September 2012

3.8% Medicare Tax Looms For 2013

Posted on September 28, 2012

In 2013, a new and unique tax will take effect--a 3.8 percent "unearned income Medicare contribution" tax as part of the structure…

Congress Leaves Tax Law Up In The Air

Posted on September 28, 2012

Lawmakers have departed Washington to campaign before the November 6 elections and left undone is a long list of unfinished tax…

Private Inurement

Posted on September 26, 2012

There are certain things a nonprofit organization is restricted from doing in order to keep its exempt status.  One of which is…

New “Repair Regulations Continue To Demand Action

Posted on September 23, 2012

More than six months after the IRS issued temporary "repair" regulations (T.D. 9564), many complex questions remain about their…

Computing “Substantial Equal Periodic Payment”

Posted on September 21, 2012

Taxpayers who wish to withdraw funds from a retirement account such as an IRA before they reach the age of 59 and a half, can do so…

IRS Tightens Rules On Deductions For Personal Use Of Employer-Owned Aircraft

Posted on September 20, 2012

The IRS has issued final regulations (T.D. 9597) that severely restrict an employer’s ability to deduct costs incurred for…

IRS Clarifies Deduction Limits For Meals/Entertainment Reimbursement To Employees/Contractors

Posted on September 19, 2012

The IRS has issued proposed reliance regulations to clarify the exception to the 50 percent meal and entertainment expenses…

Health Care Cost Disclosure Update

Posted on September 19, 2012

In January 2012, the IRS issued Notice 2012-9 that provides additional clarification and guidance on Notice 2011-28 regarding…

Do Nonprofits have Uncertain Tax Positions?

Posted on September 12, 2012

ASC 740-10 (formerly FIN 48, Accounting for Uncertain Tax Positions) requires organizations to disclose material uncertain tax…

Act Soon To Cut 2012 Taxes

Posted on September 06, 2012

Time is running out to make tax-saving moves for 2012. Here's a sampling of ideas to consider. * Maximize the contributions to…

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