You Must Verify All New Hires through E-Verify Effective January 1, 2012Amendments to the “South Carolina Illegal Immigration and Reform Act” were signed into law by Governor Nikki Haley on June 27, 2011.  The amended law requires all employers to enroll in the U.S. Department of Homeland ..continue

The IRS has released new inflation-adjusted amounts for 2012. For tax years beginning in 2012, some of the more commonly applicable inflation adjustments, which may apply to many individual returns, are: •    Kiddie tax. For purposes of determining whether a child’s unearned income is taxed ..continue

The IRS issued a notice on Wednesday providing guidance on the tax treatment of employer-provided cell phones now that they have been removed from the definition of listed property (Notice 2011-72). The notice discusses the treatment of employer-provided cell phones as an excludible fringe ..continue

Along with the lazy, hazy days of summer come some extra expenses, including summer day camp. But, the IRS has some good news for parents: those added expenses may help you qualify for a tax credit. Many parents who work or are looking for work must arrange for care of their children under 13 ..continue

WASHINGTON — The Internal Revenue Service today announced an increase in the optional standard mileage rates for the final six months of 2011. Taxpayers may use the optional standard rates to calculate the deductible costs of operating an automobile for business and other purposes. The rate will ..continue

From The Journal of Accountancy: On Thursday, President Barack Obama signed into law the Comprehensive 1099 Taxpayer Protection and Repayment of Exchange Subsidy Overpayments Act of 2011 (HR 4; 1099 Act), which repeals both the expanded Form 1099 information reporting requirements mandated by last ..continue

The Senate on February 2 approved by a 81-to-17 margin an amendment to the FAA reauthorization bill (Sen 223) currently under debate in the Senate that would repeal new IRS Form 1099 reporting requirements for businesses. The measure, offered by Sen. Debbie Stabenow, D-Mich., is offset by ..continue

A special tax credit offers eligible taxpayers an opportunity to lower their tax bill or increase their refunds on their 2010 federal tax returns. Available to both Form 1040 and Form 1040A filers, this credit is claimed on Schedule M, Making Work Pay Credit. Although all eligible taxpayers must ..continue

At the start of the 2011 filing season, the IRS has issued a fact sheet providing information on a number of topics. The fact sheet addresses the extension of the filing deadline, charitable contributions made by certain IRA owners, Roth IRA conversions, the phase-out of personal exemptions and ..continue

The Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 (Tax Relief Act of 2010) (P.L. 111-312) provides a two-year extension of the exclusion from gross income for qualified charitable distributions up to $100,000 from a traditional or Roth IRA (Code Sec. ..continue