Tax Pro Plus
2999 Overland Ave.
Suite 204
Los Angeles, CA 90064
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Ph: (310) 827-4829
Fax: (310) 842-7160
info@taxproplus-la.com
Dear Valued Client,
This edition of our newsletter covers the recent payroll tax extension, IRS internet scams and much more. We strive to keep you up-to-date with the latest law changes and planning strategies. Feel free to share this newsletter with your family, friends and colleagues. This firm relies on satisfied clients as the primary source of new business, and your referrals are both welcome and most sincerely appreciated!
Tax Pro Plus
This edition of our newsletter covers the recent payroll tax extension, IRS internet scams and much more. We strive to keep you up-to-date with the latest law changes and planning strategies. Feel free to share this newsletter with your family, friends and colleagues. This firm relies on satisfied clients as the primary source of new business, and your referrals are both welcome and most sincerely appreciated!
Tax Pro Plus
Using Direct Deposit is a Smarter Option for your Refund.
Want your refund faster? Have it deposited directly into your bank account. More taxpayers are choosing direct deposit as the way to receive their federal tax refunds. More than 79 million people had their tax refunds deposited directly into their bank accounts in 2011. It’s a secure and convenient way to get your money in your pocket faster.
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The Latest Scam—Don’t be a Victim!
Last month, we cautioned you about Internet scams aimed at tricking you into divulging information that will compromise your identity. That article described how Internet crooks disguise themselves as the IRS in an attempt to steal your identity.
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Recently Enacted Tax Breaks for Small Businesses
Keeping track of tax changes these days is quite a task. Congress is constantly tweaking the tax laws in an effort to stimulate the economy and deal with the budget deficit. The following is a compilation of recent changes to keep you up date.
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Good News – Payroll Tax Cut Extended through 2012!
Congress gave all wage earners a short-lived 2012 reprieve by temporarily extending the 2% payroll tax cut though February of 2012.
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Reporting Stock Transactions Becomes More Complicated
Beginning with the 2011 tax return, reporting stock transactions has become significantly more complicated because of the new requirement for brokerage firms to track the purchase price of stocks acquired in 2011 and subsequent years and to include that information on the information-reporting document 1099-B.
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1099-K Business Return Reconciliation Eliminated
The Housing and Economic Recovery Act of 2008 required third-party payment entities, such as credit card companies, to begin filing informational returns with the IRS reporting merchant card transactions, such as credit and debit card payments. The purpose was to give the IRS the ability to match a business’s credit and debit card sales with the amount the business reported on their tax return.
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Charity Purchases and Auctions
A regular form of fundraising by charitable organizations consists of sales or auctions of property or services at a price in excess of value. These are referred to as “quid pro quo” contributions or dual payments made that consist partly of a charitable gift and partly of consideration for goods or services provided to the donor.
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The Tax Pro Plus newsletter is available via e-mail on a free subscription basis. You can subscribe or unsubscribe at any time. For more information about - Tax Pro Plus, go to http://www.taxproplus-la.com. This message was sent using ClientWhys Persyst. View our permission marketing policy.
Disclaimer: The tax advice included in this newsletter is an overview of some complex tax rules and is not intended as a thorough in-depth analysis of the tax issues discussed. Do not act on the information included in this newsletter without first determining how these issues apply to your particular set of circumstances and if there are any special tax laws or regulations that might apply to your situation.
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