Monthly Archives: February 2012

Partnership K-1s Can Now Be Provided Electronically

Continuing its embracing of electronic communication the IRS has issued Revenue Procedure 2012-17 which allows partnerships to provide K-1s to their partners electronically. The partnership schedule K-1, Partner’s Share of Current Year Income, is a summary of the partner’s distributive … Continue reading

Payroll Tax Holiday Extended To End Of 2012

Our political leaders have finally got around to extending the payroll tax holiday to the end of 2012. That means for the rest of 2012 the employee social security rate will be 4.2% (2% lower than the normal rate). For … Continue reading

Work Opportunity Tax Credit – Employing Veterans

Have you employed veterans since November 22, 2011 or do you plan to employ veterans in 2012? If so you may be entitled to a generous tax credit called the Work Opportunity Tax Credit worth up to $9,600 per veteran … Continue reading

Key Tax Dates – February 2012

Here are some key tax dates for your diary. February 2012 10th – Employees need to report to their employer tips earned in January of more than $20 15th – File a new W-4 with your employer if you claimed … Continue reading

Tax Year End Accounting Checklist

As you get ready to send off your accounting information to your tax preparer have a look at this year end accounting checklist. Check off these items to help you get the best tax position from your tax return preparation. … Continue reading