 |
|
Current Newsletter Articles
Employer-Owned Life Insurance
The Pension Protection Act of 2006 introduced the notice
and consent requirements of IRC Sec. 101(j)(4) and the
reporting requirements IRC Section 6039I - both related to
employer-owned life insurance. A summary of the
requirements is listed below and details of the 7 Tax Traps
follow.
Read the rest of
the article
OPTIONAL STANDARD MILEAGE RATES
Announcement 2008-63 - This announcement informs taxpayers that the IRS is
modifying Rev. Proc. 2007-70, 2007-50 I.R.B. 1162, by revising the optional
standard mileage rates for computing the deductible costs of operating an
automobile for business, medical, or moving expense purposes and for
determining the reimbursed amount of these expenses that is deemed
substantiated. This modification results from recent increases in the price of
fuel.
Read the rest of
the article
Filing Extensions Changing for Some Business Taxpayers Later this Year
WASHINGTON — Internal Revenue
Service officials today announced a
change in the extended due date on
certain business returns to help
individuals better meet their filing
obligations. The change, which
reduces the extension period from six
to five months, eases the burden on
taxpayers who must report
information from Schedules K-1 and
similar documents on their individual
tax returns.
Read the rest of
the article
IRS Announces 2009 HSAs Amounts
Like many other tax provisions, the HSA rules include amounts that are
adjusted annually for inflation. But because of the Tax Relief and Health Care
Act of 2006, HSA adjustments are now announced earlier than others, giving
employers and health plans sufficient time to incorporate the changes before
the annual benefits enrollment season arrives in the fall. Thus, the IRS recently
announced the 2009 HSA inflation adjusted amounts, which are as follows:
Read the rest of
the article
Peer Review Update
During the Accounting Seminar held in Ocean City on
May 20 and 21, 2008, there were a few statements
including a source reference in one instance that
conflicted with the information that is being taught in the
MSA Peer Review Seminars. We have researched these
three issues and have the following information.
Read the rest of
the article
|
|
|
Maryland Society of Accountants, Inc. 526 Baltimore Blvd. Westminster, MD 21157
Toll Free # 1-800-922-9672 Fax:410-848-8452 Email: info@msacct.org |
|
