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2012 Year End Tax Considerations for Individuals

“Bush-era” tax Cuts The phrase “Bush-era” tax cuts is the collective term for the tax measures enacted in the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA) and Jobs and Growth Tax Relief Reconciliation Act of 2003 (JGTRRA). EGTRRA and JGTRRA made over 30 major changes to the Tax Code that are scheduled to sunset at the end of 2012. Nothing adds complexity to year-end 2012 tax... Read More

Standard Mileage Rate for 2013

The Internal Revenue Service just issued the 2013 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on Jan. 1, 2013, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be: · 56.5 cents per mile for business miles driven · 24... Read More

Form W-2 Reporting of Employer Sponsored Health Coverage

The Affordable Care Act requires employers to report the cost of coverage under an employer-sponsored group health plan. Reporting the cost of health care coverage on the Form W-2 does not mean that the coverage is taxable. The value of the employer’s excludable contribution to health coverage continues to be excludable from an employee’s income, and it is not taxable. This reporting is for... Read More

HLB International Appoints New Member Firm in Switzerland

HLB International, one of the leading mid-tier international accountancy networks, has recently signed a new member firm in Switzerland: joining the network is Beau Group, based in the French and Italian Cantons. Established in 2002 and comprising 130 staff, Beau Group provides a wide range of audit & accounting, tax and advisory services in a variety of sectors among which finance, energy and... Read More

California Voters Approve Temporary Increases

At the November 6, 2012 general election, California voters approved temporary increases to the personal income tax and state sales and use tax rates and made the current elective corporation franchise and income tax single sales factor apportionment formula mandatory. Personal Income Tax Rates Proposition 30 increases the personal income tax rate for the 2012 through 2018 tax years. The current 9.3% rate... Read More

Employers Hiring Veterans by Year’s End May Get Expanded Tax Credit

Employers planning to claim an expanded tax credit for hiring certain veterans should act soon, according to the IRS. Many businesses may qualify to receive thousands of dollars through the Work Opportunity Tax Credit, but only if the veteran begins work before the new year. Here are six key facts about the WOTC as expanded by VOW to Hire Heroes Act of 2011. 1. Hiring Deadline: Employers may be able to... Read More

Information Regarding Cyber Attach – South Carolina

South Carolina Gov. Nikki Haley has issued a release following up on the Department of Revenue’s release regarding the cyber attack in which approximately 3.6 million Social Security numbers and 387,000 credit and debit card numbers were exposed to hackers. Gov. Haley, along with South Carolina Law Enforcement Division (SLED) Chief Mark Keel and South Carolina Department of Revenue (DOR) Director Jim... Read More

Taxpayers Use Identity Protection PINs for Returns

The IRS anticipates issuing identity protection personal identification numbers (IP PINs) to approximately 500,000 individuals for the 2013 filing season. That represents a significant increase from the 250,000 IP PINs issued in 2012. According to the Federal Trade Commission, identity theft has topped the list of consumer complaints for 12 years in a row. Identity thieves are stealing documents from... Read More

HLB International Appoints New Members in China and Serbia

HLB International, one of the leading mid-tier international accountancy networks, has just signed three new member firms: joining the network are Liaoning Zhongheng CPAs based in Shenyang, China, and DST Revizija and TM Consulting based in Belgrade, Serbia. Established in 1991, Liaoning Zhongheng CPAs provides a full-range of audit, tax and consulting services through more than 130 staff. Liaoning... Read More