Posts Tagged ‘Marie Jett’
by Marie Jett, CPA | Manager, Tax Services Group
Back on November 21, President Obama signed into law P.L. 112-56, “3% Withholding Repeal and Job Creation Act”. Back in 2005, Congress passed a law that would require federal, state, and local governments to withhold 3% from payments made to entities providing services or goods to those governments. Since then Congress has pushed back the start date of the withholding requirement with the updated date for payments made after 2011. This latest law has totally repealed the withholding requirement.
Continue reading “Repeal 3% Withholding Requirement and Credit for Hiring Veterans” »
by Melissa Merrick and Marie Jett, CPA | Team Members of the Tax Services Group
In the October 13 issue of our enewsletter, we reviewed with you the tax deductions that are scheduled to sunset in 2011. There are also several tax credits that are scheduled to end in 2011. A tax credit is a direct dollar for dollar reduction in the amount of tax that you owe. Specific tax credits that are scheduled to expire in 2011 include the research credit, the work opportunity tax credit, and the new energy efficient home credit.
Continue reading “2011 Sunsetting Business Tax Provisions – Part 2: Tax Deductions” »
by Melissa Merrick and Marie Jett, CPA | Team Members of the Tax Services Group
Many tax breaks currently available to businesses will become unavailable after December 31, 2011. With other political policies taking higher priority, the extension of these tax provisions may not occur. The following article provides detail on tax deductions that are scheduled to expire after 2011.
Continue reading “2011 Sunsetting Business Tax Provisions – Part 1: Tax Deductions” »
by Melissa Merrick and Marie Jett, CPA | Team Members of the Tax Services Group and the Manufacturing & Distribution Services Group
The Indiana Department of Revenue offers numerous tax deductions and credits. One such tax credit is the Hoosier Business Investment Tax Credit. Taxpayers are eligible for this credit when making qualified investments to directly expand Indiana’s workforce.[1]
Continue reading “Is Your Company Eligible for the Hoosier Business Investment Tax Credit?” »
by Melissa Merrick and Marie Jett, CPA | Team Members of the Tax Services Group
When it comes to taxes, reaching age 70 ½ is an important milestone. That’s because you have to start taking minimum annual distributions from most retirement plans when you reach age 70 ½. And if you’ve already retired from your company, at 70 ½ you must also begin making withdrawals from your company’s retirement plan. Not taking these distributions means you could get hit with a 50% penalty tax!
Last week the Indiana Department of Revenue began issuing more than 90,000 tax bills to individuals who filed a 2010 tax return and have not paid the tax due yet. If you’re among those folks receiving a tax bill, you owe more than $100, and you cannot pay that amount in full, you now can get online 24/7 and set up a payment plan.
Here are some things you need to know:
- Your bill has to be for $100 or more (if you owe less than $100 call 317-232-2165 to see if you qualify for a special-case payment arrangement for a duration of three months).
- You must pay 10 percent down.
- You can take up to 12 months to pay (if you owe more than $500, you can extend that to 24 months).
- Penalty and interest charges apply.
- Monthly payments have to be paid electronically.
- If your bill is for a tax year other than 2009 or 2010 and you do not have a Case ID number, call the Department at 317-232-2165 for payment plan arrangements. Once set-up, you can manage the account and make payments online.
If you want to take advantage of this option, or to learn more about it, go to www.intaxpay.in.gov If you find you need to extend the payment timetable to fit your life circumstances, this online tool is for you. Check it out today, take control of your tax obligation, and begin breathing easier.
by Marie Jett, CPA and Larry Brodnik, CPA | Team Members of the Tax Services Group
Over the last couple of weeks, several Indiana bills have been signed into law and include many updates/changes to Indiana tax law for individuals and businesses. We describe the various changes for you below.
Effective January 1, 2011 Indiana has decoupled from the federal tax laws that were created in 2010. The new Indiana modifications (deductible for federal tax but not Indiana) that will need to be added back to the individual Indiana income tax return are as follows:
Continue reading “Indiana Tax Law Changes – Added Complexity and Reduced Benefits” »
On April 5, Congress voted to repeal the expanded Form 1099 reporting requirements that were added in 2010. In 2010, part of the Patient Protection and Affordable Care Act included provisions to expand the 1099 reporting requirements in 2012 to include payments for goods or other property, and to include corporations, who did not have a filing requirement previously. The Small Business Jobs Act, also passed in 2010, included provisions, starting in 2011, to those receiving rental income from real estate. The new law, once signed by the President, will repeal all of these provisions and the 1099 rules will go back to the rules that are currently in place. The current rules for 1099 reporting generally include payments made from your trade or business to non-corporate entities for services performed.
If you have any questions on whether you can use these beneficial tax savings for your company, please don’t hesitate to call Marie Jett or Larry Brodnik.
by Larry Greenwalt, CPA and Marie Jett, CPA
If you have been following our newsletters, you are aware that the new estate tax law raised each individual’s lifetime exemption to $5,000,000. Less understood by many is the fact that under old law, each person was limited to a lifetime exemption of only $1,000,000 before incurring a gift tax (excluding individual annual gifts of $13,000 or less). Under the new law, the lifetime exemption is increased to $5,000,000.
Continue reading “Important Facts About the New Estate Tax Law Which You Need to Know” »
Marie Jett, CPA | Member of the Tax Services Group
There are a few options that employers have available to them in order to account for vehicles used in business. The following methods and policies describe the options available to an employer.
Continue reading “Policies on Business vs. Personal Auto Usage” »