by Ryan Foust | Oct 4, 2012 | Uncategorized
As you may recall, last year a payroll tax holiday was passed by Congress lowering the amount of Social Security tax paid by employees making less than $110,000 from 6.2% to 4.2%. This tax cut is set to expire at year end and it seems unlikely that it will be...
by Ryan Foust | Sep 25, 2012 | Uncategorized
The Tax Court has ruled that your choice of delivery service to the IRS does indeed matter. In a recent the case (Scaggs, T.C. Memo. 2012-258), the court ruled that using FedEx Express Saver Third Business Day was not an approved method of private delivery service...
by Ryan Foust | Sep 11, 2012 | Tax
Per its own website, the Taxpayer Advocate Service (TAS) is an independent organization within the IRS that exists to help taxpayers resolve problems with the IRS and recommend changes that will prevent future problems. TAS is designed to be a “safety...
by Ryan Foust | Aug 3, 2012 | Accounting, Tax
The recognition of volunteer labor as non-cash revenue is dictated by FASB ASC 958-605-25-16, Contributed Services. This standard dictates that if the services (a) create or enhance non-financial assets or (b) require specialized skills, are performed by people with...
by Ryan Foust | Jun 8, 2012 | Tax
A gift which is made to a church but designated for a specific individual is normally not tax-deductible to the donor. The rationale for this rule is that the gift is not intended for the benefit of the church but, rather, for the benefit of an individual. The...
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