Debbie Petrone
Now’s The Time For Giving
For 2012, the gift and estate tax exemption is $5.12 million and the maximum gift and estate tax rate is 35%. Absent additional legislation, for 2013 the exemption will drop to $1 million and the top tax rate will increase to 55%. It’s difficult to predict what Congress will do between now and then, so [...]
I’ll Like You if You Like Me!
Wow, things have really changed! When I first became a CPA, advertising was practically forbidden. We all dressed like we were going to a funeral. You had to hide your brown bag lunch in either your briefcase or the audit case. The few women in the firms could not wear pants or sleeveless tops of [...]
IRS Gives Tax Credit For Hiring America’s Heroes
It is appropriate during the U.S. Memorial month of May that the IRS has liberalized tax credits for hiring returning U.S. veterans. The VOW (Veteran’s Opportunity to Work Act) to Hire Heroes of 2011 was signed into law November 21, 2011. This law extended incentives from the Work Opportunity Credit (WOTC) for hiring veterans after [...]
Frequent Flyer Miles – Taxable or Not?
As if the pain of flying today was not enough, now we can add the pain of trying to determine whether receiving frequent flyer miles is a taxable event or not. Most of us who fly frequently are excited to receive miles either for flights we take or purchases we make on our airline credit [...]
Road Remains Bumpy For Business Taxation
The 2011 year started with a lot of talk about tax reform to spur the economy, create jobs, and promote investment and capital spending. However, no meaningful changes happened and probably will not until after the 2012 election. The Tax Relief, Unemployment Insurance Reauthorization, and Jobs Creation Act of 2010 extended some 2011 tax [...]
