It’s Not Too Late to Make Major Gifts
Few people need to worry about federal estate tax or the federal gift tax in today’s environment. For deaths in 2011, everyone has a lifetime gift and estate tax exemption of $5 million, which means being able to leave or give away up to $5 million without owing any federal estate tax. Married couples can leave or give away up to $10 million. For 2012 deaths, the individual lifetime exemption amount is increasing to $5.12 million per person. more »

FATCA – Offshore Reporting Developments
The IRS and Treasury have made a lot of progress in the last five years addressing tax evasion through the use of offshore accounts. Their newest tool is the Foreign Account Tax Compliance Act (“FATCA”). This act was part of the Hiring Incentives to Restore Employment Act (HIRE Act, P.L. 111-47) which was enacted on March 18, 2010. more »

Pennsylvania Act 32 Update
The mandatory requirement of all employers who maintain a work site in PA to withhold earned income tax on behalf of all employees begins with the first payroll of 2012. Remember that the withholding is based on the greater of the resident Earned Income Tax (“EIT”) rate where the employee lives and the non-resident rate where they are employed. more »

Tax Notices
Are you one of the millions of taxpayers that have received a tax notice in your mailbox? If so, first – CALM DOWN, and then read below for some helpful tips. more »

Tax Updates for 2011 and/or 2012
To understand the changes tothe  2011 and/or 2012 tax code, one must review the changes that occurred in December 2010 with the passing of the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010, “2010 Tax Relief Act,” which extended more than 400 benefits that were created in the Bush-era under the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA) or the Jobs and Growth Tax Relief Act of 2003 (JGTRA). Most of the benefits were extended two years, but there are some that will expire at the end of 2011. more »

Accounting Standards Updates
The Financial Accounting Standards Board (FASB) issues multiple Accounting Standard Updates (ASU) every year. Below are summaries of important updates that may affect the financial reporting for your business. more »

Key Benefit Plan Limits for 2011 »

Average Itemized Deductions »

Individual Income Tax Rates 2011 »

Putting Together Your Tax Information: The “Short List” for Businesses
and Individuals »

2012 Wage/Tax Facts Quick Reference Guide »