Knowledge Center

• 02.22.2012 - Congress Passes Payroll Tax Cut Extension Through 2012
  On February 17, Congress passed H.R. 3630, the “Middle Class Tax Relief and Job Creation Act of 2012” (the Act) and sent it to the President for his signature. The Act extends the 2-percentage-point payroll tax cut through the end of 2012, and also repeals a number of estimated tax shifts for large corporations. Here are highlights of the tax changes in this new law.
• 02.02.2012 - Key Changes in Federal Tax Law Will Have Impact on Your Taxes
  Like every other year, there are changes taking effect this year regarding federal income tax filings for individuals. With 2011 W-2 forms now out and people focused on getting their taxes done in the next 2 ½ months, they should be mindful of many of these changes.
• 02.02.2012 - The 2012 Offshore Voluntary Disclosure Program
  On January 9, 2012, the IRS reopened the offshore voluntary disclosure program (the “2012 OVDP”) to give taxpayers with unreported foreign accounts a chance to become current on their taxes and reporting obligations while mitigating the risk of criminal prosecution.
• 02.02.2012 - Relief for Real Estate Professionals
  The IRS issued Revenue Procedure 2011-34, which became effective on May 26, 2011 and allows a taxpayer to obtain an extension of time to make the rental real estate grouping election under Internal Revenue Code Section 469(c)(7)(A). This election applies to taxpayers who meet the real estate professional rules under the Internal Revenue Code and helps these taxpayers avoid the passive activity rules with regard to their rental real estate activities.
• 02.02.2012 - Sweeping New IRS 'Repair Regulations' Impact Most Businesses
  The IRS has released much-anticipated temporary and proposed regulations on the capitalization of costs incurred for tangible property. They impact how virtually any business writes off costs that repair, maintain, improve or replace any tangible property used in the business, from office furniture to roof repairs to photocopy maintenance and everything in between. They apply immediately, to tax years beginning on or after January 1, 2012.
• 02.02.2012 - Connecticut Job Expansion Tax Credit (JET) Presentation Now Available
  Connecticut businesses can be eligible for Connecticut tax credits of $500 per month for each new full‐time Connecticut job created. If the new employee is receiving vocational rehabilitative services from the Bureau of Rehabilitative Services, receiving unemployment benefits, or is a veteran then the tax credit is increased to $900 per month. These credits will be available for each new Connecticut employee hired between January 1, 2012 and prior to January 1, 2014 for a period of three years. Download our presentation to learn more about which taxes the credit may be applied against and how to apply.
• 01.17.2012 - Not-for-Profit Advisory Committee: Changes Are Coming
  The big news in the non-profit organization (NFP) world these days is the establishment by the Financial Accounting Standards Board (FASB) of a Not-for-Profit Advisory Committee (NAC). The NAC is charged with evaluating current non-profit accounting and financial reporting standards and proposing changes to the FASB.
• 01.17.2012 - It’s a New Year – Is Your Business Aligned to Move Forward? (Part 1 of 2)
  The past few years have been as challenging an economy as most of us have ever seen. And the competitive pressures do not seem likely to ease greatly – at least in the short term. One approach that many successful businesses take to remain competitive and profitable is to periodically review and assess the alignment of their business. In particular, they check to make sure that their people, processes and their technology are working well together and delivering as planned. Just like regularly aligning your car tires to minimize wear and get the most miles per gallon of gas, you need to make sure that your fundamental business resources and activities are well balanced and working together smoothly with respect to your particular marketplace, operational goals and strategic objectives.
• 01.17.2012 - Form 990 Filing Deadline Extended For Some Tax-Exempt Organizations
  In December 2011, the IRS issued Notice 2012-4 which notified tax-exempt organizations that the IRS eFile system would not be available from January 1, 2012 through February 29, 2012 for electronic filing of Form 990, Form 990-EZ, Form 990-PF and Form 1120-POL. For organizations with filing due dates (or first three-month extended due dates) during this period, these organizations have the following options:
• 01.06.2012 - New Hire Retention Credit
  The Hiring Incentives to Restore Employment Act of 2010 (HIRE Act) contained several provisions to give employers incentive to hire employees. One of the provisions authorized a credit of up to $1,000 for “retained workers”. This credit is called the New Hire Retention Credit.
• 01.06.2012 - Revised Standard Simplifies Goodwill Testing for Impairment, Testing Goodwill for Impairment
  On September 15, 2011, Financial Accounting Standard Board (FASB) issued Accounting Standards Update (ASU) No. 2011-08, Testing Goodwill for Impairment. This update is intended to reduce the cost and complexity of the annual goodwill impairment test by simplifying how an entity tests goodwill for impairment.
• 01.06.2012 - Cash Flow Planning: A Good Reminder During These Uncertain Times
  Many people solely consider profit when measuring the success of their business. The trouble is that profits do not necessarily coincide with their associated cash flows. The fact is, most failed businesses fail as a result of lack of cash flow. During these uncertain economic times, cash flow planning is an important exercise when running your business, regardless of the size of your operation. Trying to manage your business without a cash flow plan in today’s environment is like traveling to a new location without a map or a GPS device.

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