Wednesday, February 1, 2012

Business Tax Resources for 2012

Jan. 2, 2012
The new year brought with it several tax law changes, including new credits for hiring veterans, new rules for capital gain and foreign financial asset reporting, and an increased due diligence penalty for practitioners who prepare returns that claim the earned income credit.
Tax relief and health care acts shape 2011 returns  January 2012
Keep on top of this tax filing season’s changes in tax law and practice and procedure. Plus: A downloadable PDF with a handy collection of important numbers for individual returns to keep at your fingertips during tax season.
Many tax provisions set to expire at year-endDec. 22, 2011
While Congress has focused on trying to extend the reduced payroll tax rate, a large number of other expiring provisions have been ignored. Among the changes scheduled to take effect January 1 are elimination of 100% bonus depreciation and increased Sec. 179 expensing amounts, reduction of the AMT exemptions to their statutory levels, and expiration of the research and development credit.
Standard mileage rates for 2012 releasedDec. 9, 2011
The IRS released standard mileage rates for use in 2012. Taxpayers can use the optional standard mileage rates to calculate the deductible costs of operating an automobile.

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