On June 26, the U.S. Supreme Court struck down Section 3 of the 1996 Defense of Marriage Act (DOMA) as a violation of the U.S. Constitution’s guarantee of equal protection under the law. Sec.
If you allow employees to telecommute, be sure to consider the potential tax implications. Hiring someone in another state, for example, might create sufficient nexus to expose your company to that state’s income, sales and use, franchise, withholding or unemployment taxes.
In January, Congress extended some depreciation-related tax breaks that can benefit owners of leasehold, restaurant and retail properties:
The International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) recently released proposed changes for the financial reporting of leases.
Day camp is a qualified expense under the child or dependent care credit, which is worth 20% of qualifying expenses (more if your adjusted gross income is less than $43,000), subject to a cap.
Under the health care act, starting in 2013, taxpayers with earned income over $200,000 per year ($250,000 for joint filers and $125,000 for married filing separately) must pay an additional 0.9% Medicare tax on excess earnings.
In a world of cloud computing and business process outsourcing, SOC reporting assures companies that their data, particularly their financial data, is secure when in a vendor’s hands, as well as demonstrates the trustworthiness of a service organization.
When you sell your principal residence, you can exclude up to $250,000 ($500,000 for joint filers) of gain if you meet certain tests. Gain that qualifies for exclusion also is excluded from the new 3.8% Medicare contribution tax.