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

Tax

By Ron Kramer

On June 21, 2011, the IRS released a revised draft of Form 8938, Statement of Specified Foreign Financial Assets... read more >

Pennsylvania Begins Accepting EITC Applications July 1

Tax

By Martin DiGiovine

The Pennsylvania Education Improvement Tax Credit (“EITC”) provides scholarships to low-income students and is funded through corporate contributions, ... read more >

Final Reminder to File 2010 FBAR

Tax

By Ron Kramer

U.S. persons are required to file a Treasury Form TD F 90-22.1, Report of Foreign Bank and Financial Accounts (FBAR), each year if they have a financial interest in or signature authority over financial accounts, including bank, securities or other types of accounts, in a foreign country if the aggregate value of these financial accounts exceeds $10,000 at any time during the year.... read more >

IRS Revises Standard Mileage Rates for the Remainder of 2011

Tax

By Martin DiGiovine

On June 23, 2011, the Internal Revenue Service (“IRS”) issued Announcement 2011-40, revising the optional standard mileage rates for computing the deductible costs of operating an automobile for business, medical or moving expense purposes and for determining the reimbursed amount of these expenses that are deemed substantiated. ... read more >

FBAR Due Date is June 30, 2011

Tax

By Ron Kramer

The deadline for filing the Report of Foreign Bank and Financial Accounts, Form TD F 90-22.1 (FBAR) for calendar year 2010 is fast approaching. These reports ... read more >

Employer-Owned Life Insurance and IRS Form 8925

Tax

By Rachelle Kulback

The Pension Protection Act of 2006 added new provisions to the Internal Revenue Code at Section 6039I regarding employer-owned life insurance. Any employer ... read more >

Significant Tax Changes May Be In Store for Ohioans

Tax

By Kathleen Myers

There are a few significant tax changes that are currently being considered by the Ohio Senate. These possible changes include the elimination of Ohio’s ... read more >

Who Pays the Individual Income Tax in the U.S.?

Tax

By Ron Kramer

Senate Budget Committee Chairman Kent Conrad (D-ND) has proposed a budget plan to reduce the federal deficit by $4 trillion over the next decade. Conrad’s ... read more >

New Reporting Requirement of Health Care Costs on Form W-2

Tax

By Eytan Rosenthal

As part of the trend of increasing disclosure and transparency, The Patient Protection and Affordable Care Act of 2010 (PPACA) included a new reporting ... read more >

IRS Releases Report of 2008 Corporate Tax Return Statistics

Tax

By Ron Kramer

Recently, the Internal Revenue Service (IRS) released its report on 2008 Statistics of Income for Corporation Income Tax Returns. The report contains data ... read more >