Archive for February, 2011

If my Michigan company sells goods in North Carolina, do I file a NC return?

Friday, February 25th, 2011

A business owner asks: If I have an LLC in Michigan but sell my product in North Carolina, do I have to file a tax return in North Carolina? If so, what type?

That’s a great question, in fact it touches on one of the questions in state and local taxation today – do I have nexus with a state and if so, what kind of return do I need to file there. (more…)

Got A Small Non-Profit? Your 990 Filing Might Be Easier This Year

Monday, February 21st, 2011

If your not-for-profit organization doesn’t normally have annual gross receipts of more than $50,000, it may be able to file an e-postcard rather than the more extensive IRS Form 990 or Form 990-EZ. The IRS has increased the gross receipts filing threshold from $25,000 to $50,000 for eligible organizations effective for tax years beginning on or after January 1, 2010.  (more…)

IRS Goes High Tech: Are You Connected?

Friday, February 18th, 2011

Taxpayers can now check the status of their IRS refund on their smart phone. The IRS has unveiled IRS2Go, a smart phone application, and also announced a news feed on the social media platform Twitter. The new communication channels are two of a growing list of ways the agency is working to communicate with taxpayers. (more…)

How can you avoid a tax audit?

Thursday, February 10th, 2011

There really is no way to totally prevent an IRS audit of your business income tax return. However, there are things you can do to lessen the chances. Here are a few tips published recently by the Wall Street Journal. (more…)

Add $1,000 to retirement account without sacrifice? Here’s how

Tuesday, February 8th, 2011

A provision of the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010 decreased the employee portion of the Social Security tax from 6.2 percent to 4.2 percent for 2011. Now you have a rare opportunity for to increase your 401(k) contribution without any change in your net take-home pay in 2011 when compared to 2010. (more…)

Will Ohio’s Tax Code Match Federal Depreciation Treatment?

Friday, February 4th, 2011

If your business files Ohio taxes, you’ll soon receive similar tax breaks to the recent federal tax code, according to Ohio Tax Commissioner, Richard Levin. (more…)

Did the IRS revise the federal tax deadline and date to accept itemized returns?

Wednesday, February 2nd, 2011

The IRS will not accept federal returns from taxpayers who claim itemized deductions until February 14. The delay is necessary for the IRS to program its systems to accommodate tax breaks included in the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010. (more…)