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IRS 2009 Statistics
IRS statistics now available for 2009 tax returns. The highest earning 1% of all U.S. individual taxpayers paid 36.7% of all federal income taxes. The highest earning 5% paid 58.7%. The bottom 50% paid only 2.25% of total federal income tax. […]Read More… from IRS 2009 Statistics
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Depreciation History (recent) – is it complicated?
The Job Creation and Worker Assistance Act of 2002 (JCWA) provided an additional depreciation deduction in the placed-in-service year that is equal to 30% of the adjusted basis of the qualified property placed in service after 9/10/01. This law is reflected (for the most part) in IRS Code section 168(k). The Jobs and Growth Tax Relief Reconciliation Act…
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W2 Healthcare Reporting 2011 & 2012
The Patient Protection and Affordable Care Act requires employer provided health care costs to be reported on Form W-2 starting with the 2012 tax year. This will affect employers who filed 250 or more W-2s for the 2011 tax year. […]Read More… from W2 Healthcare Reporting 2011 & 2012
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What is an Enrolled Agent (EA)?
Background: “Enrolled” means EAs are licensed by the federal government, while “Agent” allows appearance in place of the taxpayer before the Internal Revenue Service (IRS). Only EAs, attorneys and CPAs may represent taxpayers before the IRS. The EA profession started in 1884 when, after questionable claims had been presented for Civil War losses, Congress acted to regulate…
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What is Income?
IRC § 61 states all income from whatever source derived is taxable, unless specifically excluded by another Code section. IRC stands for Internal Revenue Code. If you ever tried to read it, you’ll know why they call it code! § is the symbol for Code section. […]Read More… from What is Income?