During the health care debate this summer one of the topics was how employees of C Corporations could deduct their premiums from FICA employment taxes, but the self-employed were in essence penalized. The recently passed Small Business Jobs and Credit Act extends the favorable tax treatment to sole proprietors and sole owner S Corps by [...]

The Internal Revenue Service (IRS) announced today the contribution limits for retirement plan participants for Tax Year 2011. The maximum annual contribution employees can make through salary reduction to a 401(k), 457(b) or 403(b) plan in 2010 will remain at $16,500. Catch-up contributions for employees older than 50 years of age will remain a maximum [...]

What might happen if they went away? The debate is gaining volume. In July, Treasury Secretary Timothy Geithner said that very few taxpayers would be affected if the landmark tax cuts of 2001 and 2003 expired. “I do not believe it will affect growth,” he calmly commented on ABC’s This Week.1 Many legislators and observers [...]

Parents won’t pay extra taxes for keeping 20somethings on their health plans. Do you have any employees with young adult children? You probably do. Thanks to a recent IRS ruling, these employees just got a break: they won’t have to pay additional federal taxes if they keep older kids on the company health plan. On [...]

If you didn’t collect your refund for the 2006 tax year, time is running out to claim it! $1.3 Billion Dollars. That’s the amount of unclaimed refund money the IRS is holding in their account. From the original filing deadline, each taxpayer has a window of just three years to claim refunds they are owed. [...]