UPDATES IN WASHINGTON, DC, MARYLAND AND VIRGINIA

Billy Thomas, CPA

District of Columbia:  Reports have shown that E-filing your return typically results in a quicker refund.  Now DC is allowing individual taxpayers the opportunity to track his or her refund online.  Follow the link to check your refund status: Refund Status Inquiry

Maryland:  The Comptroller of Maryland has announced a ‘Tax Free’ Weekend.  Well tax-free for those individuals and entities purchasing qualified energy efficient equipment.   Qualified energy efficient equipment includes equipment with the ‘energy star’ product seal (refrigerators, […]

VIRGINIA CORPORATE & PASSTHROUGH TAX RETURNS DUE 4/15

Brian Wynne, CPA

The Virginia Department of Taxation clarified on Friday that calendar-year corporate and passthrough entity tax returns are due Friday, April 15, 2011.  There was some confusion as the Federal and most states filing date was moved to Monday, April 18 this year, due to a holiday in Washington DC (Emancipation Day).  Virginia does not recognize this holiday as a legal holiday and therefore will not move it’s due date.

A SECOND CHANCE AT VOLUNTARY DISCLOSURE OF FOREIGN ASSETS

Brian Wynne, CPA

On Tuesday, February 8, 2011, the IRS announced another voluntary disclosure program giving taxpayers a second chance to report offshore assets.  The first program began in March of 2009 and allowed taxpayers six months to voluntarily disclose all offshore assets going back six years, offering the chance to avoid criminal prosecution and limiting penalties.  The penalties were 20% of the amount of foreign assets in the year with the highest value, plus all taxes, interest and a […]

PROGRESS ON REPEAL OF EXPANDED 1099 REPORTING

Brian Wynne, CPA

Last Wednesday, the Senate voted 81-17 in favor of an amendment to roll back the expanded 1099 reporting provisions passed as part of the healthcare bill.  The expanded provisions are currently scheduled to take effect after 2011 and would add payments of goods to the list of items that must be reported on Form 1099. The healthcare bill also expands reporting to include payments to corporations (who were previously exempt from the reporting requirements).  Included as a […]

THE RESIDENTIAL ENERGY PROPERTY CREDIT FOR 2011

Glenn Bailey, CPA

Still there, but not as good as it once was.

The non-business energy property credit available to homeowners has been extended for 1 year, but it is not as generous as it was for 2009-10.  The credit is now allowed for 10% of eligible expenditures for qualified energy efficiency improvements to your principal residence in the U.S.

For 2011 the total credit available is $500, only $200 of which can be for new windows.  In addition it is […]

IT’S ALL ABOUT TIMING

Kelly Lopez, CPA

In recent years significant tax legislation has passed in order to stimulate our slow economy.  While this translates into additional tax deductions and credits for many taxpayers, keeping track of these benefits and the years they apply to can be challenging. Knowing if and when you can take a deduction will save you future headaches with the IRS.  It can also be a great tool for financial planning.  We have compiled a list of the most common […]

WHAT YOU NEED TO KNOW ABOUT 1099 REPORTING

What you need to know about the new 1099 Reporting
For 2010, all persons engaged in a trade or business who make certain payments in the course of that trade or business of $600 or more in any tax year to another person must report that information to that person and to the IRS.  A taxpayer whose rental real estate activity was not considered a trade or business wasn’t subject to this reporting requirement, (that distinction has changed for 2011).

Beginning in […]

DELAY IN 1040 TAX PROCESSING

Billy Thomas, CPA

Tax Filing Delayed

Yes, tax season is officially underway.  Although, some of you early 1040 filers will have to wait.  Due to the recent Tax Relief Act passed in mid-December, the IRS will need time to update the forms and its own software to adjust for the most recent tax changes.  The IRS has released a list of forms and schedules that will delay processing by the IRS due to the recent legislation.

If you are filing Schedule A […]

STILL SOME TIME LEFT FOR 2010 TAX PLANNING

Year-end Planning
There are only 8 more days left in 2010. That means that for the most part, your ability to lessen your tax burden will soon come to an end.

I know that during the next week the last thing you want to think about is your 2010 taxes and to be truthful, any significant planning should have been done long before now. But, there are still some things to consider in the limited time available. Here are five items that […]

NEW DEPRECIATION RULES IN THE 2010 TAX ACT

Jobe Dupre’, CPA

Additional first-year depreciation in the 2010 Tax Relief Act.

The recently enacted 2010 Tax Relief Act includes a wide-ranging assortment of tax changes affecting both individuals and business. On the business side, one of the most significant changes provides incentives for businesses to invest in machinery and equipment by allowing for faster depreciation deductions. By acting before year-end, this new provision can benefit your 2010 taxes. Here are the details.

Expansion and extension of additional first-year depreciation. Businesses […]