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2012 Tax Tips; Vol. 11


5 NEW TAX DEVELOPMENTS TO CONSIDER

1. Cell phones. The Small Business Jobs Act of 2010 (Pub. L. No. 111-240) made it easier for employers to claim income tax deductions for the cost of providing cell phones to employees. Starting with 2010, deductions have been allowed without detailed recordkeeping regarding personal and business use of the cell phones. However, in the wake of… Continue reading
 

R&G BRENNER & SKYPE TEAM UP!

R&G Brenner’s own Dennis Grogan, EA was recently interviewed by SKYPE when they discovered we were using their platform to conduct remote tax interviews with our domestic and International tax clients.  As the IRS, States and taxpayers become more technolgocially savvy, video conferencing has been a way for both our clients and our tax consultants… Continue reading
 

HOW LONG SHOULD I KEEP MY TAX RECORDS?

Now that the tax season has come to an end, a common question for many of our clients is “How long do I need to keep my tax return copies and tax related documentation”?  We suggest that all tax returns copies should be kept indefinitely.  You never know when you might need them.  If you… Continue reading 

IRS DELAYING ALL REFUNDS UNTIL SUMMER?

According to a recent report, the IRS risks issuing $26 Billion in fraudulent tax returns over the next 5 years.  In 2011 alone, the IRS received 2.2 Million fraudulent returns, costing taxpayers $6.5 Billion.  True to form, a “quick fix” idea has gained the most traction with the IRS & members of congress, and naturally… Continue reading 

BASIS REPORTING REQUIREMENT DELAYED

Banks Get a 1 Year Delay For Basis Reporting The Internal Revenue Service is delaying a requirement that brokers report their customers’ cost basis in options and debt instruments. The decision was made in response to requests from brokers and custodial banks including the Bank of New York Mellon Corp. (BK), State Street Corp. (STT) and Northern Trust Corp. (NTRS) The rules… Continue reading

 


Looking for additional resources?

Visit these sections of our blog for additional reading and tax resources: The True Cost of Doing Your Own Taxes

 

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