lately With Congress?
First of all, great news from both houses, on April 5, the 1099 legislation which was to go into effect this year has been repealed.
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IRA Auditors are requesting electronic access to records.
In recent reviews of preliminary engagements for IRS audits, we are finding that the IRS is trying to have our small business owners turn over electronic files for audit purposes.
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Confused about what is deductible and what is not?
During 2010, we continued to have folks with a bit of confusion on what is deductible and what is not.
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We All Need To Pledge In 2011
Let's make all of our lives easier by alleviating some headaches for next year by taking the following pledge...
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IRS Statute and Audit Updates
There are some updates you need to be aware of, for example, heavy SUVs are back on the block as a full write off in 2011, but only if you buy a new one.
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Latest Tax Rumors
Tax reform is not moving fast. Yet again, the Obama administration wants a complete overhaul to include a simplification to 3 tax brackets (12%, 22%, and 28%), no itemized deductions other than mortgage interest and charity.
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April 2011
Average tax refund this year: $3,129
Nearly 52 million Americans have already filed their taxes, with more than 45 million of those taxpayers collecting refunds, according to the latest filing statistics from the IRS.
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Investment companies send 1099 B forms reporting brokerage sales with incorrect cost information.
As we are currently preparing a few individual tax returns, we continue to be reminded of the same issue regarding the Form 1099 B which many of our clients receive yearly to report their brokerage sales for the year.
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Increased food prices may be bigger threat than oil.
Food, not oil, may prove to be the bigger threat to global growth, with the pain falling disproportionately upon the developing economies that powered the latest economic recovery.
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Taxpayers flooded with “corrected” statements in 2011.
While I will not mention any brokerage houses by name, our taxpayers continue to be faced with a flood of corrections to their 1099 reporting from brokerage houses. These forms include 1099-Int, 1099-Div, 1099-B, and 1099 Misc.
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Tax Breaks That will Motivate you to do your taxes
Procrastinating on doing your taxes this year? Read more about some money-saving tax breaks that could inspire you to start filing your taxes.
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January 2011
Tax Return Deadline Extended
The Internal Revenue Service today opened the 2011 tax filing season by announcing that taxpayers have until April 18 to file their tax returns.
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Ten Tips for Taxpayers Making Charitable Donations
If you made a charitable donation in 2010, then chances are you can take a deduction for it on your 2010 tax return.
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Good Recordkeeping Can Reduce Stress for Tax Season
As we near the end of the year, we are preparing for the upcoming tax season. Soon you will receive your 2010 tax organizer to be used as a tool in the preparation of your year-end tax return.
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Changes in Law Cause Delay of Tax Season for Some
Are you aware of the new tax law changes? Read the following article, from the IRS, to see if these law changes affect when you file your tax returns.
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December 2010
Robert Palmer and Associates Appoints New Accountant
Fort Mill’s full service accounting firm for small business clients, Robert Palmer & Associates, announces the hiring of Joanna L. Harris, Senior Accountant.
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“Bush” tax cuts
As we have all been bombarded with by our favorite newscasts, we now have another patch in place to keep the majority of the “Bush” tax cuts in place for another two years.
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Preparation for 2010 income tax returns
As we near the end of the year, we are preparing for the upcoming tax season. Soon you will receive your 2010 tax organizer to be used as a tool in the preparation of your year-end tax return.
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Employers will benefit from hiring the unemployed
Your business can still get some benefit from recent tax legislation. The President signed the Hiring Incentives to Restore Employment (HIRE) Act on March 18, 2010. The purpose to this jobs bill is intended to encourage employers to hire the unemployed.
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Year-end preparation for payroll tax
For our business filers, we will soon begin our year end preparation of all payroll tax reporting including forms W2 and 1099.
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Changes ahead in Unemployment Insurance (SUTA tax)
Back in March 2010, our state government passed new legislation which will touch us all during 2011. As we all know, our SC Trust Fund which pays the state’s unemployed workers benefits is insolvent.
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IRS has announced 2011 Standard Mileage rates
Beginning January 1, the new standard mileage rates are as follows...
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November 2010
Tax Law Patches
What do the results of the 2010 election mean for tax law patches? Well, we have new electees, a new party moving forward, new ideas and everyone cautious to not step on anyone’s toes.
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Long term care premium Deductions
Did you know long term care premiums are deductible as an itemized deduction? Recently the IRS announced an increase in the amount of long term care premium deductions.
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Overhead Expense Reductions for Small Business Owners
As many small businesses continue to suffer with weak profit margins, here are some creative ideas to reduce small business overhead expense...
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Rental Property Owners to issue 1099s
Hidden within the recent Small Business Jobs Act was one provision which escaped us all. Starting in 2011, taxpayers who own rental property are being required by statute to issue 1099s.
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Health Care credits for your 2010 tax return
Further guidance has been provided on the actual calculation for the purposes of claiming the health care credit for small businesses who pay at least 50% of the premium cost for each enrolled employee.
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Missing a refund check?
The IRS wants to return approximately $164.6 Million in undelivered refund checks to taxpayers.
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October 2010
Campaign Trail Has Begun
Congress has hit the campaign trail, before making any key tax decisions for 2010. We are all left in limbo awaiting any changes for at least a month and a half. How do we do tax planning?
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1099 Misc Notices
Recently the IRS began issuing their so called “soft” notices regarding mis-matched information...
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Not Really a Popular Subject: Divorce
While divorce is not a popular subject, however, it's being mentioned because of some recent court activity.
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The Heavy SUV Write Off is Back
The heavy SUV expensing and bonus depreciation returns for 2010.
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Adoption Tax Credit Requires More Documentation
Filers claiming the adoption credit must now attach a copy of the adoption order or decree for those adoptions finalized in the United States.
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Filing Your Own Taxes?
For those of you who like to do your own returns...
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What Are Our Clients Saying?
“I’ve been constantly impressed with the attention that I’ve received from RPA. Bobby always...
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September 2010
How to Handle an IRS Inquiry
During the past few years, we continue to see an increase in computerized analytics from the IRS resulting in a mountain of paper inquiries to taxpayers.
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Attention S. Corp Owners
It is that time of year again to make sure you have that annual meeting and do the required minutes....
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HSA Changes Affect Over The Counter Drug Purchases
The IRS has issued guidance regarding the recent change in Health Savings Account guidelines contained in the Affordable Care Act.
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SIMPLE IRA Deadline
SIMPLE IRA Deadline for initial setup is approaching.
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August 2010
Robert Palmer and Associates Appoints New Accountant
Robert Palmer & Associates, personal and business consulting and tax preparation firm, is pleased to announce the recent hiring of Mrs. Laura J. Mitchell, CPA.
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Rumors Are Abound Concerning Tax Reform
Plans for individual taxes include reducing the 6 tax brackets to 3 brackets...
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Payroll Update
The Social Security wage base should remain $106,800 in 2011 as the beneficiaries are not expected to receive a cost of living increase in 2011.
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1099 Rules:
Along with any Washington legislation, there come surprises.
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July 2010
Roth Conversions:
As I have discussed in a previous newsletter, 2010 is a year to inquire about doing a Roth IRA conversion:
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Divorce and the Home Buyer's Credit:
The IRS has ruled time spent out of the home due to a court’s order
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Long-term care medical expense deduction:
Meals and lodging provided with long-term care services can be deducted...
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The Hiring Incentives to Restore Employment (HIRE) Act:
The Hiring Incentives to Restore Employment (HIRE) Act, also known as the "jobs bill," is a plan to create jobs by providing a temporary tax break to companies that hire the unemployed.
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Long-term care medical expense deduction:
Meals and lodging provided with long-term care services can be deducted...
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Payroll:
Payroll continues to be a tedious task which many small business owners have outsourced to our firm.
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May 2010
The IRS is Going Green:
New initiatives just announced which directly affect our taxpayers:
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On to Healthcare Reform:
Small business owners check your mailbox over the next few weeks, the IRS will be mailing you a postcard. Their focus is to have small business owners claim the tax credit for providing health insurance. Some points regarding this reform:
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Unreported Income
The IRS continues their efforts in focusing on finding unreported income even at this point adding the legislation requiring 1099 form...
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Turbo tax errors on the rise:
As turbo tax errors are on the rise, so are IRS penalty rates for failing to use the software correctly...
Lets discuss.
January 2010
Client Letter:
We like to start by wishing you a happy, prosperous, and profitable 2010.
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Three Small Business Resolutions for 2010:
Resolution Time! Sharpen your business strategy, grow you revenues, and motivate your employees are on the top of your list, but you also need to work on the financial health of your business.
Check out these three resolutions I recommend
Savings tips for 2010:
Review your insurance policies, Take off extras,Conserve fuels and more
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New Rules for 2010 – Roth Conversions:
Many of my clients are already talking about doing Roth IRA conversions in 2010.
Lets discuss.
More From the IRS:
Recently the Internal Revenue Service kicked off the 2010 filing season by proposing new legislation for the registration, testing, and continued education of tax return preparers.
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December 2009
12/30/09 – Robert Palmer and Associates LLC has been certified as a QuickBooks Pro Advisor again for 2009.
Client Letter:
We wish all of you and your families a Merry Christmas and Happy New Year. As we move into 2010...
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Important dates that you will need for taxes
Update on our Legislative Body:
As I have met with many of you and explained, we are in the middle of a game of chess with or legislators regarding new or tax law patches.
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Update From the IRS:
Very recently, I met with an IRS agent and a client regarding back payroll taxes which are owed.
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IRS Standard Mileage Rate Decrease:
The IRS has released the standard mileage rates for deducting auto expenses in 2010.
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Beware, Obama is going to stimulate Small Business:
In recent speeches, we hear new incentives to stimulate the small business economy are being worked on by congress.
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Good News:
Uncle Sam is offering a generous Federal Tax Credit to those who purchase a qualifying electric low speed vehicle (LSV), on or before December 31, 2009.
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Bad News:
MEDIA ADVISORY (11/18/09)
Columbia, SC... As a matter of information, Internal Revenue Code Section 30D provides a federal income tax credit for certain qualified plug-in electric motor vehicles.
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November 2009
Client Letter:
I haven’t written for a while as we are awaiting most of our legislators to finalize their healthcare reform of some sort and we remain awaiting this legislation as I write.
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How Are They Paying For These Credits:
Congress is having trouble finding ways to pay for the costs of all the credits and bailouts which have already been done this year.
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Making Work Pay:
In a new report from the IRS, the treasury estimates more than 15 million tax payers may be getting paid more for the “Making Work Pay” credit than they should.
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Hobby Losses:
The IRS continues to target certain entrepreneurs for audit for “hobby losses.”
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Extension Period for Partnerships Changed from 6 months to 5 month:
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Residential Energy Efficient Property Credit:
New legislation increases the energy credit for homeowners who make energy efficient improvements to their primary residence.
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2009 IRS Tax Rate Schedule:
I am asked frequently what tax bracket a certain client is in. For 2009, the IRS Tax Rate Schedule is shown below.
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6 Tips for Holiday Budgeting:
In a recent article on SmartMoney, I found a good list for budgeting the holidays. Below is an excerpt of that article. If you like, read more online here.
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