| NEWS & TIPS
DUE DATES:
February 15, 2012
Due date for furnishing 1099 Forms to the recipients.
March 15, 2012
Due date for filing 2011 Corporation tax returns.
April 17, 2012
Due date for filing 2011 Federal Individuals, Partnerships & calendar year
Estates & Trust tax returns.
Due date for paying first installment of 2012 estimated taxes by
Individuals & Corporations.
June 15, 2012
Due date for paying second installment of estimated taxes by
Individuals & Corporations.
September 17, 2012
Due date for filing Partnership, Corporations, Estate & Trust tax returns
with 5 months extensions.
Due date for paying third installment of 2012 estimated taxes by
Individuals & Corporations.
October 15, 2012
Due date for filing Individual tax returns with six month
extensions.
December 17, 2012
Due date for paying fourth installment of estimated taxes by
Corporations.
MILEAGE RATES FOR 2010 & 2011
Business mileage rate
55.5
cents per mile for 2012
51
cents per mile from 01/01/11 to 06/30/ 2011
55.5 cents per mile from 07/01/11 to 12/21/11.
Medical or Moving mileage rate 23 cents per mile
for 2012
19.0
cents per mile from 01/01/11 to 06/30/ 2011
23.5 cents per mile from 07/01/11 to 12/31/2011.
Charitable mileage rate
14 cents per mile for 2012 & 2011
CONTRIBUTION LIMITS FOR 2011, 2012 :
Regular 50 Years or
Older
2011 2012 2011 2012
IRA's $
5,000 $
5,000 $ 6,000 $
6,000
401(k) Plans 16,500 17,000 22,000 22,500
Simple Plans
11,500 11,500 14,000 14,000
HSA Contributions:
Self Only
3,050 3,100
Family Coverage 6,150
6,250
HSA Catch-up contributions for Individuals 55 or older $1,000.
MINIMUM WAGE RATES:
2011
2012
Oregon State
$ 8.50
$ 8.80
Washington State
8.67 9.04
NEWS:
NEW REPORTING REQUIREMENTS FOR FOREIGN ASSETS:
Section 6038D of the HIRE Act has added a new reporting requirement
for foreign assets worth $50,000 or more.
It will be reported on Form 8938 and will be attached to the regular
income tax return.
This new reporting requirement is in addition to the existing law
that requires the filing of Form TD F 90-22.1
Failure to report is subject to a penalty of $10,000.
IRS has reopened the Voluntary Disclosure Initiative
designed to bring U.S. persons offshore money back into the
U.S. tax system and help taxpayers with undisclosed income from
hidden offshore accounts get current with their taxes. This new
initiative does not have a set deadline to apply, however, the terms
of the program could change anytime. The participants must file all
original and amended tax returns and include payment for back taxes
and interest for upto eight years as well as paying accuracy-related
and deliquency penalties. Details are available on IRS website: www.irs.gov.
GIFT TAX RETURNS:
Taxpayers who transfer real estate to family members, without any or
inadequate consideration, need to file Gift Tax Returns.
Recently IRS has starting checking transfer records in some States
to determine the non-compliance.
PHISING SCAMS:
IRS is warning the taxpayers about e-mail scams and is reminding
them that it does not send out unsolicited e-mails, or ask for
personal of financial information, especially PIN numbers and
passwords for credit card and bank account numbers.
IRS reminds that it never sends inquiries by e-mail. If you receive
an unsolicited e-mail communication claiming to be from IRS, you can
forward the original message to: phising@irs.gov.
HIGHER
PENALTIES:
IRS has increased the penalty
for failure to file Partnership and S. Corporation tax returns from
$89 to $195 per partner/stockholder per month for a maximum of 12
months.
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