Archive for the ‘DC Tax News’ Category

Beware: Two New Taxes

Posted on: December 10th, 2013 by admin No Comments

Although the tax law is modified each year, the types of taxes we pay remain relatively constant. These include taxes on sales, income, property, estate/gift, social security, unemployment, etc. However, beginning in 2013, there is an introduction of two new taxes, which are part of the Affordable Care Act: Net Investment Income Tax and an additional Medicare Tax on wages and […]

North Carolina Steps Toward Tax Reform— How Does it affect YOU?

Posted on: September 10th, 2013 by admin No Comments

The legislature and governor of North Carolina made comprehensive tax reform one of their top priorities for the 2013 legislative session. The previously existing North Carolina tax rates were high compared to neighboring states, making North Carolina relatively unattractive for relocation. Also, the state’s revenue streams were too dependent on income tax, a less predictable and thus more risky revenue stream […]

Just in…… Analysis of American Taxpayer Relief Act of 2012

Posted on: January 3rd, 2013 by admin No Comments

Analysis of American Taxpayer Relief Act of 2012  As you are likely aware, Congress just passed a new tax act on January 1, 2013 which has been signed by President.  Following is a summary of the largest, most-impactful provisions of the act. First, here are a few changes, which were already signed into law and […]

TAX PLANNING IN UNCERTAIN TIMES

Posted on: November 10th, 2012 by admin No Comments

TAX PLANNING IN UNCERTAIN TIMES The objective of tax planning is to minimize one’s  tax liability.  Early planning can aid  tax avoidance (not to be confused with tax evasion) by paying only what one  is  required to pay and nothing more.  One of the most widely  used tools in planning is deferral of  revenue and […]

A Change in Foreign Policy

Posted on: June 10th, 2012 by admin No Comments

A Change in Foreign PolicyA new form has been released by the IRS A new form has been released by the IRS for 2011. This fact by itself probably does not grab one’s attention, as these additions/modifications are commonplace. However, failure to file this form may carry a 5-year prison sentence and/or upwards of $100,000 in penalties. The significance […]