Tax Plannng in December 2012

In recent years, end-of-year tax planning for individuals has been complicated by uncertainty over the future availability of many tax deductions and credits.  This year things are even more complicated.  As this article is being written, Congress and the White House … Continue reading →

American Jobs Act

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On Thursday evening, September 8, 2011, President Obama proposed the American Jobs Act to a joint session of Congress.  The following is a quick overview of some of the key points of the proposal. Payroll Tax Cuts – The rate … Continue reading →

Local wage tax changes for 2012….

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CHANGES ARE COMING for employer reporting of local earned income tax. Effective January 1, 2012 every employer in Pennsylvania will be required to withhold local earned income tax from all employees.  In order to prepare for the change, employers are encouraged to … Continue reading →

IRS interest rates for fourth quarter 2011

The Internal Revenue Service announced a drop in interest rates for fourth quarter 2011 for tax overpayments and underpayments.  The rates are effective October 1, 2011. Individuals  –  3% for both overpayments and underpayments Corporations  –  2% for overpayments up to $10,000 … Continue reading →

FUTA Surcharge has expired!

 Effective July 1, 2011, the federal unemployment tax rate has dropped to .6%, from the original .8%, for all employers who pay their state unemployment taxes in full on a timely basis.  The tax applies to the first $7,000 of … Continue reading →