Tax & Industry Alerts
Schenck publishes frequent tax and industry-specific alerts to our contacts. Use the Search field below to find specific information on recent law changes, or sort by industry or topic.
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May 6, 2013
The IRS has provided the HSA cost-of-living adjustments for calendar year 2014.
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May 1, 2013
The recent federal government sequestration resulted in several automatic cuts beginning March 1, 2013. Before these cuts kicked in, qualifying tax-exempt employers were eligible for a refund of up to 25% of the employee health insurance premiums they paid in 2012 (not to exceed certain payroll taxes paid). Because of sequestration, however, the refund has been reduced by 8.7%.
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April 24, 2013
If your business chooses to charge swipe fees, it’s important to note that sales or use tax applies not only to the amount of the purchase, but also to the swipe fee.
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March 25, 2013
Are you requesting a tax filing extension this year? Good news: the IRS has announced that it will waive the late-payment penalty for certain taxpayers who file extended 2012 returns.
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March 6, 2013
If you claimed the Farmland Preservation Credit in 2012, you may be receiving a revised Form 1099-G from the Department of Revenue. Approximately 2,800 of the 2012 Forms issued recently had an error (the credit amount was included in the State Income Tax Refund amount in box 1). More information is available on the DOR website.
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March 6, 2013
The General Asset Account (GAA) rules allow a taxpayer to “group” depreciable assets. The grouping could be treating several assets as one for depreciation purposes, or each asset could be placed into a separate GAA. GAA treatment is elective and the election is made on a Form 4562 with a timely filed return.
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February 6, 2013
The IRS and State of Wisconsin have extended the filing deadline for farmers and fishers to April 15, 2013.
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February 6, 2013
Do you have an office in your home that is used for business purposes? The IRS has recently announced a simplified option that owners of home-based businesses and some home-based employees will be able to use when computing deductions for the business use of their homes.
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January 9, 2013
For various reasons, more and more employees are beginning to work in other states, outside their state of residency. Sometimes, however, these activities can create new withholding requirements.
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January 9, 2013
A significant tax benefit available to charitably-minded individuals age 70½ or older expired at the end of 2011. Fortunately, the American Taxpayer Relief Act of 2012 enacted on January 2, 2013 reinstated it retroactively for 2012 and prospectively for all of 2013.
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