The Internal Revenue Service (IRS) released its 2011 Form 990 and instructions on Jan. 21, 2012. Someone looking just at the forms and instructions themselves would see few revisions; however, the IRS has provided a number of clarifications and made some significant changes in the instructions to the form and the schedules.
Last year, NC State legislators passed an important law, The Appropriations Act of 2011, which affects many small business owners in North Carolina.
Congress has passed numerous tax breaks that are designed to encourage businesses with cash reserves sitting on the sidelines to invest some of those funds in equipment and improvements in 2011.
Given the ever-escalating cost of providing employee health care benefits, health savings accounts (HSAs) offer a tax-favorable way to set aside funds to meet future medical needs.
As the end of 2010 quickly approaches, individual taxpayers should start to execute valuable year-end tax strategies.
As part of the 2010 health care reform law, people up to age 26 can now get covered by their parents’ health insurance policies.