Random issuance of social security numbers
Bookkeepers should be aware of the random numbering system introduced in June 2011 regarding social security numbers (SSNs) issued by the Social Security Administration (SSA). The SSA replaced the...
View ArticleUncertainties of individual tax planning
Many taxpayers face uncertainty with their tax planning for 2012 and beyond, given that some tax benefits are set to expire or become less advantageous. Note the following: Individual marginal tax...
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SS&G Webinar: Health care reform update
Join us for our upcoming webinar! Impacts of Health Care Reform Wed., Oct. 3, 2012, 10 a.m. EDT The Affordable Care Act is bringing many changes, both sooner and later. Experts from SS&G, Ulmer...
View ArticleTax fraud and identity theft
Are you worried that your identity could be compromised and your credit could be used to steal? Did you ever consider that a thief would file a fraudulent income tax return under your social security...
View ArticleSS&G Web Tax Guide
Uncertainty about tax laws going into 2013 makes planning especially challenging this year. Regular tax rates are scheduled to rise in 2013, but current rates might be extended for some or all...
View ArticleReporting gambling winnings and losses
Are you planning on visiting one of the new casinos in Cincinnati, Cleveland, Columbus or Toledo? Before you head to the casino, you should know how to report your gambling winnings and losses on your...
View ArticleStandard mileage rates up 1 cent
The IRS announced that starting Jan. 1, the standard mileage rates for the use of an automobile will be: 56.5 cents per mile for business miles driven 24 cents per mile driven for medical or moving...
View ArticlePhase-out of itemized deductions and personal exemptions
Beginning Jan. 1, 2013, taxpayers could be subject to a phase-out of itemized deductions and personal exemptions unless additional legislation is passed. When the current tax provisions expire, there...
View ArticleIRS interest rates will not change
The Internal Revenue Service has announced that interest rates will remain the same for the calendar quarter beginning Jan. 1, 2013. The rates will be: 3 percent for overpayments [2 percent in the case...
View ArticleVarious tax benefits and limitations announced
Taxpayers should be aware of the following announcements which can impact their tax situation. This includes: cost-of-living adjustments affecting dollar limitations for pensions plans, along with...
View Article2013 sales tax rates change in Chicago area
Effective Jan. 1, 2013, certain taxing jurisdictions in the Chicagoland area are changing their sales tax rate on general merchandise sales. Cook County: rate decreases by 0.25 percent. Glenview: o...
View ArticleWithholding and reporting of payments made to foreign persons
Withholding Domestic corporations or U.S. citizens that make a payment to a foreign person are responsible for withholding the appropriate income taxes from this payment. Withholding is needed as this...
View ArticleBenefits of Family Limited Partnerships
Looking to protect your assets and save your family money? Consider a Family Limited Partnership (FLP) – a limited partnership controlled by members of a family. A FLP consists of two types of...
View ArticleTax identity fraud
Many taxpayers, including even the most cautious and careful, can be caught off guard by tax identity theft. Fraudulent filers are stealing tax refunds, and the problem is becoming more prevalent and...
View ArticleLegislation extends IRA charitable rollovers
Under the American Taxpayer Relief Act of 2012, the $100,000 IRA charitable rollover provision has been reinstated for 2012 and extended through 2013. This provision, which previously lapsed on Dec....
View ArticleIRS plans Jan. 30 tax season opening
The IRS has announced that it will begin processing individual income tax returns on Jan. 30, which marks the beginning of the 2013 filing season. According to IR-2013-2, the IRS will begin accepting...
View Article2013 income tax withholding tables released
The IRS has issued updated 2013 withholding guidance subsequent to the American Taxpayer Relief Act of 2012 being signed into law. These updated tables supersede those issued on Dec. 31, 2012 and...
View ArticleIRS releases annual inflation adjustments
The IRS announced its inflation adjustments for tax year 2013, tax rate tables, and items from the American Taxpayer Relief Act of 2012. Particulars include: For tax year 2013, a new tax rate of 39.6...
View ArticleCertain IRS forms not accepted until late Feb. or into March
Although the IRS has set Jan. 30 as the opening date for 2013 tax season filing, some forms will not be accepted until late Feb. or into March. This later timeframe results from more extensive testing...
View ArticleRoth 401(k) conversions expanded to all employees
Taxpayers should be aware of the impact that the American Taxpayer Relief Act of 2012 can have on their retirement savings. This recently enacted legislation expands the eligibility for taxpayers to...
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