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FACT SHEET: PRESIDENT OBAMA’S BLUEPRINT TO SUPPORT U.S. MANUFACTURING JOBS, DISCOURAGE OUTSOURCING, AND ENCOURAGE INSOURCING

The White House. President Barack Obama The White House Office of the Press Secretary For Immediate Release January 25, 2012 FACT SHEET: PRESIDENT OBAMA’S BLUEPRINT TO SUPPORT U.S. MANUFACTURING JOBS, DISCOURAGE OUTSOURCING, AND ENCOURAGE INSOURCING In his State of the Union address, President Obama laid out a Blueprint for an America Built to Last, encouraging [...]

IRS offshore program nets $4.4 billion

IRS Offshore Programs Produce $4.4 Billion to Date for Nation’s Taxpayers; Offshore Voluntary Disclosure Program Reopens WASHINGTON — The Internal Revenue Service today reopened the offshore voluntary disclosure program to help people hiding offshore accounts get current with their taxes and announced the collection of more than $4.4 billion so far from the two previous [...]

Newsletter Update – payroll tax holiday

Dear Everyone, Payroll Tax Holiday Ok! Lesson learnt! Not more than a few hours after my last newsletter, Congress decided to pass a two month extension of the payroll tax holiday. Yes, it’s kind of “kicking the can” down the road, but it’s money in your pocket. We can talk politics another day. Based on [...]

The count down begins-107

Employee couldn’t sue employer for complying with IRS levy and garnishing his wages

A district court has dismissed an employee’s suit against his employer for complying with an IRS levy and garnishing his wages. The employee alleged that the employer acted negligently in failing to determine the validity of the levy. The court found that an employer has no standing to challenge the validity of a levy and [...]

House passes payroll tax extension after all

House and Senate approve bill temporarily extending the payroll tax cut Late on December 22, House and Senate leaders agreed to end their stalemate over extending the payroll tax break. Under the agreement, for the first two months of 2012, a 4.2% Social Security tax would continue to apply to workers’ pay (10.4% OASDI tax [...]

IRS year end tax tips

Six Year-End Tips to Reduce 2011 Taxes The IRS wants to remind all taxpayers that with the New Year fast approaching, there is still time for you to take steps that can lower your 2011 taxes. However, you usually need to take action no later than Dec. 31 in order to claim certain tax benefits. [...]

Get a raise – some states set to increase minimum wage on January 1

The following states have scheduled Minimum Wage increases for 2012: * AZ – $7.65 * CO – $7.64 * FL – $7.67 * MT – $7.65 * OH – $7.70 (most employers) * OR – $8.80 * VT – $8.46 * WA – $9.04 Please note: Some states have specific company exemptions and the effective [...]

Getting divorced? The two most important tax topics for you

Getting divorced – you need to know about QDRO and 1041

1099-B is coming – Get your taxes done correctly!

In the 1099 series, the IRS is now requesting brokers to include the cost basis of broker trades. So, your year-end tax statements on brokerage accounts will have cost information as well. Many brokerages include this information already as a courtesy to you. Now, the IRS will receive a copy of that information.