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Category Archives: Uncategorized
S Corporation Owners May Pay Higher Self Employment Taxes
The chairmen of the House and Senate tax-writing committees today released a summary of “H.R. 4213,” also called “The American Jobs and Closing Tax Loopholes Act of 2010.” It is considered an extenders bill because it extends some favorable tax provisions due to expire this year. However there is one item tucked away in this bill is something that could affect owners of small (3 or fewer employees) S corporations engaged in a professional service business. Continue reading
Posted in Personal Taxes, Tax legislation, Uncategorized
Tagged extender bill, H.R. 4213, self employment
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New bill would limit employment tax relief on misclassified workers
In another example of the intention by Congress and the IRS to crackdown on misclassification of workers as independent contractors, Rep. James McDermott (D-Wa) introduced legislation that would make it more difficult for employers to receive protection from a potentially … Continue reading
Posted in Payroll, Tax legislation, Uncategorized
Tagged employees, employment, independent contractor, penalties
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IRS Warns of New ID Theft Scams
The Internal Revenue Service reminds consumers to avoid identity theft scams that use the IRS name, logo or Web site in an attempt to convince taxpayers that the scam is a genuine communication from the IRS. Scammers may use other … Continue reading
The Car Allowance Rebate System (CARS) details
President Obama will sign into law a program NHTSA is calling the Car Allowance Rebate System (CARS). This is a government program that helps you purchase a new, more fuel efficient vehicle when you trade in a less fuel efficient … Continue reading
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Oops!
Well, tried moving the old blog to the smt-associates.com website and things didn’t go as planned. Looks like I might be starting over. Print PDF
Posted in Uncategorized
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Illinois Manufacturer’s Purchase Credit Filing Deadline June 30, 2009
The Illinois Manufacturer’s Purchase Credit (MPC) is a special tax credit not found on your normal corporate income tax return. If you are a manufacturer or producer of graphic arts and purchased tax-exempt manufacturing or graphic arts machinery and equipment … Continue reading
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