California Adopts Single-Sales Factor Regulation

Tax

By Gary Sliman

The California Franchise Tax Board has adopted a franchise and income tax regulation allowing taxpayers to use a single-sales factor for apportioning income ... read more >

Social Security Benefits to Increase in 2012

Tax

By Ron Kramer

Last week, the Social Security Administration (SSA) announced that monthly Social Security benefit checks for more than 60 million Americans will increase by 3.6 percent for cost of living adjustments (COLA) in 2012.  ... read more >

PA Required Local Earned Income Tax Withholding Begins Soon

Tax

By Thomas Lisak

Pennsylvania Act 32 will require all Pennsylvania employers (except for those located in Philadelphia) to withhold local earned income tax from their employees beginning January 1, 2012.... read more >

Proposed Regulations to Require Unbundling of Fiduciary Fees

Tax

By Michael Darpino

After years of delay, the IRS has issued new proposed regulations regarding the deductibility of fiduciary fees under Section 67(e).... read more >

IRS Reports that Fewer Taxpayers than Expected are Paying the Tanning Excise Tax

Tax

By Ron Kramer

In March 2010, The Patient Protection and Affordable Care Act enacted a 10 percent excise tax on indoor tanning services.... read more >

Deadline Approaching for Signature Authority FBARs

Tax

By Ron Kramer

The IRS granted an extension for individuals who have signature over, but no financial interest in foreign financial accunts. The new November 1 deadline is quickly approaching.... read more >

IRS Releases Draft Version of Instructions to Form 8938 for Foreign Financial Asset Holders

Tax

By Ron Kramer

On September 28, 2011, the Internal Revenue Service (IRS) released on its website a draft version of the 2011 Instructions to Form 8938, “Statement of Specified Foreign Financial Assets.”... read more >

IRS Releases SIFL Mileage Rates and Terminal Charges for Second Half of 2011

Tax

By Ron Kramer

On October 3, 2011, the Internal Revenue Service (IRS) released Rev. Rul. 2011-21 providing the applicable terminal charge and the Standard Industry Fare Level (SIFL) mileage rates that are in effect for the second half of 2011... read more >

Concerned About Past Payroll Tax Issues For Independent Contractors? The IRS Offers You A Break.

Tax

By Ron Kramer

The Internal Revenue Service has launched a new Voluntary Classification Settlement Program (VCSP) that will enable many employers to resolve past worker classification issues at a minimal tax cost. The VCSP program addresses the issue of whether a worker is deemed an employee or an independent contractor.... read more >

IRS Commissioner Touts Success of Offshore Voluntary Disclosure Programs

Tax

By Ron Kramer

On September 15th, IRS Commissioner Douglas H. Shulman issued a statement touting the success of the Internal Revenue Service’s 2009 and 2011 Offshore Voluntary Disclosure Programs.... read more >