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.
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...
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?
A New York court has ruled that the metropolitan commuter transportation mobility tax (MCTMT) was unconstitutionally passed by the New York Legislature. The tax, which is also referred to as the Metropolitan Transportation Authority (MTA) payroll tax, applies to certain employers and self-employed individuals engaging in business within the Metropolitan Commuter Transportation District (MCTD).
Not every interaction with the IRS must necessarily induce flop sweat.
Case in point: A few years ago a friend of mine decided his income taxes had become sufficiently complicated to merit hiring an accountant. After examining previous tax returns, the accountant discovered my friend had claimed the standard deduction for two years when he should have itemized expenses. He filed a couple of amended tax returns and voila – the IRS wrote him checks...
By Christine Benz | Morningstar – Sun, Jul 29, 2012 7:00 AM EDT
A slew of Bush-era tax laws are set to expire at the end of 2012, affecting the tax rates on everything from dividends to capital gains to ordinary income and estates. But a lot remains unsettled, too, particularly given that we’re in the midst of an election year and the direction of tax rates remains a key bone of contention.
Posting in the Portfolio Design/Management forum of Morningstar.com’s...
