Bauman Associates Certified Public Accounts and Advisors
Tuesday, February 7, 2012
HOME   FAQ   PRIVACY/DISCLAIMER   SITE MAP   CONTACT US
Bauman Associates Certified Public Accountants & Advisors
Talk to Our Tax Professionals
 

Changing tax laws and recent tax acts can be confusing. How do they affect you, your business or your life? Let our professionals help you understand the details and apply them to your unique situation. We'll help simplify the information and develop the right strategies to meet your needs.

Contact Us

 

The hardest thing in the world to understand is the income tax.
—Albert Einstein
 

Tax Alerts
Let us help keep you up to date on recent legislation. Our resource center offers you convenient access to a wealth of knowledge to make filing your tax returns easier.

 

To view the following PDF documents, you must have Adobe Acrobat Reader which can be downloaded here.

2008 Economic Stimulus Package 2/2008
2007 Year-End Tax Legislation 12/2007
Small Business & Work Opportunity Tax Act 7/2007

February 2012

IRS audits of higher income taxpayers increase
Auto/ truck maximum values updated for 2012 cents-per-mile/fleet-average valuation
Tax gap grows to $450 billion; compliance rate holds steady
IRS eliminates tort test for exclusion of personal injury/sickness damages
2011 reporting for 2010 conversions to Roth accounts explained

 

January 2012

IRS releases business standard mileage rate for 2012
IRS updates Form 940 for mid-year expiration of FUTA surtax
IRS revises regulations for capitalization of tangible assets
IRS reminds dual citizenship taxpayers to report foreign accounts
IRS relief for IRA owners entering into broker indemnification agreements

 

December 2011

IRS delays backup withholding for payment card transactions
Projected 2012 auto/truck fringe benefit maximum values available
IRS allows taxpayer-friendly treatment for deduction of employee bonuses
IRS Statistics of Income (SOI) Bulletin shows impact of economic downturn
Tax Court includes FLP property in gross estate

 

November 2011

Tax legislation moves forward - slowly
IRS abandons plans to discontinue "high-low" business travel method
IRS continues to ramp up for enhanced foreign asset reporting mandate
"IRS needs to expand audits to prior and subsequent years," says IRS watchdog
Supreme Court will decide tax basis overstatement issue

 

October 2011

IRS won't tax personal use of employer-provided cell phones
2012 inflation-adjusted rate brackets and other tax amounts projected
IRS announces voluntary classification settlement program for employers
New IRS lien processes favor taxpayers
Offshore disclosure initiatives show IRS progress on international tax evasion

 

September 2011

Third-party agreements no shield from trust fund recovery penalty
Appeals court overturns decision finding spouse not an employee of small business
IRS unveils form and rules for 2010 carryover basis election
IRS nixes refunds of airline excise taxes
IRS issues guidance on two new health care reform measures

 

August 2011

IRS abandons two-year limitations period for equitable innocent spouse relief
FUTA surtax expires; retroactive reinstatement possible
FinCEN announces e-file option for FBAR
Tax Court finds individual's drag racing a hobby; no profit motive
IRS posts individual income data by zip code

 

July 2011

FBAR deadline approaches for disclosure of foreign accounts
Inflation-adjusted amounts released for 2012 Health Savings Accounts
Court allows individual and his corporation to share profit motives
IRS will not waive 60-day period for quick-loan from IRA funds
IRS undertakes review of equitable innocent spouse rules

 

June 2011

FBAR deadline approaches for disclosure of foreign accounts
Inflation-adjusted amounts released for 2012 Health Savings Accounts
Court allows individual and his corporation to share profit motives
IRS will not waive 60-day period for quick-loan from IRA funds
IRS undertakes review of equitable innocent spouse rules

 

May 2011

Tax reform debate heats up as deficit grows
IRS adds to rules on reporting and withholding on foreign accounts
IRS announces safe-harbor election for allocating fees in business restructurings
Tax Court highlights strict rules for conservation easement contributions
Latest IRS Statistic of Income Bulletin reflects economic slowdown

 

April 2011

IRS revises collection financial standards
IRS finalizes Form 1099-K for merchant card and third party network payments
S Corp's associates/clerks were employees, not independent contractors
Senate grapples with repeal of controversial Form 1099 reporting
IRS reports delays in processing repayments of the first-time homebuyer credit

 

March 2011

IRS takes new steps to help struggling taxpayers
Repeal of 1099 business reporting gains momentum in Congress
Court upholds strict certification for Work Opportunity Tax Credit
Health care law's uncertain future complicates planning for businesses
IRS paying millions in erroneous electric vehicle tax credits

 

February 2011

2011 auto and truck maximum FMVs for cents–per–mile and fleet–average valuation reflect little change from 2010
National Taxpayer Advocate says tax reform cannot be delayed
Appellate Court upholds two-year deadline to apply for equitable innocent spouse relief
Supreme Court decision on medical residents could impact judicial deference to IRS regulations
IRS gives merchants guidance on gift cards

 

January 2011

Late passage of tax legislation delays filing season start for itemizers and others, IRS cautions
President looks to 2011 to begin debate on tax reform
Standard deduction for real estate taxes could still be extended, lawmaker says
Half of all deductions for state and local taxes taken by higher-income households, Congressional committee reports
IRS releases new priority guidance plan, including guidance on health care reform legislation

 

December 2010

IRS announces 2011 COLA limits for qualified retirement plans
IRS releases audit technique guide on deductible repairs vs. capitalized expenses
IRS seeks to refund $164 million in undelivered checks
IRS eases interim rules for grandfathered health plans
IRS describes allowable deferred comp distributions for emergencies

 

November 2010

IRS defers reporting of employer-provided health insurance costs on Form W-2
IRS gives relief to taxpayers plagued by problem drywall
Simplified “high-low” per diem rates decline for FY 2011
Social Security wage base remains unchanged for 2011
New disclosure rules give 401(k)-type plan participants more information about fees and investments

 

October 2010

Imminent bar on reimbursement of over-the-counter drug purchases highlighted
Draft form for calculating small employer health insurance tax credit released
Hours “on call” won't avoid passive activity limits
CRS examines how new 3.8 percent Medicare tax will apply to home sales
IRS issues interim guidance on codification of the economic substance doctrine

 

September 2010

SSA predicts no change to Social Security wage base for 2011
TIGTA reports drop in smaller corporate income tax returns
President signs international tax reforms into law
Pension plans can claim funding relief after filing Form 5500
IRS issues final information reporting rules for credit card transactions

 

August 2010

IRS unveils new outreach to small and mid-size tax-exempt entities
IRS expands outreach to Gulf oil spill victims
New law extends homebuyer credit closing deadline to September 30
IRS takes another step toward implementing controversial new information reporting
District court holds same-sex married partners qualify for joint return filing

 

July 2010

IRS releases guidance for grandfathering of health insurance plans
Taxpayers reminded of $250 Tax-Free "Donut Hole" rebates available for seniors
Employers claim more than $2 billion in COBRA subsidy payroll tax credits
IRS announces new whistleblower guidelines
IRS approves like-kind exchange of emission reduction credits

 

June 2010

Upcoming Form 5500 filing deadline
IRS updates FAQs on HIRE Act; provides details affidavit requirement and issues revised Form 941
IRS allows exclusion for wrongful death payment, which included payment for emotional distress
IRS Audit Technique Guide sheds light on examinations of cash businesses
Audits of wealthy individuals trending upward, IRS Oversight Board reports

 

May 2010

IRS issues forms, instructions for HIRE Act employer tax incentives
IRS holds to timetable on reporting of uncertain tax position
Tax Court takes broad view of personal service business
TIGTA targets withholding, shortfalls among higher-income wage earners
IRS examiners told to carefully observe operations of cash intensive businesses

 

April 2010

IRS extends moratorium on collecting tax shelter penalties from small business
Employers wait on certification form for new HIRE Act tax incentives
IRS clarifies settlement statement requirements for homebuyer credit
IRS announces temporary relief from FBAR filing deadlines
IRS unveils safe harbor for certain failed like-kind exchanges