12/16/2011 First, a disclaimer – we are not *experts* in estate tax and defer to those who are. We dabble in it simply because death affects our clients and we know just enough to direct them to the proper expert. That said, the years 2010 and 2011 created paradigm shifts – everything you thought you… Continue Reading
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Author Archives: Kathy Zaffore
COUNTDOWN 2011: 100% BONUS DEPRECIATION EXPIRES – REPLACED BY 50% FOR 2012
12/15/2011 Some tax bills just defy spiffy acronyms. The Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 (Pub.L. 111-312, 124 Stat. 3296, H.R. 4853) is one of them. TRUIRJCA — nope, that does not roll off the tongue, like say EGTRRA (pronounced EggTra) and JGTRRA (JeggTra). If you think you’ve never heard… Continue Reading
COUNTDOWN 2011: CONGRESS PLAYS HOT POTATO WITH OUR PAYROLL TAXES
12/14/2011 Tick tick tick. The time is running down and Congress continues to fight over the payroll tax cut that benefits millions of workers in the United States. Including rich and poor alike. For 2011, Congress allowed Americans a 2% decrease in the payroll tax that funds Social Security (FICA). The FICA withholding has been… Continue Reading
2011 TAX COUNTDOWN: BUSINESS TAX DEDUCTIONS AND CREDITS EXPIRING ON DECEMBER 31 2011
12/13/2011 As of this morning, Congress continued to bicker about tax law changes, so as of now…the following items will cease to provide tax relief to businesses at midnight on December 31, 2011: The 100% Bonus Depreciation Deduction (aka Section 168(k) bonus depreciation) – this is the big one and we will discuss it more… Continue Reading
2011 TAX COUNTDOWN: TAX BREAKS THAT EXPIRE ON DECEMBER 31 2011
12/12/2011 It is said that tax law changes on average 23 times a day…at least it SEEMS like it does. Congress passes major legislation, the IRS issues rulings and tweaks what Congress has done, and the courts try to figure it all out. Day in and day out. Excluding Saturdays and Sundays. And a couple… Continue Reading
Exemptions for Kids of Divorced Couples – Fed Law Trumps State Decrees
12/01/2011 The IRS no longer wishes to wade into the murky waters of divorce, and the tax technicians who open the mail certainly don’t want to read your legal papers, so here is the relatively new edict: court orders, decrees and separation agreements alone cannot be relied upon to determine which parent may “take the… Continue Reading
To Roll or Not to Roll — 401(k) to IRA
11/02/2011 This morning it is snowing like crazy here in Colorado, so instead of racing to work, I had a second cup of coffee and watched one of the morning news talk shows. The money topic was IRAs and the speaker—a newly minted author/expert– advocated rolling over your 401(k) to an IRA because you would… Continue Reading
Scam-O-Rama: Annual Colorado Secretary of State Reporting Requirement and A Couple of Others
04/02/2011 In spite of the fact that April 18 looms large on my horizon, I could not help myself from commenting on a few well-presented and scary scams that may be lurking in YOUR mailbox. All were shared with us by clients who should be applauded for double checking before reacting. Secretary of State Filing. … Continue Reading
Colorado Joins the OnLine Nexus Sales Tax Controversy – Do You Owe Use Tax on Your Online Purchases?
01/29/2011 A client emailed a notice she received from one of her online vendors. It stated, “This notice is being sent to comply with Colorado Regulation 39-21-112.3.5 recently enacted in 2010. This regulation requires out-of-state retailers to send a summary invoice on or before January 31st to Colorado customers with more than $500 in purchases… Continue Reading
Update – S Corporation Shareholder Health Insurance and State Unemployment
01/28/2011 We have had tons of activity on the S corporation shareholder health insurance issue. Here is an update related to State Unemployment–at least here in Colorado. The State of Colorado has taken the position that health insurance premiums of S corp shareholders IS includible in gross wages for unemployment. It is NOT includible for… Continue Reading