On December 6th President Obama announced an agreement with Congressional Republicans on a two-year extension of the Bush tax rates and the extension of several other tax cuts. However, the House Democratic Caucus announced on December 9th that they would not support the tax cuts. Here are terms of the proposed Obama - GOP agreement.

Every tax-exempt organization (other than churches) is now required to file a Form 990 series tax return, including the smallest organizations.

The Treasury Department has announced that most employers will have to begin using the Electronic Federal Tax Payment System (EFTPS) to make payroll tax deposits in 2011.

the new law that provides tax incentives for businesses hiring new workers

Beginning in February 2010, the IRS is launching an examination of 6,000 randomly selected companies to focus on employment tax issues. This will involve taking a close look at 2,000 random companies per year over the next three years. The primary focus will be on worker classification, executive compensation, fringe benefits, non-filers and reimbursed expenses. The IRS states the audits will provide data for its first statistical analysis since 1984 of how often companies misclassify workers to avoid tax obligations,   [Read More...]

For the past several months, we as tax practitioners have fielded many questions on the tax implications of short sales and foreclosures. Mainly the concern that, “If I perform a short sale or foreclosure, will I end up with a huge tax bill?”

The landscape for employers sponsoring retirement plans is changing rapidly due to a variety of market, regulatory and judicial actions. In order to mitigate a plan sponsor’s liability and make the best use of this tool for your plan’s participants, it is important to periodically review plan design and other processes.