Payroll tax cut temporarily extended
The Temporary Payroll Tax Cut Continuation Act of 2011 was enacted late last year. It temporarily extends the two percentage point payroll tax cut for employees, continuing the reduction of their Social Security tax withholding rate from 6.2% to 4.2% of wages paid through Feb. 29, 2012. Shortly after its passage, the IRS instructed employers […]
New Form 8949 replaces Form 1040, Schedule D-1
Many transactions that, in previous years, would have been reported on Form 1040, Schedule D or D-1 must be reported on Form 8949 if they occurred in 2011. Specifically, a taxpayer uses Form 8949 to report: The sale or exchange of a capital asset not reported on another form or schedule, Gains from involuntary conversions […]
Important: Expiring tax provisions (Bush Tax Cuts) to end this year
As we previously wrote about during the summer, what are referred to as the “Bush Era Tax Cuts” are set to expire at the end of 2012 unless Congress and the President act before the end of the year… And even if Congress and the President do act, whether they will retain the cuts for […]