The Star-Ledger: Fiscal Cliff Fix Won't Stop Jump in Social Security Tax

Len NittiTax Manager Len Nitti was featured in this article originally appeared in The Star-Ledger. 

The good news is that Congress's fiscal cliff fix keeps income tax rates from rising on the vast majority of Americans.

The bad news is that most Americans will end up paying higher federal taxes anyways.

That's because as part of the wrangling that produced Tuesday night's law to avoid both automatic tax increases and reductions in government spending, Congress also let expire a tax holiday for Social Security withholdings. For the past two years, most wage-earners have been paying only a 4.2 percent tax to Social Security. The new law does not extend that holiday, thus restoring the rate to 6.2 percent on wages up to $113,700.

NJ CPA: Business Valuation Considerations in M&A

Shareholder William J. McDevitt, CPA, CVA was featured William McDevitt  A4496903in this article that originally appeared in NJCPA.

"Every few months I get a call from someone planning to sell their business asking for a valuation report on the business. Rarely does that report ever get written. What the owners of a business who are considering selling need is very different than a written valuation report, which is typically prepared for non-transactional purposes, such as litigation or estate and gift purposes."

Click here to read the entire article.

 

 

The Times of India: Foreign Bank and Financial Account Report filing for Indian Americans: 10 things to keep in mind

Vinay 97984Shareholder Vinay S. Navani was featured in this article that originally appeared in The Times of India.

As the US cracks down on foreign bank and financial accounts, it only means one thing for Indian Americans - more reporting! If you thought you were done with this year's reporting when you filed your tax returns in April, you probably forgot about the FBAR - Foreign Bank and Financial Account Report.

The FBAR is a report to be filed in addition to your tax return. For 2011, you must file the FBAR if you were a US resident or citizen and had, at any time in 2011, an aggregate balance of more than $10,000 in all your overseas bank and financial accounts. The due date for the 2011 FBAR is June 30th 2012.

Solar Energy Tax Credits: What does it mean for my apartment complex?

Shareholder Vinay Navani, CPA, MBA, MST was Vinay 97984featured in this article that originally appeared in New Jersey Apartment Association.

As an apartment owner, energy costs probably account for a large (and growing!) part of your monthly expenses. Considering this, it's easy to get caught up in the hype surrounding the benefits of solar and renewable energy versus more traditional energy sources. Solar Energy Tax Credits

 

Published: Aug 2009

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