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:
According to the IRS, over 11 million taxpayers who filed for an extension are due to submit their final tax return by October 15th. Failure to do so can result in penalties and interest. If you filed an extension, and have yet to file your final return, time is running out. If you require assistance, R&G Brenner can help. Please contact us here to schedule an appointment and/or to speak to a qualified R&G Brenner tax professional.
President Obama & the republican nominee Mitt Romney have clear differences regarding their proposed tax changes. However, there are a lot of open questions on how they actually intend to implement these changes. Who’s plan do you favor, and who’s plan is more realistic in accomplishing their stated goals?
