IRS Form 8941 Small Business Health Care Tax Credit

Check out IRS Form 8941, Credit for Small Employer Health Insurance Premiums (PDF) if you are interested in the small business health care tax credit. Many small employers that pay at least half of the premiums for employee health insurance

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Posted in Health Care Tax Credit, Self Employ, Small Business, Sub-chapter S, Tax Credit

2011 Per Diem Rates for Employee and Business Expenses

Revenue Procedure 2011-47 provides rules for using a per diem rate to substantiate the amount of an employee’s expenses for lodging, meals and incidental expenses that an employer reimburses. Employees and self-employed individuals who deduct un-reimbursed expenses for travel away from

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Posted in Business Expense

Surviving Spouse Estate & Gift Tax Exclusion

IRS Notice 2011-82 makes available the ability for taxpayers to pass along their unused estate & gift tax exclusion amounts to their surviving spouse if an estate tax return is filed. This new portability election allows estates of married taxpayers to

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Posted in Estate Tax, Gift Tax, Tax Deductible Expenses, Tax Filing Status, Tax Guidance & Preparation, Tax Problems & Requests, Trusts

IRS Form 1099-K Banks Not to be Penalized for Reporting Information Incorrectly

Okay this blew my mind today. The IRS is providing special relief to banks and other 'payment settlement entities' required to begin reporting payment card and third-party network transactions to the IRS on new Form 1099-K. Payers (Banks) have to

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Posted in Tax Guidance & Preparation, Tax Problems & Requests

Tax Treatment of Incentive Stock Options (ISO’s): Qualifying Disposition

Incentive Stock Options (ISO) are taxed based on how and when the stock is disposed and whether the disposition is qualifying or non-qualifying. Disposition of stock is typically when the employee sells the stock, transfers the stock to another person

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Posted in Stock Options

IRS Worker Classification Settlement Program IRS Form 8952

If you are an employer you can appreciate the fact that everyone working for you it seems wants to be an independent contractor until they get injured on the job or get pissed off at you and seek relief outside

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Posted in Deductible Expense, Employee Business Expense, Employment Tax, Independent Contractor

First Time Home Buyer Credit

Many taxpayers who claimed the first time home buyer's credit are having their tax returns examined by the IRS. Turns out generally that this credit is not being properly reported. Even tax practitioners are demonstrating incompetence when it comes to

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Posted in Tax Credit

What Are The Tax Benefits Available to a Self Employed Individual with a 401(K)

The benefits available to a self-employed individual in a solo 401(k) plan have increased. The self-employed individual can contribute to the solo 401(k) plan two ways: Through elective deferrals limited to the lesser of $16,500 or 100% of the self-employed

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Posted in Retirement, Self Employ, Small Business

Small Employer Health Insurance Credit 2011 – IRS Form 8941

The small employer health insurance credit is applied for on IRS Form 8941.  The credit itself is based on the non-shareholder staff, their hours worked, wages and the premiums paid for them. The hours worked, wages and health insurance premiums

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Posted in Health Insurance, Self Employ, Small Business, Tax Credit

Tax Amnesty Offer Allows Coloradans a Chance to Settle Up Support Education, but Ends Soon!

I write in support of this effort on behalf of our elected officials here in Colorado and urge anyone delinquent in their Colorado tax responsibilities to come forward NOW before the Amnesty period ends. Although it seems like a ruse

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Posted in Colorado Department of Revenue
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