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Revised Version of Form I-9

Revised Version of Form I-9

On March 8, 2013, the U.S. Citizenship and Immigration Services (USCIS) released a revised version of Form I-9, Employment Eligibility Verification. It is required that employers use Form I-9 to verify the identity and employment authorization eligibility of their employees.

Employers should begin using the new version of Form I-9 (with a revision date of “03/08/13 N”) immediately.

The USCIS will allow a 60-day grace period, so after May 7, 2013, the only acceptable version will be the newly released form.

The revised Form I-9 includes ...

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Health Insurance Premium Tax Credit: What’s In It for You?

Health Insurance Premium Tax Credit: What’s In It for You?

The IRS has issued final regulations regarding the health insurance premium tax credit enacted by the Patient Protection and Affordable Care Act and the Health Care and Education Reconciliation Act. The final regulations provide guidance to employees who may enroll in eligible employer-sponsored coverage and who want to enroll in qualified health plans through affordable insurance exchanges and claim the health insurance premium tax credit.

Certain individuals who buy qualified health care coverage through a state insurance exchange are ...

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Any Port in a Storm: Behind the New IRS ‘Safe Harbor’ Method

Any Port in a Storm: Behind the New IRS ‘Safe Harbor’ Method

The IRS has announced a new optional safe harbor method, effective for tax years beginning on or after January 1, 2013, for individuals to determine the amount of their deductible home-office expenses. Hailed by many as a long-overdue simplification, taxpayers can now determine their deduction by simply multiplying a prescribed rate by the square footage of the home office.

Over three million taxpayers in recent years have claimed home-office deductions, which normally require a 43-line form.  Now, a significantly simplified form is ...

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Review Your Options for Comfortable Retirement

Review Your Options for Comfortable Retirement

Have you thought about your retirement options? Have you reviewed all of your options? Do you know what your pension and health will be? Following is a basic review of some of the pertinent questions you should be asking and some relevant solutions for a comfortable retirement plan..

Social Security

  • Do you qualify for Social Security benefits? If you have been in the work force, you probably have received that letter from the IRS telling how much you are eligible for if ...
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CA Income Tax: Shareholder Denied Claim Deduction for Alleged Advance Made to Corp.

CA Income Tax: Shareholder Denied Claim Deduction for Alleged Advance Made to Corp.

The sole shareholder of a corporation, which provides health and support services to very ill patients, was denied her claim on a California personal income tax deduction for an alleged advance made by her to the corporation. This deduction was denied because the taxpayer failed to substantiate that she actually made the advance. But even in the event that the advance was substantiated, the taxpayer failed to prove that this was actually a business ...

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Cloud Computing: Autonomy or Mutiny

Cloud Computing: Autonomy or Mutiny

Cloud computing is now not only becoming a standard but increasingly very popular as a mode of storing data. Here is how it works. Instead of tying all of your data to an in office system, cloud computing services are delivered through a Web browser remotely. This way of storing data has many perks. Here is the up side if you are on the fence. There is never a need to install computer software and you never have ...

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Making A Film with Tax Incentives

Making A Film with Tax Incentives

If you are in the film industry and you have been seeking states to film in that offer better tax incentives than California, here are some recent film production tax incentives for post-production.

New York state has increased the state’s film post-production tax credit from 10 percent to 30 percent (for post-production facilities in New York City or (Dutchess, Suffolk, Westchester counties and Nassau, Orange, Putnam, Rockland.) For any of the other counties in the state that tax credit is now ...

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Taxpayer Denied Investment Interest Deduction for Excess Home Mortgage Debt

Taxpayer Denied Investment Interest Deduction for Excess Home Mortgage Debt

Recently in Tax Court, in the case of Norman v. Commissioner (December 27, 2012), the taxpayer made a clever but ultimately unsuccessful argument to secure an interest rate deduction for debt related to the purchase of his home that was in excess of the maximum $1.1 million of debt on which interest can be deducted. The taxpayer bought the house on about 10 acres of land for $1.8 million. He borrowed the money from a lender. ...

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The 2012 Taxpayer Relief Act Extension

The 2012 Taxpayer Relief Act Extension

The American Taxpayer Relief Act of 2012 (2012 Taxpayer Relief Act) provides a one-year extension of the exclusion from income for the forgiveness of debt on a principal residence. The exclusion is applicable to discharges of qualified principal residence indebtedness which occurred on or after January 1, 2007, and before January 1, 2014. During this exclusion period, taxpayers who are entangled in the current subprime mortgage crisis do not have to pay taxes for debt forgiveness on their troubled home ...

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Tax Updates for 2013

Tax Updates for 2013

Our Woodland Hills accounting office is well versed in all the new tax updates and changes for 2013. It’s very important that you be aware of these changes so that you can properly plan and prepare for a financially successful year. While we’ve discussed several of these changes on the blog, here are a few more changes to be aware of.

S Corporation Built-in Gain Tax

The current tax continues through 2013 and will be reduced over a period of five years ...

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