Name: Robert Mapes, CPA, Shareholder, Director of Tax Services
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Posts by Robert Mapes, CPA, Shareholder, Director of Tax Services:
Have You Received an IRS Notice? Nine Things to Know
October 3rd, 2011The Internal Revenue Service sends millions of letters and notices to taxpayers for a variety of reasons each year. Here are some things to know if you receive one. Read the rest of this entry “
Have Offshore Income? Time is Running Out for Voluntary Disclosure
August 26th, 2011If you have undisclosed income through offshore accounts, time is running out to voluntarily disclose it and bring your taxes current. The IRS is winding down a voluntary disclosure program that began February 8 and will end on August 31. Read the rest of this entry “
Overwithheld FICA taxes in 2011? Here’s how to fix it
May 5th, 2011What is the proper procedure for those who over-withheld Social Security taxes early on in 2011, but failed to make the proper adjustment prior to the March 31 filing deadline? How should the first quarter 2011 Form 941 be filed? Should adjustments be made as soon as possible? I am unable to find any help on the government sites. Read the rest of this entry “
Is This Really A Message From The IRS?
April 5th, 2011It’s that time of year when unsuspecting taxpayers receive suspicious emails, phone calls, faxes or notices claiming to be from the IRS. Many of the scams use the IRS name or logo to appear more authentic. Read the rest of this entry “
How can you avoid a tax audit?
February 10th, 2011There 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. Read the rest of this entry “
How will selling a house from an estate impact my taxes?
January 20th, 2011Dear Drebit:
My mother passed away October 30, 2009. She left my brother and me her house, which has just been released from probate court. We have someone wanting to buy it and we would split around $140,000. What kind of taxes do we face? The house is in SC. I would appreciate your help. Read the rest of this entry “
Does the IRS Tax Filing Delay Mean A Delay For You?
January 4th, 2011You probably heard by now that the IRS won’t begin processing several types of tax returns, including tax returns with itemized deductions, until mid- to late February. Why? It needs time to reprogram its processing systems to accommodate the tax law changes that the lame duck session of Congress passed late last month. Read the rest of this entry “
How does the new estate tax work?
December 22nd, 2010Congress has finally gotten around to fixing the federal estate and gift tax, even if they are a full year late and have made only temporary rules for the next two years. The Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010 revives the estate tax for 2010 and makes a number of other changes for 2011 and 2012. Read the rest of this entry “
How does your state get its tax revenue?
August 30th, 2010If you’ve ever wondered what types of tax revenue make up your state government’s budget, the Tax Foundation recently compiled a breakdown of state use of property tax, sales tax, personal income tax and licenses and other taxes. The results are based on newly-released Census data.
Our home state of Ohio, for example, ranks tenth in the nation for its reliance on personal income tax, which makes up 30 percent of its total revenue. Other taxes include general sales tax at 20 percent, selective sales tax at 11 percent, corporate income tax at 1.9 percent and licenses and other taxes at 7.5 percent.
Click here to view the detailed report.
Could Your Company Benefit by Hiring Unemployed Workers?
August 23rd, 2010The U.S. Department of the Treasury estimates that, between February and May, businesses hired 4.5 million workers who had previously been unemployed for eight weeks or longer. As a result, those businesses are eligible to receive part of up to $8.5 billion in tax exemptions and credits through the Hiring Incentives to Restore Employment Act, known as the HIRE Act. Read the rest of this entry “
