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VT Tax & Finance Blog

IRS ELIMINATES HIGH-LOW SUBSTANTIATION METHOD

Aug 17, 2012
The Internal Revenue Service announced that it is doing away with the high-low method for substantiating certain travel expenses.

IRS ANNOUNCES INCREASE IN MILEAGE RATES

Aug 17, 2012
Following sharp increases in gas prices, the Internal Revenue Service is revising the optional standard mileage ...

GO 'GREEN', SAVE MONEY WITH QUICKBOOKS: PART V

Aug 17, 2012
Tip 5: Use QuickBooks Remote Access QuickBooks Remote Access- powered by WebEx - allows you (or anyone with proper login information) to connect to your QuickBooks data from any web-enhanced PC. You can use this technology to reduce travel time for you, your employees and your business consultants.

GO “GREEN”, SAVE MONEY WITH QUICKBOOKS: PART IV

Aug 17, 2012
Tip 4: Go Paperless with Payroll Payroll processing, filing and form preparation can cause extremely high paper use and can cause other environmental footprints like using mail delivery for paychecks, employee W-2s and for payroll forms. QuickBooks has several product tools that can reduce the entire payroll process to a paperless filing and electronic delivery systems.

WELLNESS PROGRAMS PAY OFF IN LOWERING EMPLOYEE HEALTH CARE COSTS

Aug 17, 2012
Healthcare costs are rising, but employers are proactively working to curb costs and create healthier workforces -- and employees are getting onboard...

TAX YEAR 2011 PLANNING FOR INDIVIDUALS (PART 2)

Aug 17, 2012
Using the results of 2010, as well as your experience thus far in 2011, you can plan how to adjust your withholdings, whether or not you want to make estimated payments to the IRS and plan for several other tax issues that may affect you in the 2011 tax year.

SUMMER SAVINGS

Aug 17, 2012
Maybe it's too late for a New Year's resolution, but with the summer months and warm weather approaching it is a great time to start thinking about ....

VERMONT BUSINESS ENVIRONMENTAL PARTNERSHIP DESIGNATION

Aug 17, 2012
Davis & Hodgdon Associates CPAs is the newest member of the Vermont Business Environmental Partnership (VBEP), a state ...

TAX YEAR 2011 PLANNING FOR INDIVIDUALS (PART 1)

Aug 17, 2012
Another tax year's filing deadline has come and gone, and for many, that means a whole year without a second thought given to taxes. However, now is the perfect time to make decisions about the 2011 tax year!

'GREEN UP' WITH BRANCH OUT BURLINGTON!

Aug 17, 2012
As part of our commitment to protecting the environment and the community in which we conduct our business, Davis & Hodgdon was pleased to participate in this years Annual Tree Planting Day at the Burlington Community Tree Nursery on Saturday, May7th. There was an amazing turnout for a great cause on our state's 'Green Up' day and we look forward to participating again next year!

CONGRESS REPEALS TAX PROVISION IN HEALTH CARE REFORM LAW

Aug 17, 2012
Congress took a final step in repealing a portion of the health care reform law on April 5, 2011, when the Senate voted to approve legislation (H.R 4) that will rescind a controversial tax-reporting requirement. The House passed the same measure in early March 2011, and the bill will be sent to the White House, where President Barack Obama was expected to sign it into law.

EMPLOYER GUIDANCE REGARDING EMPLOYEE W-2'S

Aug 17, 2012
The U.S. Internal Revenue Service (IRS) issued Notice 2011-28 on March 29, 2011 - interim guidance to employers regarding informational reporting on each employee's annual Form W-2 of the cost of the health insurance coverage they sponsor for employees.

IRS TO EXPAND CORPORATE TAX COMPLIANCE PROGRAM

Aug 17, 2012
The Internal Revenue Service said Thursday that it plans to expand a six-year-old pilot program for assuring large corporations are complying with their tax obligations and make it permanent.

WHAT TO DO IF YOU CAN'T AFFORD TO PAY YOUR TAXES

Aug 17, 2012
In February, the IRS issued new rules to help soften the blow for taxpayers who can't afford to pay their taxes when owed. These new rules include increasing the threshold at which the IRS files a tax lien and expanding the installment and offers in compromise programs to allow more taxpayers to qualify.

ADMINISTRATION'S 2012 REVENUE PROPOSALS

Aug 17, 2012
On Valentine's day, the "General Explanations of the Administration's Fiscal Year 2012 Revenue Proposals," better known as the Greenbook was released. In part, the Administration wants to do the following:

IMPORTANT 2010 LEGISLATIVE CHANGES

Aug 17, 2012
The 2010 Vermont Legislature enacted significant changes to Unemployment, Workers Compensation and Misclassification of Employees. Some of these changes include the following:

WHAT TO EXPECT IN 2011

Aug 17, 2012
Changes to tax-free savings accounts. These plans, which include health reimbursement accounts and flexible spending accounts...

NEW REPORTING REQUIREMENTS FOR STOCK SALES

Aug 17, 2012
Each year the IRS receives millions of Form 1099 information statements that allow it to check whether investors are reporting the correct amounts of interest and dividends. Starting next year, the IRS will also be able to check to see that investors are reporting the correct amount of profits and losses on stock sales.

DID YOU HIRE NEW EMPLOYEES IN 2010 WHO WERE PREVIOUSLY UNEMPLOYED?

Aug 17, 2012
Did you hire new employees in 2010 who were previously unemployed? If so, you may have overpaid your payroll taxes. Check with your payroll preparer to ensure they are taking advantage of the new HIRE Act. Additional Details on New HIRE Act Social Security Forgiveness Provision:

IRS DELAYS MORE FORMS FOR FILING THIS TAX SEASON

Aug 17, 2012
The Internal Revenue Service said a series of forms will be disabled until mid- to late February with error codes. The following forms cannot be electronically filed at this time, according to the IRS: