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In January of 2012, the IRS issued a new version of the Treasury FinCEN Form 114 formerly Form TD F 90-22.1, popularly known as the “FBAR” (the Report on Foreign Bank and Financial Accounts). This is a third revision of the FBAR in less than one year. In March of 2011, the IRS made substantial […]
Under the current U.S. tax law, canceled debt is normally taxable to you, but there are exceptions. One of those exceptions came into existence under the Mortgage Forgiveness Debt Relief Act of 2007. Under this law, married homeowners whose mortgage debt is partly or entirely forgiven during tax years 2007 through 2012 may exclude up […]
On February 23, 2012, the IRS announced that the underpayment and overpayment interest rates will remain the same for the calendar quarter beginning April 1, 2012. The rates will be: three (3) percent for overpayments (two (2) percent in the case of a corporation) three (3) percent for underpayments five (5) percent for large corporate […]
On February 23, 2012, the Internal Revenue Service released revised Form 941 enabling employers to properly report the newly-extended payroll tax cut benefiting nearly 160 million workers. The IRS needed to revise Form 941 due to the Middle Class Tax Relief and Job Creation Act of 2012 (enacted on February 22, 2012). Under the new law, […]
A W-2 is required to be filed by every employer who is engaged in a trade or business paying remuneration (including noncash payments) of $600 or more for a year in which services are performed by an employee. A W-2 must be filed for each employee for whom income, Social Security, or Medicare tax was […]