Late on January 1, 2013, Congress passed HR 8 (Tax Relief Extension Act) which extended almost all of the Federal tax provisions that had expired at the end of 2011 and 2012.
IRS acting commissioner Steven T. Miller recently sent a letter to a Ranking Member of the House Committee on Ways and Means. In it he states that the Internal Revenue Service’s computer systems are programed to account for a AMT Patch like in years past. However, the AMT is scheduled to expire when the clock strikes midnight tonight. Without an AMT patch, not only would thousands of middle and lower income taxpayers see steep increases in their taxes, the IRS would have to reprogram their...
Much has been debated about how long it will take for taxpayers to feel the affects of going over the Fiscal Cliff. Yes, income tax rates could go up or down or popular deductions and credits limited or eliminated all together. While these scenarios could take months or years to feel, the average worker is most likely going see less in their weekly paycheck as soon as the calendar flips to 2013.
Acting IRS Commissioner–Steven T. Miller–recently wrote to members of congress urging the passage of what has become an annual emergency: An Alternative Minimum Tax (AMT) “Patch” to prevent millions of taxpayers from losing out on critical deductions and effectively paying higher tax rates. Furthermore, in the absence of quick resolution, the 2013 tax filing season (tax year 2012) could be delayed up to a month preventing many millions more from filing their...
As Part of it’s Work Opportunity Tax Credit, the IRS is offering credits to businesses that hire veterans. With Veterans Day just passing, this is good time for the IRS to put this credit into the news. The following are a list of criteria for businesses to qualify for the Work Opportunity Tax Credit:
Due to destruction that Sandy left in it’s wake, the majority of R&G Brenner’s telecommunications, electricity & IT have been crippled. There is no telling how long it will take to restore all utilities as 90% of Long Island (where our executive headquarters is located) is without power. Fortunately, our website and our email server are still operational. If you need to get in contact with us, please do so by clicking here.
Time is running out for taxpayers who paid New York’s metropolitan commuter transportation mobility tax (MCTMT or MTA tax) when it was first imposed in 2009 to file protective refund claims in the wake of the tax’s being declared unconstitutional.
On Aug. 22, 2012, the New York Supreme Court held that the MCTMT “was unconstitutionally passed by the New York State Legislature” (Mangano v. Silver, No. 14444/10...
