Portability Doesn’t Preclude The Need For Marital Transfers And Trusts
Exemption portability, made permanent by the American Taxpayer Relief Act of 2012, provides significant estate planning flexibility to married couples if sufficient planning hasn’t been done before the first spouse’s death. How does it work? If one spouse dies and part (or all) of his or her estate tax exemption is unused at death, the [...]
IRS Releases 2013 Tax Scams
The IRS annually releases what it calls the “Dirty Dozen” tax scams. They do this to make taxpayers aware of the schemes being perpetrated. These schemes seem to happen more frequently during the filing season . The IRS works closely with the Criminal Investigation Division and the Department of Justice to monitor these activities. Below [...]
The New Form-I9 is Here!
On March 8th, 2013 the U.S. Citizenship and Immigration Services (USCIS) published the revised Employment Eligibility Verification Form I-9. All employers are required to complete Form I-9 for all new hires within three days of the date of employment. The form itself is designed to determine who is AUTHORIZED to work in the US, not [...]
You Don’t Have To Be a Manufacturer To Take The “Manufacturers’ Deduction”
The manufacturers’ deduction, also called the “Section 199” or “domestic production activities deduction,” is 9% of the lesser of qualified production activities income or taxable income. The deduction is also limited to 50% of W-2 wages paid by the taxpayer that are allocable to domestic production gross receipts. Yes, the deduction is available to traditional [...]
Form I-9 Retention
All employers are required to complete Form I-9 for all new hires within three days of the date of employment. The form itself is designed to determine who is AUTHORIZED to work in the US, not to determine who is a citizen or not. This form must be completed for EVERY employee. How and what [...]
